Budget 2021: Rs 1,500 cr proposed for scheme to promote digital payment

As many as Rs 1,500 crore has been proposed for a scheme that will provide financial incentive to promote digital modes of payment and further boost digital transactions, the Ministry of Finance (MoF) said on Monday.

"Finance Minister Nirmala Sitharaman informed the house that there has been a mfold increase in digital payments in the recent past and there was a need to take steps to carry forward this momentum. Rs 1,500 crore has been proposed for a scheme that will provide financial incentive to promote digital modes of payment and further boost digital transactions," the MoF said in a release.

To strengthen the overall research ecosystem of the country, the Union Budget financial year 2021-22 announced a slew of new initiatives to boost innovation and R&D in the country.

While presenting the Budget in Parliament today, Union Minister for Finance and Corporate Affairs, Sitharaman, proposed initiatives covering digital payments, space sector and deep ocean explorations.

For the National Research Foundation, the Finance Minister proposed an outlay of Rs 50,000 crore, spread over five years.

"It will ensure that the overall research ecosystem of the country is strengthened with focus on identified national-priority thrust areas," she added.

( With inputs from ANI )

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