Union Budget 2024-25 Boosts R&D with Focus on NRF and Deep Tech
February 1, 2024
The Union Budget 2024-25 reiterated the government's commitment to R&D, particularly through enhanced allocations for the Department of Science & Technology (DST) and the operationalization of the National Research Foundation (NRF). Finance Minister Nirmala Sitharaman emphasized the promotion of research in emerging areas like Artificial Intelligence, Quantum Technologies, and Green Hydrogen. The budget also highlighted incentives for private sector participation in R&D, aligning with the goal of increasing India's Gross Expenditure on R&D (GERD) as a percentage of GDP. This sustained focus is crucial for India's long-term economic and strategic objectives.
UPSC Angle: This is a direct hook for Mains GS-III (Economy, S&T) and Prelims. Questions can focus on the budget's impact on R&D funding, the role of NRF, and the government's priority areas in deep tech. Aspirants should analyze how these budgetary provisions address existing challenges like low private sector R&D investment and infrastructure gaps.