In a groundbreaking move to foster research and development (R&D) within the private sector, Finance Minister Nirmala Sitharaman, during the Interim Budget 2024 announcement, disclosed the establishment of a substantial financial corpus amounting to INR 1 lakh crore. This corpus aims to provide low-cost or interest-free loans, extending up to 50 years, specifically dedicated to fueling research and innovation endeavors within the private industry.
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