FNP Lauds 2024-25 Interim Budget’s Focus On Tech-development & Tourism
The interim 2024-25 budget unfolds as an indication of a revolutionary era for the technology sector in our nation, marked by a pivotal announcement of a Rs 1 lakh corpus backed by a 50-year interest-free loan, promising a golden era for aspiring tech entrepreneurs and positioning India at the forefront of global technological advancements.
This initiative aims to propel research and innovation in the technology domain, providing a long-term financing avenue with extended tenors and minimal interest rates for the private sector. The government's proactive stance in prioritising digital infrastructure investments and fostering emerging technologies, particularly Artificial Intelligence (AI), is prominently highlighted in this budget.
Finance Minister Nirmala Sitharaman also unveiled a strategic roadmap to tap into the surging interest in domestic tourism. Emphasising a multifaceted approach, the government plans to undertake projects focusing on port connectivity, tourism infrastructure, and amenities across our islands, with special attention given to the pristine landscapes of Lakshadweep. This initiative, as highlighted by the Finance Minister, is not only poised to elevate the tourism experience but also holds the promise of substantial employment generation.
During her address in Parliament, the Finance Minister highlighted the global stage that India now commands, citing the successful organization of G20 meetings in 60 diverse locations. Underscoring the nation's economic strength, she positioned India as an attractive destination for business and conference tourism. Furthermore, acknowledging the evolving aspirations of the middle class to explore, she stressed the vast potential within the tourism sector, including spiritual tourism, which offers significant opportunities for local entrepreneurship.
Additionally, the Finance Minister outlined a plan to incentivise states to spearhead the comprehensive development of iconic tourist centres, advocating for their global branding and marketing. A forward-thinking move, a framework for rating these centres based on quality standards will be established, supported by long-term interest-free loans to states for financing, thereby ensuring a concerted national effort in transforming India into a global tourism powerhouse.
Vikaas Gutgutia, Founder and MD, FNP said, “We welcome the interim 2025 budget's focus on empowering our tech-savvy youth. The establishment of a Rs 1 lakh crore corpus with interest-free loans reflects a commitment to innovation and research. The emphasis on combining youth and technology is commendable. As operators of Udman chain of Hotels the provision of interest-free loans for tourism development and increased allocation for infrastructure projects bode well for economic growth. This budget sets a promising path for our nation's future."
In conclusion, the interim 2024-25 budget emerges as a blueprint, navigating India towards a revolutionary era in both technology and tourism. The Finance Minister's adept navigation of economic strengths and foresight in encouraging innovation and tourism underscores a comprehensive approach, fostering growth and optimism for India's promising future.
