Swinging the Tech Pendulum: Government Boosts Tech Budget by 84%

The government has increased financial allocation for technology projects by 84%, reaching Rs 18,000 crore for the upcoming fiscal year. This includes a major boost for the semiconductor scheme and IndiaAI Mission. The mobile phone production-linked incentive scheme receives Rs 8,885 crore, benefitting major companies.

The government has significantly bolstered its financial commitment to key technology initiatives, with an 84% increase in budget allocation for the upcoming fiscal year, now totaling Rs 18,000 crore. This strategic move aims to enhance the country's tech landscape.

A notable rise in funds is allocated to the IndiaAI Mission, which sees its budget skyrocket by over 11 times to Rs 2,000 crore, driving the development of the artificial intelligence ecosystem in India. The mission focuses on providing essential compute infrastructure support.

The production-linked incentive scheme for Large Scale Electronics Manufacturing, primarily targeting mobile phone production, receives the highest allocation. Companies like Apple vendors Foxconn and Tata Electronics are key beneficiaries of this initiative.

(With inputs from agencies.)