The budget focuses on supporting the poor, youth, women, and farmers, following the release of the Economic Survey 2023-24, which outlined the country’s economic outlook and growth strategies.
Here’s a snapshot of the major technology-related announcements from the Union Budget 2024-25:
Customs duty on mobile phones and components has been lowered to 15%. This includes reductions in the basic customs duty (BCD) on printed circuit board assemblies (PCBA) and mobile chargers.
The duty on PCBA for telecom equipment has increased from 10% to 15%.
A Rs 1,000 crore venture capital fund will be established to support the space technology sector, aiming to expand the space economy five-fold over the next decade.
The PM Surya Ghar Muft Bijli Yojana will provide rooftop solar technology to 1 crore households, offering up to 300 units of electricity per month.
Students in domestic institutions can now access loans up to Rs 10 lakh for higher education. The revised Model Skill Loan Scheme will provide e-vouchers for loans up to Rs 10 lakh annually, targeting 1 lakh students.
Companies hiring new workers will get a reimbursement of up to Rs 3,000 per employee per month for the first two years.
Additionally, an “internship allowance” of Rs 5,000 and a one-time assistance of Rs 6,000 will be provided to encourage the recruitment of interns.
New employees registered with the Employees' Provident Fund Organisation (EPFO) will receive a direct benefit transfer of Rs 15,000.