Why is it in the news?
- The Finance Minister unveiled plans to establish a corpus of Rs 1 lakh crore during the Interim Budget 2024-25.
- This allocation aims to bolster private investment in sunrise technologies, fostering a favourable environment for innovation and research.
More about the news
- The primary goal is to usher in a “golden era for tech-savvy youth” by incentivizing private sector involvement in emerging technology fields.
- By providing a substantial corpus through a fifty-year interest-free loan, the government aims to stimulate innovation and propel India towards technological leadership.
- The introduction of extended tenors and low or zero interest rates seeks to encourage the private sector to prioritize research and development (R&D) in sunrise domains. This strategy is intended to address the funding gap and incentivize long-term investments in innovative ventures.
- The FM underscored the importance of research and innovation by highlighting the transition from “Jai Jawan Jai Kisan” to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan.” This shift signifies the recognition of innovation as a cornerstone of India’s development trajectory, emphasizing the need for continuous technological advancements.
|About Sunrise Technologies
· Sunrise technologies is a category of industries with high growth potential and expected to become significant in the future.
· It’s important to note that the specific industries considered “sunrise” can change over time depending on technological advancements, economic trends, and societal needs.
· Sunrise technologies are characterized by their novelty or early-stage development, offering innovative solutions or addressing emerging needs.
· They exhibit rapid growth potential, with significant increases in revenue, market share, and investment.
· These technologies are expected to have a substantial impact on the economy and society in the long term, driven by innovation and disruptive business models.
· However, due to their early stage, there is inherent uncertainty regarding their future success and trajectory.
Examples of Potential Sunrise Technologies
· Renewable Energy: Solar, wind, bioenergy, and other renewable sources are crucial for sustainable development and energy security.
· Artificial Intelligence (AI) and Machine Learning (ML): These technologies have transformative potential across various sectors, including healthcare, agriculture, manufacturing, and finance.
· Electric Vehicles (EVs) and Battery Technology: Promising solutions for reducing emissions and promoting sustainable transportation.
· Internet of Things (IoT) and Big Data: Enabling efficiency improvements and informed decision-making through data analytics and connectivity.
· Robotics and Automation: Enhancing productivity, precision, and safety in diverse sectors such as manufacturing and healthcare.
· Space Technology: Offering opportunities in satellite communication, remote sensing, navigation, and exploration.
· Genomics and Biotechnology: Advancements in healthcare, agriculture, and beyond through genetic research and biotechnological innovations.
- Inadequate research centres and supportive infrastructure hinder the growth of sunrise industries.
- Insufficient availability of skilled professionals in emerging fields poses a barrier to innovation and adoption.
- Limited access to finance and investment restricts the expansion and development of sunrise technologies.
- Complex and outdated regulations impede the operational efficiency and growth potential of these industries.
- Continuous adaptation and innovation are required to address the evolving technological landscape and integrate cutting-edge solutions.
Measures to Address Challenges
- Implementing policies to promote investment, infrastructure development, skill enhancement, and R&D.
- Collaborating with the private sector to leverage resources and expertise for optimal development.
- Upskilling and reskilling programs to bridge the workforce gap and prepare individuals for future job roles.
- Encouraging research initiatives and providing incentives for innovation to drive technological advancements.
- Simplifying and updating regulatory frameworks to facilitate ease of doing business and foster technological adoption.
- By addressing challenges and implementing supportive measures, India can unlock the full potential of sunrise technologies, contributing significantly to economic growth and societal progress.
- It’s crucial to remain adaptable and responsive to the evolving dynamics of these industries to sustain growth and competitiveness over time.