The long-awaited Union Budget 2024-25 is Finally Out. Below are the comments of some of the IT industry leaders:
Mr. Alok Dubey, Chief Financial Officer, Acer India
“Today’s budget presented by the Finance Minister is a forward-thinking roadmap that promises to drive sustainable growth and foster a robust digital economy. The strategic focus on technological advancement, infrastructure development, and skill enhancement is a commendable step towards making India a global tech hub. At Acer India, we are particularly encouraged by the government’s commitment to supporting the IT sector through initiatives that promote innovation, research, and development. Furthermore, the proposed measures to boost manufacturing under the ‘Make in India’ initiative align perfectly with our strategic goals, enabling us to expand our local manufacturing capabilities and contribute to the country’s economic growth. We are optimistic about the opportunities this budget creates for the IT sector and the overall business landscape in India. It sets a positive tone for the future, encouraging us to continue innovating and providing top-tier solutions for our customers. Additionally, the focus on the rural economy is a significant highlight. By investing in rural infrastructure and promoting digital literacy in rural areas, the government is paving the way for inclusive growth. This will enable rural communities to participate actively in the digital economy, thereby reducing the urban-rural divide and fostering a more balanced economic development.”
Mr. Rajesh Doshi, Co-Founder & Director at Zebronics
“The Union Budget 2024-25, announced by Finance Minister Nirmala Sitharaman, presents a robust vision for various sectors’ enhancement. The new tax regime reforms benefit law-abiding taxpayers. Job creation schemes are proposed across segments, particularly manufacturing, to drive “Vikasit Bharat.” Support for MSMEs and manufacturing includes long-term loans for machinery, credit guarantees, and establishing electronic manufacturing clusters, enhancing global competitiveness. Skill development initiatives introduce new courses, revise loans, and develop National Industrial Corridors to connect top companies with CSR funds, aiming to benefit over 1 crore youth in the next five years. The reduction of Basic Customs Duty on mobiles and accessories and PCDA is a strategic move to support these industries. Overall, steps to ease trade, reform manufacturing, and support the start-up ecosystem are vital. Reforms in solar, energy, agriculture, and education are crucial for holistic national development. Notably, the commitment to enhance the inclusion of more women in the workforce by formulation of skill development programs and encouragement of more women entrepreneurs reflects the virtue of them being amongst the decision makers in the future.”
Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt Ltd
“The Union Budget 2024-2025 has made significant allocations for electronics manufacturing as well as infrastructure sector, and it will speed up the economic growth. The budget estimate of 2024-25 for the Ministry of Electronics and Information Technology (MeitY), saw a 52% increase in its allocation of Rs 21,936.9 crore, compared to the revised estimate of 2023-24, at Rs 14,421.25 crore. The Electronics and Infrastructure sectors got a big boost in the Union Budget; these initiatives will help the electronics security industry to grow faster. The significant allocations for infrastructure development and technology upgrades shows the government’s commitment to enhancing domestic manufacturing capabilities. Increased funding for the PLI (Production-Linked Incentive) scheme would attract more investments and boost production capacity, enabling us to be more competitive on a global scale. The government’s focus on the MSME sector and manufacturing is commendable. The scheme strengthens the manufacturing ecosystem, fostering innovation and competitiveness. The Finance Minister has announced a PM Package of five schemes with a total allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made specifically for education, employment, and skilling. The core focus on providing skilling opportunities and jobs to youth through various schemes is highly praiseworthy.”
Mr. Pramod Sharda, CEO of IceWarp India and the Middle East
“The Union Budget 2024 reflects a visionary approach towards strengthening India’s position as a global leader in the IT industry. The government’s continued investment in digital infrastructure, particularly through initiatives aimed at enhancing cybersecurity and fostering innovation, is commendable. These measures will undoubtedly propel the Indian IT sector to new heights, encouraging technological advancements and creating a conducive environment for startups and established enterprises alike. Moreover, the focus on skill development and research in emerging technologies such as AI, machine learning, and Blockchain will equip our workforce with the necessary tools to compete on a global scale. The allocation of funds for expanding internet connectivity in rural and remote areas is a significant step towards bridging the digital divide, ensuring inclusive growth and opportunities for all. At IceWarp, we are excited about the prospects this budget brings. The emphasis on creating a robust digital ecosystem aligns perfectly with our mission to deliver comprehensive, secure, and innovative communication solutions. We look forward to leveraging these opportunities to contribute to India’s digital transformation journey and drive sustained growth in the IT sector.”
Mr. Vishak Raman, VP of Sales, India, SAARC, SEA & ANZ at Fortinet
“The Union Budget 2024 is a push towards a holistic growth of India’s macroeconomics from the grassroot level. The key focus on productivity and resilience in agriculture will indirectly open up rural and non-metro markets with increased spending and consumption. Investment in skilling 20 Lakh youth over five years will bridge the skill gap that digital transformation has created across industries. Fortinet has also pledged to reduce the skill gap in cybersecurity and is offering free certifications to students in India. Incentives for MSME, manufacturing and energy sectors will see increased digitalization with growth of industry 4.0 and smart manufacturing. Fortinet aligns with this vision by providing advanced cybersecurity solutions that protect critical infrastructures and rugged OT environments. Overall the budgets focus on Youth, Women and Farmers is a significant step towards ‘Viksit Bharat’.”
Mr. Anuraag Saxena, CEO, E-Gaming Federation
“The Budget 2024’s strong emphasis on youth empowerment, job creation, and employment-linked skilling is optimistic. Over the next five years, the Hon’ble FM has devised a plan to provide employment possibilities for almost 4.1 crore youth. The allocation of Rs 1.48 lakh crore for employment and education to skill 20 lakh youth over five years is another noteworthy milestone. Jobs are the primary driver of economic growth, and putting new initiatives and allocations into practice would not only improve the employment situation but also have a significant impact on developing a trained labor force for all industries, including online skill gaming. The sunrise industry has consistently played a pivotal role in providing opportunities to Bharat’s talented young individuals. We welcome today’s budget as a positive development. The online gaming industry is excited to partner with the government towards a Vikasit Bharat by becoming a center for global gaming innovation.”
Mr. Thiruppathi Subramaniam, Director ISC, Zebra Technologies
“In the era of next-generation technologies such as AI, ML, robotics, and automation, the initiatives announced in the Union Budget 2024-25 are pivotal for preparing India’s talent pool to drive our economy towards the USD 5 trillion goal. With an allocation of ₹2 lakh crore for employment-linked skilling, incentives for creating 4 crore jobs in the manufacturing sector, and the introduction of the Model Skill Loan Scheme, our youth will have unprecedented opportunities for growth. Additionally, the provision of internships and direct benefit transfers will ensure our workforce is skilled and financially supported. These comprehensive measures will build a robust, future-ready talent pool capable of spearheading India’s technological and economic advancement.”
Mr. Sandeep Bhambure, Vice President and Managing Director, India & SAARC, Veeam Software
“The pervasive IT outage on July 19, 2024, throwing a ‘Blue Screen (BSOD) and hanging systems around the globe, disrupted installations and almost grounding businesses globally. This widespread disruption impacted critical services across multiple industries including airlines, banks, and hospitals. This outage highlights how digital infrastructure is vulnerable to disruption and so too is our dependency on it for critical services, especially as this was not the result of a cyberattack or malicious activity. This underscores the crucial importance of robust and reliable backup and recovery solutions for ensuring business resilience. Preparedness is key to data resilience and secure backup and recovery solutions are not just an IT concern, they are a strategic imperative for any organization aiming to safeguard its future. By investing in comprehensive data resilience strategies, businesses can ensure that they are well-equipped to navigate the uncertainties of the digital age and maintain continuity and trust in the face of adversity. At Veeam we are committed to providing the tools and expertise necessary to build resilient, future-proof organizations. We focus on five key pillars: Data Backup, Data Security, Data Recovery, Data Freedom, and Data Intelligence. In today’s volatile IT environment, powering data resilience allows our customers to not just maintain continuity and keep running, but to thrive amidst disruptions.”
Mr. Durgesh Pandey, CFO, Web Werks – Iron Mountain Data Centers
“We welcome the Union Budget 2024-25, which highlights the continued strong push towards digitization across sectors and infrastructure development. This will further provide a fillip to the data center industry, as digitization is the backbone for the growth of this sector. One of the key components is power for the data center industry, where renewable energy will prove to be a game-changer. The government’s continued focus on energy transition to renewable sources is evident from the expansion of the list of exempted capital goods for the solar sector and initiatives for pumped storage to improve reliability and cost-effectiveness. Additionally, the full exemption of certain rare earth minerals used for making high-end equipment and batteries for data centers from custom duty is a significant move. This budget reflects the government’s vision to drive technological advancements and digital inclusion across the nation. At Web Werks – Iron Mountain Data Centers, we are excited about the potential for growth and innovation that these initiatives will unlock, and we remain dedicated to supporting India’s journey towards a robust digital future.”
Mr. Amit Bansal, CEO, Solv (a leading B2B E-commerce marketplace that empowers India’s MSMEs)
“The budget’s emphasis on local kirana shops and MSMEs shows the government’s commitment to revitalizing this sector. Introducing a credit guarantee scheme and raising the Mudra loan limit to 20 Lakhs for previous borrowers will facilitate finance access. By prompting banks to consider digital footprints for eligibility and implementing the MSME guarantee plan and internal assessment models, credit access for kirana shops is simplified. The collateral-free credit guarantee scheme and support for MSMEs in financial distress are crucial. Establishing export hubs and providing technological support will enhance global competitiveness and innovation for local kirana shops.”
Mr. Shishir Gupta, Founder and CEO at Riot Labz
“The Union Budget 2024-25 demonstrates a commendable commitment to job creation and skill development in the manufacturing sector. The introduction of three schemes for employment-linked incentives, particularly the direct benefit transfer of one month’s salary to first-time employees and the support extended to employers, is a major step towards fostering a more vibrant job market. Riot Labz welcomes the government’s focus on incentivizing job creation in manufacturing, as this aligns with our vision of expanding our workforce and enhancing productivity. The provision for EPFO contributions, reimbursing employers up to Rs 3,000 per month for each additional employee, will undoubtedly encourage us and other manufacturers to generate more employment opportunities. Additionally, the extension of Mudra loan limits to Rs 20 lakh from Rs 10 lakh for those who have availed and repaid previous loans is a significant boost for small businesses. The budget also introduces a new scheme to facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, with a guarantee fund providing guarantees of up to ₹100 crore. This comprehensive approach to supporting MSMEs and manufacturing reflects a robust strategy to address the talent gap and support advanced manufacturing processes. This budget reinforces our confidence in the government’s dedication to driving economic growth, technological innovation, and sustainable development within the manufacturing sector.”
Mr. Sarvagya Mishra, Co-founder & Director at Superbot
“Superbot praises the government’s commitment to driving innovation and digital transformation by allocating 5% of the Universal Services Obligation Fund to telecoms technology R&D. The rebranding of this fund to Digital Bharat Nidhi emphasizes the importance of a digital-first strategy in generating economic growth. We are very delighted by the Jan Vishwas Bill 2.0 and the incentives for governments to implement Business Reform Action Plans and embrace digitization. These steps are expected to greatly improve the ease of doing business and have a profound positive influence on the IT sector, hence improving India’s digital economy. Superbot wholeheartedly supports these progressive policies and is committed to participating in and benefiting from these revolutionary efforts. Angel Tax abolishment will also attract the right set of investors to boost digitization in the growing tech startups.”
Mr. Sudhir Kunder, Chief Business Officer, DE-CIX India
“In the realm of fiscal policy, I am delighted to witness the Union Budget 2024-25 as it underscores the importance of public investment in digital infrastructure and catalyzing innovation in the private sector. The government’s steadfast commitment to improving access to market resources, education, healthcare, and services through digital transformation exemplifies its dedication to fostering an inclusive digital economy. The initiatives to improve data governance and productivity, particularly through the establishment of sectoral databases and incentivizing reforms across land, labour, capital, and entrepreneurship, are pivotal steps towards bridging inequality and boosting total factor productivity. The establishment of three centers of excellence for Artificial Intelligence and the announcement of 100 labs in engineering institutions for 5G application development are significant strides in positioning India as a global technology leader. These efforts will undoubtedly catalyze innovation and prepare our youth for the future tech landscape. However, it is crucial to recognize the pivotal role of data centers in our digital economy. While the budget addresses many vital areas, I believe an emphasis on tax incentives for data center investments would have been a welcome inclusion. Such incentives are essential to fortify our digital infrastructure and ensure sustained growth and resilience in our digital transformation journey. Overall, the budget lays a strong foundation for a digitally empowered India, and I look forward to collaborating with various stakeholders in this ecosystem to realize these ambitious goals. DE-CIX has always been at the forefront of digital transformation endeavors not only for enterprises and ISPs but also contributes in its own way to the digital evolution and the digital acceleration endeavors of the nation.”
Mr. Kapal Pansari – Managing Director, Rashi Peripherals Limited
“This is a good budget for the Indian economy. The Finance Minister, Nirmala Sitharaman, has proposed several changes in income tax to ease doing business and provide relief to income taxpayers. The basic import duty on mobile phones, PCBA, and chargers is reduced from 20% to 15%. This is expected to increase competition in local manufacturing against imports. In networking products, the basic duty is increased from 10% to 15%, which is expected to support local manufacturing. Overall, this is a good budget for rural, industrial, and agricultural development.”
Mr. Sachin Panicker, Chief AI Officer, Fulcrum Digital
“We are pleased with the Union Budget 2024’s focus on digitalization and data governance. The substantial investment in digital infrastructure and encouraging private sector involvement presents exciting opportunities. At Fulcrum Digital, we are committed to leveraging our expertise in AI and emerging technologies to support these initiatives.
The emphasis on improving data collection, processing, and governance aligns perfectly with our commitment to helping businesses make more informed decisions. Our work across various industries, including financial services, insurance, and education, positions us well to contribute to these efforts. By utilizing sectoral databases under the Digital India mission, we aim to enhance access to resources and services for everyone.
We also applaud the government’s initiative to set up working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls. This is a notable step towards promoting gender diversity and inclusion, as these efforts are crucial in creating a more diverse industry.
The budget’s focus on easing business operations and incentivizing states for business reforms is a welcome move. We look forward to playing a part in driving innovation and efficiency, helping India move towards a more digital and data-driven future.”
Mr. Sunil Sharma, Vice President-Sales, Sophos India & SAARC
“One of the biggest challenges that organisations face from a cybersecurity perspective is skilling of resources. It is reassuring to see the Government’s commitment to developing a skilled workforce with a provision of Rs 1.48 lakh crore been made for education, employment, and skilling. With this, we are confident that we will be able to create a pool of talented resources that can address India’s growing cybersecurity challenges.
At the same time the Union Budget 2024 emphasized stepping up of adoption of technology towards digitalization of the economy. Having the right talent, to be able to support this vision, will be critical to enabling the Government to achieve its goal of ViksitBharat @2047.
Additionally, the Government has also taken a positive step towards increasing the presence of women in the workforce. Through their various initiatives, we are hopeful of seeing a reimagined industry, one driven by diversity and inclusion.”
Mr. Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, highlights digital infrastructure as a key driver of economic development. The substantial allocation of over 11 lakh crore rupees for infrastructure development and the support for private sector investments signal a strong commitment to advancing India’s digital capabilities. NetApp’s objective of advancing intelligent data infrastructure closely aligns with this focus on digital infrastructure.
At NetApp, we recognise that effective digital infrastructure is essential for enhancing productivity, creating business opportunities, and fostering innovation. The Budget’s emphasis on improving data governance, including better data collection, processing, and management through sectoral databases and technology tools, supports our goals. By utilising AI and observability, we are committed to advancing these initiatives and improving data management, cyber resilience, and data governance. Additionally, the government’s significant provision of Rs 1.48 lakh crore for education, employment, and skilling will be instrumental in developing a workforce equipped to harness these advancements effectively.
The government’s focus on promoting women’s participation in the workforce through the establishment of working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls is commendable. These initiatives will enhance diversity and inclusivity in the tech sector, fostering a more balanced and innovative workforce that drives industry growth and progress.”
Ms. Lakshmi Mittra, SVP and Head of Clover Academy
“The Union Budget 2024’s focus on upskilling and education is a crucial step towards empowering youth and preparing them for the ever-changing demands of the tech industry. The allocation of Rs 2 lakh crore to five key schemes aims to create jobs and provide skill development opportunities to 41 million young people over the next five years. This strategic investment will bridge the gap between current skills and industry needs, equipping our young population for future challenges.
In addition, the initiatives to increase women’s participation in the workforce are significant strides toward gender diversity. These include the establishment of working women’s hostels in partnership with industry, the setup of creches, women-specific skilling programs, and the promotion of market access for women-led self-help group enterprises. With over Rs 3 lakh crore allocated for women’s initiatives, the government is fostering an environment where women can thrive and make substantial contributions to the tech industry.”
Mr. Karun Tadepalli, CEO and Co-Founder, byteXL
“Cognizant of the transformative power of education and skills in shaping our nation’s future, the policymakers are aiming to empowering youth. By offering financial support for higher education loans up to Rs 10 lakh with a 3% interest subvention and e-vouchers for one lakh students annually, access to learning opportunities is being democratized. Concurrently, the upgrade of 1,000 ITIs using the hub and spoke model, aligned with industry needs, underscores our dedication to equipping our workforce with relevant skills.
With an allocation of Rs 1.48 lakh crore towards education, employment, and skilling initiatives, 20 lakh youth over the next 5 years will be skilled. Internships for 1 crore youth in top companies, supported by CSR initiatives, will bridge the gap between academia and industry, fostering practical knowledge and career readiness. The abolition of angel tax for investors further catalyzes entrepreneurial spirit, facilitating innovation and job creation. Together, these measures reflect a holistic approach to nurturing talent, enhancing employability, and fostering a thriving economy built by a skilled workforce.”
Mr. Amit Chadha, CEO and Managing Director, LTTS
“We welcome the Union Budget FY25 announcement by Finance Minister Nirmala Sitharaman, which presents a holistic approach to boosting employment, skilling, and infrastructure development. The allocation of ₹2 lakh crore towards employment and skilling schemes, coupled with groundbreaking initiatives for women empowerment and an ambitious internship program, will create a robust talent pipeline vital for the industry.
The reduction in corporate tax rates, alongside the substantial ₹11 lakh crore allocation for capital expenditure, reflects a favourable pro-business environment that will drive innovation and attract investments. As an ER&D services company, we are particularly excited about the focus on digital public infrastructure and the establishment of the Anusandhan National Research Fund. These initiatives will foster a culture of innovation and elevate India’s position in the global R&D landscape.
Additionally, the development of investment-ready industrial parks promises to create new opportunities for technological advancements. I am confident that these measures will significantly contribute to India’s journey towards becoming Viksit Bharat.”
Lt. Gen. Dr. S.P. Kochhar, Director General, COAI
“COAI has always worked closely with the Government towards raising the level of telecom connectivity in the country and appreciates the Government’s rich initiatives and prudent steps undertaken in this regard. For the Budget 2024-25 though, our long-standing demands remain unaddressed, and we will continue to work with the Government for the same.
The telecom sector maintains that the Universal Service Obligation Fund (USOF) levy be abolished/suspended considering the huge unutilized corpus in the USO Fund to the tune of nearly Rs. 80,000 crores. Till the utilisation of this fund, no USOF levy should be charged from the operators. Further, the License Fee needs to be reduced from 3% to 0.5%-1%, to cover the administrative costs of the Government only, and also clarifying the definition of Gross Revenue (GR) to exclude revenue from activities not requiring a license.
The Government has also proposed to increase Basic Customs Duty from 10% to 15% on PCBA of certain specified telecom equipment. This will increase cost of providing services as the telcos are continuously upgrading their networks with the advent of the new technology.
COAI has previously requested exemptions on customs duties for certain telecom equipment to alleviate the cost challenges associated with deploying this critical infrastructure. Over the past 5 to 6 years, the Government of India has gradually increased the customs duty on telecom equipment to 20%, posing a substantial financial burden and significantly impacting the rollout of 5G services in India. It is recommended that the customs duty be reduced to zero and then gradually increased depending on the creation of an ecosystem for manufacturing of telecom gear in India.
Further, until high-quality equipment is available domestically at competitive prices, COAI urges the government to reduce customs duties for 4G and 5G network products, as well as other related items, to NIL.”
Mr. Debashis Chatterjee, CEO and Managing Director, LTIMindtree
“The Union Budget 2024 – 25 is a significant step towards realizing the vision of a Viksit Bharat. The government’s comprehensive approach, encompassing skilling, infrastructure development, and digital transformation, is truly commendable. The budget’s emphasis on fostering a skilled workforce through initiatives such as the comprehensive internship program is particularly noteworthy. At LTIMindtree, we are deeply committed to nurturing talent and driving technological innovation. By equipping young talent with practical experience, these initiatives will fully empower them to make substantial contributions to the nation’s progress.
Moreover, the specific focus on enhancing women’s participation in the workforce through the establishment of working women hostels, creches, and women-specific skilling programs is a progressive step. These initiatives will not only empower women but also contribute significantly to the socio-economic development of the country.
We view this year’s budget as a catalyst for accelerating our growth trajectory and contributing to India’s digital transformation journey. Our focus on emerging technologies and domain expertise seamlessly aligns with the government’s vision to create a knowledge-based economy.
We are excited about the opportunities presented by the budget and are confident in our ability to play a central role in shaping a ‘Viksit Bharat’. We look forward to collaborating with the government, academia, industry, and other stakeholders to foster a sustainable and inclusive growth ecosystem.”
Mr. Venkatraman Narayanan, MD & CFO of Happiest Minds Technologies
“The Union Budget’s emphasis on employment, skilling, and digital infrastructure marks a transformative moment for the IT and ITES sectors. The allocation of Rs 1.48 lakh crore for these categories, coupled with the PM Package comprising five key schemes, underscores the government’s commitment to building and nurturing a skilled workforce, which is indispensable for our industry. The revised skill loan scheme and the comprehensive internship program will provide young talent with invaluable exposure and opportunities, creating a pipeline of skilled professionals.
A noteworthy highlight is the focus on enhancing women’s participation in the workforce through the establishment of working women hostels, creches, and women-specific skilling programs. These initiatives will empower women, enabling them to contribute significantly to the socio-economic development of the country. Ensuring that women have the support and opportunities they need to thrive in their careers is essential for building an inclusive and prosperous society.
The focus on digital public infrastructure and innovation by the private sector is a welcome move, poised to enhance productivity and create new business opportunities. The allocation of over Rs 11 lakh crore for infrastructure development, along with supporting policies to promote private investment, will significantly bolster the growth of both digital and physical infrastructure, driving holistic economic progress.
Furthermore, the establishment of the Anusandhan National Research Fund and incentives for R&D will accelerate technological advancements, fostering a culture of innovation. The reduction in corporate tax rates further enhances the competitiveness of Indian companies on the global stage.
Overall, the budget’s comprehensive approach to skilling, infrastructure, and innovation lays a strong foundation for sustained growth in the IT and ITES sectors, aligning with Happiest Minds Technologies’ vision of leveraging technology for transformative outcomes. This budget is a significant step towards realizing the vision of ‘Viksit Bharat’ – a developed India – by empowering our youth, fostering innovation, and building world-class infrastructure.”
Mr. Arun Balasubramanian, VP & MD, India & South Asia, UiPath
“Empowering youth with essential skills is crucial for bridging the gap between academia and industry. The new initiative to skill 20 lakh youth in the next 5 years and expanded Model Skill Loan Scheme coverage brings us closer to bridging this gap. Moreover, the three ‘Employment Linked Incentive’ schemes will empower the youth to apply their skills in meaningful careers. Initiatives aimed at improving employment and skilling opportunities for women will further enhance equality and promote women-led development across sectors.
Creating Digital Public Infrastructure (DPI) Applications for large populations will unlock significant productivity gains, business opportunities, and innovation, helping to boost private sector growth. At UiPath, we look forward to integrating our automation solutions to enhance efficiency and drive a tech-focused future for India.”
Mr. Uma Shankar Patro, Senior VP – Finance, InfoVision
“InfoVision applauds the government’s commitment to advancing innovation and digital transformation with the allocation of 5% of the Universal Services Obligation Fund towards telecommunications technology R&D. The renaming of this fund to Digital Bharat Nidhi highlights the critical role of a digital-first strategy in driving economic growth.We are particularly encouraged by the introduction of the Jan Vishwas Bill 2.0 and the incentives for states to adopt Business Reforms Action Plans and embrace digitalization. These initiatives are set to significantly enhance the ease of doing business and will have a profound positive impact on the IT sector, further strengthening India’s digital economy. InfoVision fully supports these progressive measures and remains dedicated to contributing to and benefiting from these transformative efforts.”
Mr. Govind Rammurthy, CEO and Managing Director of eScan
“The Union Budget 2024-25 reflects the Government’s strong commitment to fostering economic growth, with a clear focus on infrastructure development, boosting consumption, and promoting domestic manufacturing.
Key initiatives include significant capital expenditure increases, incentives for skilling and employment, and enhanced support for MSMEs. The budget also emphasizes women’s empowerment, with new schemes for housing and entrepreneurship, and aims to drive technological advancements through R&D incentives for emerging technologies like AI and the Internet of Things (IoT).
These measures, along with efforts to promote ‘Made-in-India’ (MII) technologies in both the private sector and PSUs, are expected to significantly bolster the country’s economic trajectory and technological prowess, especially in the critical areas of Cybersecurity and Artificial Intelligence.”
Ms. Arundhati Bhattacharya Chairperson & CEO, Salesforce India
“The Budget 2024-25 presented was a balanced one, with a distinct focus on women, youth and job creation, emphasising the sustained efforts to generate ample opportunities for all. As the honourable Finance Minister mentioned, India’s economic growth continues to be the shining exception despite global uncertainties and will remain so in years ahead. Initiatives towards skilling, boosting the participation of women in the workforce, driving the use of technology in agriculture and supporting SMEs that are the greatest employment generators are particularly notable. These measures provide the much-needed fuel to drive India’s economic growth.
The provision of Rs 1.48 lakh crore this year made for education, employment, and skilling is commendable. In addition, employment-linked skills are expected to benefit 2.1 lakh youths, particularly first-time job seekers. The proposed revision of the Model Skill Loan Scheme is also expected to help 25,000 students every year. Enhancing the Mudra loan amount to ₹ 20 lakh is a step in the right direction. Developing a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria and will help cover MSMEs without a formal accounting system to access the same and drive true financial inclusion. It is also encouraging to note the intent to drive participation of women in the workforce. This has been backed up by provisions to set up hostels, establishing creches creating partnerships to organize women-specific skilling programs. A focus on geriatric care would have helped create more well-rounded benefits as women often need to drop out of the workforce in the absence of any infrastructural support for the same.
The depth of talent in India is well-recognised. To capitalise on this, incentives encouraging ease of doing business while exploring ways in which IT can be used for further formal job creation, such as improving citizen services, will address the needs of our large population resulting in improving standards of living and ensuring better targeting of subsidies.
The Budget has also taken steps to ease access to educational loans. Students will benefit from the e-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions. The new centrally sponsored scheme for 20 lakh youth to be skilled over 5 years is a welcome move. The proposal to upgrade around 1,000 industrial training institutes with hub and spoke arrangement will help elevate the quality and relevance of the courses and ensure that they meet industry standards. The course content is expected to be tailored to the needs of the industry, particularly emerging sectors. Stronger industry-academia partnerships will encourage wider and impactful reach.
The proposal to harness Digital Public Infrastructure to improve agricultural practices sets a great precedent for the digitisation of traditional sectors of our economy. Farmers can benefit from using data effectively for better credit risk assessment, soil analysis, and market conditions. It is hoped that more sustainable and scientifically advanced farming techniques would also find more takers through this route. One hopes the focus on technology adoption extends to other key sectors of the economy as a way to drastically enhance productivity and efficiency, besides spurring new and innovative business models.
The technology industry as well as the workforce will benefit from measures to simplify the tax regime and delays in payments of TDS up to their filing due date. The abolition of the Angel Tax for all classes of investors will also bolster the Indian startup ecosystem. Similarly, the Government’s endeavour to launch internship opportunities in 500 companies, extending to one crore youth over five years, will provide these interns with valuable exposure to real-life environments. The move to allow 10% of training costs to be allocated from CSR funds will help make this initiative viable for companies and students alike.
India has proven itself as a global hub for technology talent and emerged as a preferred destination for global capacity centres (GCCs). Taking steps to smoothen the path and also ensure ease of doing business will drive innovation from India.
Overall, the budget is a step in the right direction particularly driving job creation which is the need of the hour.”
Mr. Akshat Rathee, Co-founder and MD of NODWIN Gaming
“We’re happy to hear the Hon’ble Finance Minister’s announcement to rollback the Angel tax for all investors in today’s Union Budget. This move will create a vibrant environment for startups across the nation and is a major boost for Indian gaming and esports entrepreneurs, leading to more opportunities as well as higher engagement with the youth. The plan to simplify FDI rules and promote the use of the Indian Rupee for overseas investment is a promising approach that will encourage global entertainment giants to invest in India, further strengthening our position as a global cultural and entertainment destination.
For esports, focusing on enhancing sports infrastructure in Bihar is a positive step since the state has already shown its commitment to integrating esports into mainstream sports. This additional government support will help nurture young talent and promote esports as a new-age sport nationwide.
Additionally, reducing the BCD on mobile phones, chargers, and PCDA will make smartphones more affordable, which is fantastic for mobile gaming enthusiasts. This will boost mobile gaming adoption within the nation and further strengthen India’s position in the global mobile gaming market, bringing us closer to becoming the largest. Overall, we’re excited to dive into these opportunities to drive growth and make waves.”
Mr. Roby John, CEO and Co-Founder of SuperGaming
“Today’s Union Budget, presented by Finance Minister Nirmala Sitharaman, offers multiple benefits to the country’s video gaming ecosystem. The reduction in basic custom duty on mobile phones is a move that will make smartphones more affordable, which is excellent news for India’s extensive mobile gaming community. For our upcoming game, Indus, and other games in the market, this means reaching a broader audience and accelerating growth in the mobile gaming sector.
Additionally, the removal of the Angel tax is a major boost for the entire startup ecosystem. This will give relief to more gaming and esports entrepreneurs who want to bring their innovative ideas to life, thereby strengthening the gaming and esports ecosystem in India. Overall, we are confident that these measures will propel India’s tech and video gaming industry, bringing India’s gaming culture forward.”
In a nutshell
Most ICT industry leaders feel the Union Budget 2024-25 announced by Finance Minister, Ms. Nirmala Sitharaman, presents a robust vision for various sectors’ enhancement. The new tax regime reforms benefit law-abiding taxpayers. Job creation schemes are proposed across segments, particularly manufacturing, to drive ‘Vikasit Bharat.’ Support for MSMEs and manufacturing includes long-term loans for machinery, credit guarantees, and establishing electronic manufacturing clusters, enhancing global competitiveness. The commitment to enhance the inclusion of more women in the workforce by formulation of skill development programs and encouragement of more women entrepreneurs reflects the virtue of them being amongst the decision makers in the future. Overall, the budget lays a strong foundation for a digitally empowered India, believes the industry.
Covered By: NCN MAGAZINE / Budget
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