Context- In the Interim Budget 2024-25 presentation, the Finance Minister revealed a plan to create a corpus of Rs 1 lakh crore for the sunrise technologies.
About
- The aim is to encourage personal investment in sunrise technologies and usher a “golden era for our tech savvy youth”.
- The corpus may be created with a fifty-year interest-free loan, giving a financial boost to encourage innovation and research in rising technology fields.
- The Finance Minister mentioned that lengthy-time period financing with extended tenors and occasional or zero interest rates will encourage the non-public area to growth their cognizance on research and innovation in sunrise domains.
- Stressing the significance of studies and innovation in India’s boom she noted the shift from “Jai Jawan Jai Kisan” to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan” underlining that innovation is the cornerstone of development.
Sunrise technology
- Sunrise technology is a class of technologies with excessive capacity and anticipated to emerge as sizable inside the destiny.
- It’s essential to word that the particular industries taken into consideration “sunrise” can trade over the years depending on technological advancements, financial developments, and societal needs.
Characteristics
- New or exceptionally new: They are generally of their early levels of improvement, providing innovative answers or catering to rising needs.
- Rapid increase: They show off excessive increase fees, with widespread will increase in revenue, marketplace share, and funding.
- Future capacity: They are expected to have a primary effect on the economy and society in the long time.
- Innovation: They frequently use current technology or disruptive business fashions.
- Uncertainty: Due to their early stage, their destiny fulfillment and lengthy-term trajectory can be uncertain.
Examples of Potential Sunrise Technologies
- Renewable Energy: Solar, wind, bioenergy, and other renewable electricity assets are crucial for sustainable development and energy security.
- Artificial Intelligence (AI) and Machine Learning (ML): These technologies have the ability to revolutionize various sectors like healthcare, agriculture, manufacturing, and finance.
- Electric Vehicles (EVs) and Battery Technology: This enterprise holds huge ability for lowering emissions and promoting sustainable transportation.
- Internet of Things (IoT) and Big Data: Connecting devices and analyzing data can improve efficiency, selection-making, and innovation throughout numerous sectors.
- Robotics and Automation: Automation can beautify productiveness, precision, and safety in manufacturing, healthcare, and other sectors.
- Space Technology: This quarter gives possibilities in satellite tv for pc communique, faraway sensing, navigation, and space exploration
- Genomics and Biotechnology: Advances in these fields have applications in healthcare, agriculture, and other regions.
Challenges
- Lack of infrastructure: Inadequate infrastructure, especially in regions like today’s studies centres, can hinder growth.
- Skilled workforce shortage: Lack of skilled specialists in those emerging fields can hamper development and adoption of recent technology.
- Funding and investment obstacles: Limited access to finance and investment can restrict enlargement and innovation.
- Regulatory hurdles: Complex and outdated rules can create operational demanding situations and hamper market growth.
- Technological demanding situations: Integrating and adapting cutting-edge technology requires regular edition and innovation.
Measures
- Government initiatives: Policies selling investment, infrastructure improvement, ability improvement, and studies & development can create an enabling environment.
- Public-private partnerships: Collaboration between government and private sector can leverage strengths and resources for finest development.
- Focus on education and talent improvement: Upskilling and reskilling applications can deal with the workforce scarcity and prepare people for future jobs.
- Promoting innovation and R&D: Encouraging research and improvement in these fields is crucial for technological advancements and competitiveness.
- Streamlining guidelines: Simplifying and updating guidelines can facilitate ease of doing business and technological adoption.
Way Ahead
- Overall, addressing demanding situations and adopting supportive measures can free up the total ability of sunrise technologies and make contributions drastically to India’s financial growth and development.
- It’s essential to notice that the dynamics of sunrise industries are constantly evolving, and so India needs to adapt to face these dynamics.
Source: Indian Express
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