The Union Budget 2025 sets ambitious goals for India’s tech landscape, emphasizing the establishment of GCCs to create jobs and drive innovation. Key initiatives include a National Manufacturing Mission and new fellowship programs for tech research. The Fund of Funds for Startups aims to attract significant investments, while initiatives for first-time women and marginalized entrepreneurs reflect a commitment to inclusive growth.
In the latest Union Budget for 2025, strong momentum is evident for India’s tech landscape as it aims to emerge as the global hub for Global Capability Centers (GCCs). Lalit Ahuja, CEO of ANSR, emphasizes the potential job creation and urban transformation this represents, stating that 80% of global firms still seek to establish GCCs in India.
Jaspreet Singh from Grant Thornton Bharat highlights that as GCCs transition into centers of innovation and technology, they will foster inclusive growth and bridge regional disparities, positioning India firmly as a leader in digital and business services globally.
Prominent initiatives include a National Manufacturing Mission targeted at enhancing the manufacturing sector, alongside ambitious plans to bolster educational infrastructure in IITs. An investment initiative focusing on deeptech will support technological advancements, while 10,000 fellowships under the PM Research Fellowship Scheme will nurture promising tech research at premier institutions.
The launch of a revamped Fund of Funds for Startups with an additional Rs 10,000 crore aims to fuel entrepreneurship and innovation. Anirudh A. Damani from Artha Venture Fund reflects on how this renewed commitment is anticipated to draw further investments ranging from Rs 1 lakh to Rs 1.5 lakh crore.
The budget also introduces support for untapped demographics, with a scheme aimed at empowering 5 lakh first-time women, Scheduled Castes, and Scheduled Tribes entrepreneurs. This multifaceted approach signals the government’s intent to ignite entrepreneurship and uplift underrepresented groups in a vibrant startup ecosystem.
The Union Budget 2025 outlines a robust framework to bolster India’s tech and manufacturing sectors while creating avenues for employment and innovation. The government’s commitment extends to advancing GCCs, enhancing educational infrastructure, and supporting entrepreneurship through financial initiatives. It reflects a strategic move to harness India’s potential as a leading global center for digital and business services.
In conclusion, the Union Budget 2025 emphasizes India’s aspiration to be a global leader in technology and innovation. With initiatives to foster GCCs, enhance manufacturing, and support underrepresented groups in entrepreneurship, it lays a strong foundation for inclusive development and economic growth. These steps are set to propel India towards a future rich in opportunities and advancements across various sectors.
Original Source: m.economictimes.com
