Union Budget 2024: Priorities in Innovation, Research & Development

On 23 July 2024, Minister of Finance Nirmala Sitharaman presented the Union Budget 2024. A key focus of the Budget is the growing importance and reliance on technologies and data to support the country's growth. The FM emphasized India's experience with leveraging technology to enhance productivity and reduce inequality over the past decade. She noted the importance of public investments and private innovation in enhancing digital infrastructure, which has subsequently improved the lives of common people. She emphasised that technology is a key enabler in boosting total factor productivity and reducing inequality, and affirmed that the country will continue to increase the adoption of technology and digitalise the economy. 

Moreover, Pharma industry stakeholders expressed their approval of the changes introduced in customs duty tax structure, focusing on medical education and upskilling of the demographic dividend, emphasising research and development (R&D) and supporting micro, small and medium enterprises (MSMEs).