By Ashish P. Dhakan, MD & CEO, Prama Hikvision India Private LimitedÂ
The Union Budget 2024-2025 has made significant allocations for electronics manufacturing as well as infrastructure sector, and it will speed up the economic growth. The budget estimate of 2024-25 for the Ministry of Electronics and Information Technology (MeitY), saw a 52% increase in its allocation of Rs 21,936.9 crore, compared to the revised estimate of 2023-24, at Rs 14,421.25 crore. The Electronics and Infrastructure sectors got a big boost in the Union Budget; these initiatives will help the electronics security industry to grow faster.
The significant allocations for infrastructure development and technology upgrades shows the government’s commitment to enhancing domestic manufacturing capabilities. Increased funding for the PLI (Production-Linked Incentive) scheme would attract more investments and boost production capacity, enabling us to be more competitive on a global scale. The government’s focus on the MSME sector and manufacturing is commendable. The scheme strengthens the manufacturing ecosystem, fostering innovation and competitiveness.
The Finance Minister has announced a PM Package of five schemes with a total allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made specifically for education, employment, and skilling. The core focus on providing skilling opportunities and jobs to youth through various schemes is highly praiseworthy.