A new allocation of Rs 551.75 crore has been made for the IndiaAI Mission. (Getty File)
The budget allocation is higher than the previous year’s budget of Rs 16,549.04 crore (the revised capital was Rs 14,012.39 crore FY 2023-24)
The Centre, in its budget on Tuesday, allocated Rs 21,936.90 crore for the Ministry of Electronics and Information Technology (MeitY) for 2024-25, reflecting an increase in both revenue and capital expenditures to drive digital transformation and bolster the country’s technology infrastructure.
KEY ALLOCATIONS AND INITIATIVES
The budget allocation is higher than the previous year’s budget of Rs 16,549.04 crore (the revised capital was Rs 14,012.39 crore FY 2023-24).
- Cyber Security Projects: Recognising the growing threat of cyber attacks, the budget for cyber security projects has been increased to Rs 759 crore from Rs 400 crore. This increase aims to bolster the nation’s cyber defence capabilities and ensure the security of digital transactions.
- Digital India Programme: The Digital India initiative continues to be a cornerstone of the government’s digital strategy, with an allocation of Rs 4,216.51 crore. This programme aims to promote digital literacy, expand e-governance, and foster digital inclusion across the country.
- IndiaAI Mission: A new allocation of Rs 551.75 crore has been made for the IndiaAI Mission, reflecting the government’s focus on advancing artificial intelligence research and applications, positioning India as a leader in the global AI landscape.
- Semiconductor and Display Manufacturing: The Modified Programme for Development of Semiconductors and Display Manufacturing Ecosystem has received a substantial boost with a total allocation of Rs 6,903 crore. This includes significant investments in setting up semiconductor fabs, display fabs, and modernizing existing semiconductor laboratories, aimed at reducing dependency on imports and establishing India as a key player in the semiconductor industry.
- Production Linked Incentive (PLI) Scheme: The PLI schemes for large-scale electronics manufacturing and IT hardware have been allocated Rs 6,200 crore. This scheme incentivizes companies to boost domestic manufacturing, thereby strengthening India’s position as a global manufacturing hub for electronics.
- Focus on Innovation and Skill Development: A total of Rs 1,148.25 crore has been earmarked for R&D activities, supporting innovation in information technology and electronics.
- Capacity Building and Skill Development: A total of Rs 537.50 crore has been allocated to enhance the skills of the workforce, ensuring they are equipped to meet the demands of the rapidly evolving tech industry.
