Sitharaman emphasized that exports, Micro, Small, and Medium Enterprises (MSMEs), investments, and agriculture are pivotal engines driving India's economic growth.
Responsible governance in AI development is deemed crucial to foster ethical practices while avoiding overregulation that could stifle innovation.
The Economic Survey has raised concerns about potential labor displacement due to AI, particularly impacting lower-wage workers, highlighting the need for collaboration among government, private sector, and academia.
To improve healthcare accessibility, the government plans to promote medical tourism through partnerships with the private sector under the 'Heal in India' initiative.
Additionally, Mudra loans will now be available for homestay businesses, aimed at stimulating tourism and supporting small-scale hospitality ventures.
The budget also extends the nil tax slab for incomes up to Rs 12 lakh, providing relief to taxpayers and aiming to stimulate consumption.
Despite the positive measures, political tensions were evident as opposition members staged walkouts during the budget presentation.
In the recently announced Budget 2025, Finance Minister Nirmala Sitharaman unveiled a significant Rs 10,000 crore Fund of Funds aimed at bolstering India's startup ecosystem.
The startup ecosystem is recognized as a crucial job creator, essential for achieving an anticipated economic growth rate of 6.3% to 6.8% in the upcoming year.
Industry experts have lauded the government's initiatives as vital for nurturing a robust ecosystem that supports growth in the DeepTech and AI sectors, while also enhancing employment opportunities.
The government's initiatives are designed to enhance India's competitiveness in digital and business services, aiming to reduce regional disparities and promote inclusive growth.
A focus on enhancing domestic manufacturing capabilities is set to target Industry 4.0, which requires a highly skilled workforce.
