New Delhi, Feb 2 (KNN) The recently unveiled Interim Budget for the fiscal year 2024-25 holds significant promise for India's innovation-led economy, particularly in the realms of deep-tech and start-ups, according to Rajesh Kumar Singh, Secretary, DPIIT.

Singh expressed his optimism on Friday, noting key provisions that could contribute to boosting innovation and fostering economic growth.

The DPIIT Secretary highlighted the noteworthy 11 per cent increase in capital expenditure (capex), totalling Rs 11.11 lakh crore for the upcoming financial year.

This substantial allocation, coupled with a provision for a Rs 75,000 crore interest-free loan for 50 years to support state-level reforms, is expected to enhance logistics efficiency, connectivity, and reduce overall logistics costs for the country, Singh added.

Singh particularly emphasised the potential impact on private sector investments in research and development, noting the announcement of a new scheme focused on strengthening deep-tech technologies.

He remarked that these initiatives would further propel India towards becoming an innovation-led economy, fostering growth in the start-up ecosystem.

Singh praised the combination of fiscal consolidation and continued emphasis on capex, particularly in hard infrastructure such as roads, highways, and railways, highlighting the unique selling proposition (USP) of the budget.

The DPIIT Secretary affirmed that these measures would have a positive impact on logistics efficiency, connectivity, and contribute to the overarching goal of making India a developed nation by 2047.

(KNN Bureau)