Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday, marking her seventh consecutive budget presentation and the first under the third NDA government, which assumed power last month. This budget focuses on four key groups: the poor, youth, women, and farmers, as outlined by the finance minister. The announcement came a day after the release of the Economic Survey for 2023-24, which provided insights into the country’s short-term to medium-term prospects and suggested strategies for economic growth and increased investment.

From reducing duties on mobile phone components to initiatives aimed at boosting the space sector, the Union Budget 2024-25 has set ambitious goals for the ongoing fiscal year. The government also aims to enhance higher education and employment opportunities.

Here are some of the key technology-related announcements from the Union Budget 2024-25:

Mobile Phones: The budget has reduced the basic customs duty (BCD) on mobile phones to 15 percent. Additionally, the BCD on printed circuit board assemblies (PCBA) and mobile chargers has also been lowered to 15 percent. This move is expected to make mobile phones and related components more affordable for consumers.

Telecom Equipment: The customs duty on PCBA for telecom equipment has been increased from 10 percent to 15 percent. This adjustment is part of the government's efforts to boost the domestic telecom manufacturing sector.

Solar Technology: The newly launched PM Surya Ghar Muft Bijli Yojana will provide rooftop solar technology to 1 crore households, delivering up to 300 units of electricity per month. This initiative aims to promote sustainable energy solutions across the country.

Space Development: The government will establish a Rs. 1,000 crore venture capital fund to support the burgeoning space technology sector in India. The goal is to expand the country's space economy five-fold within the next decade, benefiting startups and established firms alike.

Education Loans: The government will support education loans up to Rs. 10 lakh for students in domestic institutions. The revised Model Skill Loan Scheme will allow students to avail of e-vouchers for loans up to Rs. 10 lakh annually, targeting 1 lakh students.

EPFO and Employment: New employees enrolled with the Employees' Provident Fund Organisation (EPFO) will receive a direct benefit transfer of Rs. 15,000. Additionally, companies hiring new workers will be reimbursed up to Rs. 3,000 per employee per month for the first two years of employment. To encourage top firms to recruit interns, an "internship allowance" of Rs. 5,000 and one-time assistance of Rs. 6,000 will be provided.

These measures reflect the government's commitment to fostering technological innovation, supporting education, and enhancing employment opportunities in India.