Context
∙ During 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 goal is to encourage private investment in sunrise technologies and usher in a “golden era for our tech savvy youth”.
∙ The corpus will be created with a fifty-year interest-free loan, giving a financial boost to encourage innovation and research in emerging technology fields.
∙ The Finance Minister mentioned that long-term financing with extended tenors and low or zero interest rates will inspire the private sector to increase their focus on research and innovation in sunrise domains.
∙ Stressing the significance of research and innovation in India’s growth 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 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.
Characteristics
∙ New or relatively new: They are typically in their early stages of development, offering innovative solutions or catering to emerging needs.
∙ Rapid growth: They exhibit high growth rates, with significant increases in revenue, market share, and investment.
∙ Future potential: They are expected to have a major impact on the economy and society in the long term.
∙ Innovation: They often use cutting-edge technologies or disruptive business models.
∙ Uncertainty: Due to their early stage, their future success and long-term trajectory can be uncertain.
Examples of Potential Sunrise Technologies:
∙ Renewable Energy: Solar, wind, bioenergy, and other renewable energy sources are crucial for sustainable development and energy security.
∙ Artificial Intelligence (AI) and Machine Learning (ML): These technologies have the potential to revolutionize various sectors like healthcare, agriculture, manufacturing, and finance.
∙ Electric Vehicles (EVs) and Battery Technology: This industry holds immense potential for reducing emissions and promoting sustainable transportation.
∙ Internet of Things (IoT) and Big Data: Connecting devices and analyzing data can improve efficiency, decision-making, and innovation across various sectors.
∙ Robotics and Automation: Automation can enhance productivity, precision, and safety in manufacturing, healthcare, and other sectors.
∙ Space Technology: This sector offers opportunities in satellite communication, remote sensing, navigation, and space exploration
∙ Genomics and Biotechnology: Advances in these fields have applications in healthcare, agriculture, and other areas.
Challenges
∙ Lack of infrastructure: Inadequate infrastructure, particularly in areas like state-of-the-art research centres, can hinder growth.
∙ Skilled workforce shortage: Lack of skilled professionals in these emerging fields can hamper development and adoption of new technologies.
∙ Funding and investment limitations: Limited access to finance and investment can restrict expansion and innovation.
∙ Regulatory hurdles: Complex and outdated regulations can create operational challenges and hamper market growth.
∙ Technological challenges: Integrating and adapting cutting-edge technologies requires constant adaptation and innovation.
Measures
∙ Government initiatives: Policies promoting investment, infrastructure development, skill development, and research & development can create an enabling environment.
∙ Public-private partnerships: Collaboration between government and private sector can leverage strengths and resources for optimal development.
∙ Focus on education and skill development: Upskilling and reskilling programs can address the workforce shortage and prepare individuals for future jobs.
∙ Promoting innovation and R&D: Encouraging research and development in these fields is crucial for technological advancements and competitiveness.
∙ Streamlining regulations: Simplifying and updating regulations can facilitate ease of doing business and technological adoption.
Way Ahead:
∙ Overall, addressing challenges and adopting supportive measures can unlock the full potential of sunrise technologies and contribute significantly to India’s economic growth and progress.
∙ Artificial Intelligence (AI) and Machine Learning (ML): These technologies have the potential to revolutionize various sectors like healthcare, agriculture, manufacturing, and finance.
∙ Electric Vehicles (EVs) and Battery Technology: This industry holds immense potential for reducing emissions and promoting sustainable transportation.
∙ Internet of Things (IoT) and Big Data: Connecting devices and analyzing data can improve efficiency, decision-making, and innovation across various sectors.
∙ Robotics and Automation: Automation can enhance productivity, precision, and safety in manufacturing, healthcare, and other sectors.
∙ Space Technology: This sector offers opportunities in satellite communication, remote sensing, navigation, and space exploration
∙ Genomics and Biotechnology: Advances in these fields have applications in healthcare, agriculture, and other areas.
Challenges
∙ Lack of infrastructure: Inadequate infrastructure, particularly in areas like state-of-the-art research centres, can hinder growth.
∙ Skilled workforce shortage: Lack of skilled professionals in these emerging fields can hamper development and adoption of new technologies.
∙ Funding and investment limitations: Limited access to finance and investment can restrict expansion and innovation.
∙ Regulatory hurdles: Complex and outdated regulations can create operational challenges and hamper market growth.
∙ Technological challenges: Integrating and adapting cutting-edge technologies requires constant adaptation and innovation.
Measures
∙ Government initiatives: Policies promoting investment, infrastructure development, skill development, and research & development can create an enabling environment.
∙ Public-private partnerships: Collaboration between government and private sector can leverage strengths and resources for optimal development.
∙ Focus on education and skill development: Upskilling and reskilling programs can address the workforce shortage and prepare individuals for future jobs.
∙ Promoting innovation and R&D: Encouraging research and development in these fields is crucial for technological advancements and competitiveness.
∙ Streamlining regulations: Simplifying and updating regulations can facilitate ease of doing business and technological adoption.
Way Ahead:
∙ Overall, addressing challenges and adopting supportive measures can unlock the full potential of sunrise technologies and contribute significantly to India’s economic growth and progress.
∙ It’s important to note that the dynamics of sunrise industries are constantly evolving, and so India needs to adapt to face these dynamics.
∙ It’s important to note that the dynamics of sunrise industries are constantly evolving, and so India needs to adapt to face these dynamics.
∙ It’s important to note that the dynamics of sunrise industries are constantly evolving, and so India needs to adapt to face these dynamics.
