India's MeitY Budget Allocation Soars 52% to Rs 21,936 Crore in 2024-25
3 Sources
[1]
Budget 2024: Allocation for MeitY increased by 52% to Rs 21,936 crore
The budget estimate of 2024-25 for the Ministry of Electronics and Information Technology (MeitY), saw a 52% increase in its allocation to Rs 21,936.9 crore, compared to the revised estimate of 2023-24, at Rs 14,421.25 crore. This increase can be attributed largely to MeitY's capital allocation
[2]
Budget 2024: Allocation for MeitY increased by 52% to Rs 21,936 crore - ET Telecom
Policy 2 min read Budget 2024: Allocation for MeitY increased by 52% to Rs 21,936 crore The Incentive schemes for both semiconductors and large-scale electronics manufacturing and IT hardware is providing sops to large companies like Micron, Tata Electronics and others to set up facilities in
[3]
Budget 2024: MeitY's budget outlay jumps 52% to Rs 21,936 crore for FY25
MeitY runs multiple incentive schemes and programmes in areas such as semiconductor manufacturing and design, electronics manufacturing, and the India AI Mission, among others. Among different departments of the ministry, the modified scheme for setting up compound semiconductors, silicon
Share
Copy Link
The Indian government has significantly increased the budget allocation for the Ministry of Electronics and Information Technology (MeitY) by 52% to Rs 21,936 crore for the fiscal year 2024-25, emphasizing its commitment to digital growth and technological advancement.
Substantial Budget Increase for MeitY
In a significant move to bolster India's digital infrastructure and technological capabilities, the government has announced a substantial increase in the budget allocation for the Ministry of Electronics and Information Technology (MeitY) for the fiscal year 2024-25. The allocation has been raised by 52% to Rs 21,936 crore, up from Rs 14,447.73 crore in the previous year
1
.Focus on Digital India and Emerging Technologies
The increased budget reflects the government's commitment to advancing the Digital India initiative and promoting emerging technologies. A significant portion of the allocation, Rs 4,795.24 crore, has been earmarked for Digital India and other schemes related to the promotion of electronics and IT hardware manufacturing
2
.Boost for Semiconductor Industry
One of the key beneficiaries of this budget increase is the semiconductor industry. The government has allocated Rs 6,903 crore for the semiconductor industry and the India Semiconductor Mission, highlighting its focus on developing domestic chip manufacturing capabilities
3
.Support for IT Hardware PLI Scheme
The budget also includes a significant allocation of Rs 2,500 crore for the IT hardware Production Linked Incentive (PLI) scheme. This move is aimed at boosting domestic manufacturing of IT hardware products such as laptops, tablets, and servers
1
.Promotion of Artificial Intelligence
Recognizing the growing importance of artificial intelligence (AI), the government has allocated Rs 500 crore for the Artificial Intelligence programme. This investment is expected to drive innovation and research in AI technologies across various sectors
2
.Related Stories
Cybersecurity Initiatives
The budget also addresses the critical area of cybersecurity, with Rs 465 crore allocated for cybersecurity initiatives. This funding will support efforts to enhance India's digital security infrastructure and protect against cyber threats
3
.Digital Government and Services
To improve digital governance and services, the government has allocated Rs 695 crore. This funding will support the development and implementation of various e-governance initiatives aimed at enhancing public service delivery and citizen engagement
1
.Impact on India's Tech Ecosystem
The significant increase in MeitY's budget allocation is expected to have a far-reaching impact on India's technology ecosystem. It demonstrates the government's commitment to positioning India as a global leader in digital innovation and technology-driven growth. The investments in semiconductor manufacturing, AI, and cybersecurity are likely to create new opportunities for businesses and startups in these sectors, while also enhancing India's technological self-reliance.
References
Summarized by
Navi
[3]
Related Stories
Recent Highlights
1
OpenAI's AI Math Breakthrough on Navier-Stokes Equations Ignites Fierce Controversy Over Credit
Science and Research
2
Nvidia CEO Jensen Huang Declares AGI Has Arrived With OpenAI's GPT-6 Astra Release
Technology
3
Apple debuts $1,999 iPhone Duo foldable and A20 Pro chip as new CEO John Ternus takes the stage
Technology
Recent Highlights
Today's Top Stories
Don’t drown in AI news. We cut through the noise - filtering, ranking and summarizing the most important AI news, breakthroughs and research daily. Follow topics that matter to you and stay ahead.
