Union Budget 2024-2025: Innovations in the realms of science and technology are pivotal to the swift progression of India. To elevate the nation as a beacon of the forthcoming era, it is imperative to fortify science and technology both in excellence and outreach. Significant strides have been made, yet much remains if India is to rival Western nations.
The Modi administration, embarking on its third term, is poised to unveil its inaugural comprehensive Union Budget in July following the National Democratic Alliance’s (NDA) recent triumph in the Lok Sabha Elections 2024.
During her Interim Budget discourse on February 1, Finance Minister Nirmala Sitharaman underscored a pledge towards research and innovation tailored for India’s tech-savvy youth. She announced a substantial corpus of Rs 1 lakh crore, accessible at minimal or zero interest rates. The objective is to galvanize private sector investment in research and development within emerging sectors.
With Prime Minister Narendra Modi’s motto, “Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan,” anticipation is high that the Ministry of Science and Technology may see a considerable budgetary enhancement.
A glimpse into previous Union Budget allocations:
Union Budget 2023-2024
In the Union Budget 2023-2024, the Ministry of Science & Technology was apportioned Rs 16,361.42 crore, reflecting a nominal 15 percent increase from the prior budget estimate. From 2021-22 to 2022-23, the Ministry experienced a 3.9% reduction.
The Department of Science and Technology (DST) received the lion’s share of the increase, totaling Rs 7,931.05 crore, marking a 32.1% rise from the preceding year.
Union Budget 2022-23
In the Union Budget 2022-23, the Ministry of Science and Technology was allocated Rs 14,217 crore, a 5 percent increase over the revised estimate of 2021-22. This encompassed Rs 6,000 crore to DST (42% of the total), Rs 5,636 crore to DSIR (40%), and Rs 2,581 crore to DBT (18%).
Union Budget 2021-22
In the Union Budget 2021-22, the Ministry of Science and Technology was allocated Rs 14,794 crore, an annual increment of 8 percent over 2019-20.
