Finance Minister Nirmala Sitharaman’s Union Budget 2024 places a strong emphasis on the data and technology that are becoming more and more vital to bolstering India’s development in the Electronics Sector. She draws attention to India’s track record of using technology to lower inequality and boost output. A budget of INR 21,936 crores has been given to the Ministry of Electronics and Information Technology (MeitY), which will be used to support programs including the Production Linked Incentive Scheme, INDIAai Mission, DIGITAL INDIA Programme, and National Informatics Centre. The Production Linked Incentive Scheme is allocated a further Rs 6200 crore in the budget.
Key Highlights of Budget 2024
- The goal of the 2024 Budget is to incorporate digital solutions and technology into important areas including e-commerce, health, law, urban government, and service delivery.
- To expedite results and advance transparency, it intends to set up an Integrated Technology Platform for an Inter-Blockchain Communication Protocol (IBC) ecosystem.
- The three-year implementation of Digital Public Infrastructure (DPI) for agriculture, which would benefit farmers and their fields, is also included in the budget. The assignment of Bhu-Aadhaar, the digitisation of maps via GIS mapping, and IT-based record management systems are examples of technology-based land solutions.
- The eShram site is being integrated with other portals to provide a one-stop solution that will offer labour services, including employment positions and skill needs.
- The budget also gives priority to using sectoral databases and cutting-edge technology to improve data and statistics.
Union Budget’s Focus on the Electronics Sector
- The digitisation process, growing consumer demand, and self-reliance are driving substantial growth in the Indian electronic sector. Electronic gadgets are now essential due to the rapid adoption of digital technology brought forth by the COVID-19 pandemic.
- To encourage exports, draw in investments, and strengthen local manufacturing, the government has budgeted money for the PLI Scheme in the Union Budget.
- With this project, India hopes to become a worldwide centre for electronics production, decrease its reliance on imports, and generate jobs.
- The ‘Make in India’ campaign and the government’s strategic emphasis are complementary. The latter encourages domestic producers to increase their level of self-sufficiency in electronic production by lowering their dependency on imports.
- This strategy ensures a more robust and sustainable electronics sector by addressing import dependency issues and promoting economic growth.
India’s digital transformation journey
- The government’s funding for MeitY has been rising gradually, demonstrating its dedication to digitisation and the expansion of the electronics and information technology sectors.
- A new age of growth and development is heralded by the Union Budget’s funding for the Production Linked Incentive Scheme in the information technology and electronics industry.
- By promoting domestic manufacturing, this program builds a strong ecosystem that benefits both consumers and producers. Technology may be integrated seamlessly thanks to competitive personal financing alternatives and reasonably priced, high-quality electronic devices.
- People may help India’s electronic sector expand by keeping up with electronic innovations, managing their finances sensibly, and seizing possibilities presented by the Union Budget.
Best Sites to Buy Electronics in 2024
DailyObjects: https://www.dailyobjects.com/?srsltid=AfmBOorNKUxQqVQ91N38U1b-qIrMuzioWEqh5vGkX99WgdUTuEaUJnY9
Croma: https://www.croma.com/?srsltid=AfmBOorPu2UHxdn-zIo78pKPJeaUsNzgJ2b7sKdJ-kvC47HVMpF_zcWC
Hammer: https://hammeronline.in/?srsltid=AfmBOopfb5YEN_J8QS4WwTqijAxpGGkCTqN2NDd-FhqAVJoMmB14pMDj
Philips: https://www.philips.co.in/
Dyson India: https://www.dyson.in/
Realme: https://www.realme.com/in/
Samsung: https://www.samsung.com/in/
JBL: https://www.jbl.com/
Acer: https://www.acer.com/in-en
Conclusion
The Ministry of Electronics and Information Technology (MeitY) has been given a budget of INR 21,936 crores as part of the Union Budget 2024, which is centred on the growth of India through data and technology. The incorporation of digital technologies into e-commerce, law, health, urban government, and service delivery are some of the major themes. The Digital Public Infrastructure for agricultural and technology-based land solutions are also included in the budget. MeitY’s sponsorship by the government is evidence of its dedication to digitisation and growth in the electronics and IT industries.