Budget 2024: FM Sitharaman Announces Rs 1 Lakh Crore Corpus With 50-Year Interest-Free Loan

India's interim budget for 2024-25, presented by Finance Minister Nirmala Sitharaman on February 1, did not make any changes to tax slabs. However, it did announce a number of measures aimed at supporting the country's technology sector, including the creation of a ₹1 lakh crore (US$13.3 billion) corpus to provide interest-free loans to startups for up to 50 years.

Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan

For our tech-savvy young Indians, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest-free loan provided. #ViksitBharatBudgetpic.twitter.com/kKzOr5xKPR

— Dr Jitendra Singh (@DrJitendraSingh) February 1, 2024

Sitharaman said that the corpus would be used to provide "long-term financing and refinancing at very low or zero interest rates" to startups that are developing innovative technologies. She also announced that the government would launch a new program to provide 300 units of free electricity per month to 10 million households that install rooftop solar panels.

In addition, Sitharaman said that the government would continue to support the agriculture sector by promoting mustard and groundnut cultivation, and by investing in modern storage and supply chains. She also announced that 517 new routes would be added to the UDAN regional connectivity scheme to connect smaller cities.