Budget 2024: Rs 1 lakh crore interest-free scheme for tech-savvy youth announced

Budget 2024: The Finance Minister of India, Nirmala Sitharaman on Thursday announced a new scheme for the youth of the country. The government will be giving a Rs 1 lakh crore corpus for youth for long-term financing and refinancing that will let young entrepreneurs innovate and grow in the sunrise sectors.

New scheme for tech-savvy youth

The corpus will provide “long-term low or nil interest rates so that the youth can innovate and scale,” said FM Sitharaman while presenting the Interim Budget in Lok Sabha.

“As innovation is the foundation of development, for our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore with 50-year interest-free loans will provide long-term financing at low or nil interest rates for the private sector to scale up research in sunrise sectors.”

“The new scheme will be launched for strengthening deep-tech technologies for defense purposes and expediting atmanirbharta.”

This is a piece of good news for the tech-savvy youth as they will be able to scale their businesses in the growing sunrise domains like IT, Automobile, Tourism, and others. It will also help strengthen deep-tech technologies like AI, quantum computing, etc.

With this decision, the government strengthens its aim of allowing for new businesses to grow and prosper. It is also prioritizing providing ample training to Indian Micro, Small & Medium Enterprises (MSME) letting them compete globally.

—Written with inputs from IANS