During her presentation of the Interim Budget 2024–25 to Parliament, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman suggested setting up a corpus of Rs. 1 lakh crore to encourage private investment in new technologies.

According to Finance Minister Nirmala Sitharaman, a plan to improve deep tech for the defense industry A loan with no interest for 50 years will be used to construct the corpus. It will offer low or no interest long-term financing or refinancing with long tenors. The Finance Minister noted that while modern technologies and data are transforming people's lives and businesses, they are also creating new economic opportunities and making it easier to provide high-quality services at reasonable costs to everyone, even those at the "bottom of the pyramid."

Experssing his welcome on this auspicious launch, Bipin Preet Singh, Co-Founder & CEO, MobiKwik says, “We appreciate the thoughtful budget announcements for India, marking a significant step towards financial inclusivity and innovation. The allocation of ₹1 lakh crore for long-term, interest-free loans not only fuels innovation but also promotes accessibility to funds, fostering private sector research in emerging areas. The focus on deep tech startups in the defence sector and the extension of tax benefits indicate a steady commitment to creating a conducive environment for startup development and sustainable investments. Overall, the budget underscores a strategic approach towards long-term economic resilience and innovation.