Interim Budget 2024 Energizes Semiconductor and Display Technology Sectors
In Navani’s view, government support is crucial to the video gaming and esports industries, encouraging initiatives to develop talent like design, product, UI/UX, engineering, and virtual reality skills.
Interim Budget 2024 Energizes Semiconductor and Display Technology Sectors: Semiconductors and displays play a huge role in shaping the future, ushering in a new era for technology enthusiasts and industry experts.
Boosting innovation and development in these key areas is a major focus of the Union Interim Budget 2024.
In Navani’s view, government support is crucial to the video gaming and esports industries, encouraging initiatives to develop talents like design, product, UI/UX, engineering, and virtual reality skills.
He argues that the industry should be viewed as a product and IP-driven sector rather than a service-oriented one and that incentives should help foster entrepreneurship and employment. Navani also advocates accelerating AI initiatives in education to boost India’s global gaming expertise.
Finance Minister @nsitharaman Ji is presenting the Interim Budget in Parliament. https://t.co/j9A9ridX66
— Narendra Modi (@narendramodi) February 1, 2024
Navani said, “In the last year, India has stood resilient, witnessing growth across various sectors even amidst a global recession. The video gaming and esports industry came out as one of the fastest-growing industries during that time. As we approach the interim budget, we look forward to continued government support for initiatives that have laid the foundation for this success. Recognizing the potential of the video gaming sector, we urge the government to focus on fostering talent through incentivizing skill building in multiple aspects of video games – strengthening design, and product. UI/UX and engineering, 3D art, and AR/VR skills, in the curriculum and support the launch of collaborative projects with academic institutions. This cannot only cultivate a skilled workforce but also position India as a global hub for gaming expertise.”
Research and development investments
To keep up with technology, governments are increasing funding for semiconductor research and development in Budget 2024.
By investing in R&D, the industry will be able to develop cutting-edge semiconductor materials, processes, and designs.
Manufacturing of semiconductors should be promoted
Having a robust semiconductor industry enhances national security and reduces foreign dependency, which is why Budget 2024 focuses a lot on that. Creating an environment conducive to local chip production, incentives, tax breaks, and subsidies are being introduced to encourage semiconductor fabrication plants.
Focus on AI and quantum computing
AI and quantum computing are both powered by semiconductors. Budget 2024 allocates substantial resources to support AI and quantum computing research and development, which recognizes the transformative potential of these fields and focuses on semiconductors that can accelerate processing speeds and improve efficiency.
Check Out: Experience ChatGPT without an Account: ‘Anyone Curious Should…’ Try it Now
Advances in display technology
The budget for 2024 invests heavily in display technology too. It invests in improving the resolution, energy efficiency, and overall performance of displays, which are everywhere. Smartphones, laptops, televisions, and digital signage are all part of it. Displays like OLED (Organic Light-Emitting Diode) and MicroLED promise brighter, sharper, and more energy-efficient displays in the future.
Semiconductor manufacturing green initiatives
Due to an increasing focus on sustainability, Budget 2024 emphasizes the importance of environmentally friendly semiconductor manufacturing practices. Governments are encouraging semiconductor fabrication companies to use green technologies to minimize their carbon footprint. The goal is to develop cleaner manufacturing processes and promote energy-efficient semiconductor designs by investing in research.
Semiconductor cybersecurity
As semiconductor technology becomes increasingly pervasive, the need for robust cybersecurity measures has never been greater. Budget 2024 addresses this concern by allocating funds for the development of secure semiconductor systems. They’re developing secure chip architectures, encryption technologies, and ways to prevent emerging threats such as side-channels. Strengthen semiconductor component cybersecurity to keep electronic systems safe.
Collaboration and standardization at the global level
In Budget 2024, the semiconductor industry acknowledges its international nature and encourages standardization and collaboration. Governments are investing in initiatives to foster cooperation between countries, research institutions, and industry players. We can reduce costs, accelerate innovation, and improve interoperability if we standardize key aspects of semiconductor manufacturing and design.
Workforce Development and Education
Through initiatives, Budget 2024 puts education and workforce development at the forefront of ensuring the sustainability of semiconductors and displays. Scholarships, grants, and partnerships are being set up in order to create a talent pool capable of driving technological advancements in semiconductors and displays.
The government’s approach
In the ongoing technological revolution, Budget 2024’s comprehensive approach to improving semiconductor and display technologies marks a significant milestone. Innovation is fueled by research and development investments, domestic manufacturing support, sustainability and cybersecurity initiatives. With Budget 2024, the semiconductor and display industries will be advancing and the future of technology will be shaped.