International Journal For Multidisciplinary Research

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An Analytical Study on Indian Union Budget 2024-2025: A Special Reference to Innovation, Research & Development

Author(s) SANDEEP KUMAR SHARMA
Country India
Abstract The Indian Union Budget 2024-2025 presents a comprehensive strategy aimed at fostering innovation, research, and development (R&D) across various sectors. This analytical study delves into the budget's allocation trends, focusing on the significant emphasis placed on R&D as a catalyst for economic growth. With India striving to achieve self-reliance (Atmanirbhar Bharat) and enhance its position in global technological and scientific arenas, the budget allocates substantial resources to key sectors such as pharmaceuticals, biotechnology, health research, and higher education. The paper examines the implications of these investments for sectors critical to the country’s innovation ecosystem, including renewable energy, digital transformation, and healthcare innovation. Additionally, the study evaluates the impact of tax incentives and public-private partnerships (PPPs) introduced in the budget, which are designed to accelerate private sector involvement in R&D and foster a more inclusive innovation landscape. Despite the positive steps, the paper highlights the persistent underinvestment in comparison to global leaders in R&D, underscoring the need for structural reforms and increased funding in underfunded areas such as climate science and trade. This study concludes by offering policy recommendations to optimize R&D investments for achieving sustainable economic growth and technological leadership.
Keywords Budget Innovation Accelerate Energy
Field Sociology > Economics
Published In Volume 6, Issue 6, November-December 2024
Published On 2024-11-30
Cite This An Analytical Study on Indian Union Budget 2024-2025: A Special Reference to Innovation, Research & Development - SANDEEP KUMAR SHARMA - IJFMR Volume 6, Issue 6, November-December 2024. DOI 10.36948/ijfmr.2024.v06i06.31871
DOI https://doi.org/10.36948/ijfmr.2024.v06i06.31871
Short DOI https://doi.org/g8sg58
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