Budget plays always has its strong impact on the growth of the IT industry overall and also on the performance and operations of an individual companies. The following are the reactions of the IT industry.
Mr.Alok Dubey, Chief Financial Officer, Acer India
“The Union Budget unveiled today echoes the government’s objective of “Digital Development” for the country. It places a high value on technology and innovation as a whole. Realizing the vision of “Make AI in India and Make AI Work for India” is projected to strengthen the country’s standing in the technology industry globally and generate numerous possibilities for the youth. The mention of lowering the minimum TDS threshold and clarifying taxability linked to online gaming is an encouraging step towards gaming industry in India, and it is expected to open up more prospects in the following year. This year’s budget also has prioritised sustainability; this is a step toward a green future that allows businesses and SMEs to enter the market with green products and services; this is a commendable and promising move. Overall, the Union Budget 2023 is promising and represents a significant step toward digital transformation and a holistic sustainable growth.”
Mr. Atul Gupta, MD, RX-Infotech-Ltd (Lapcare)
“Finance Minister, Smt. Nirmala Sitharaman communicated about the budget stating that the move is to further deepen domestic value addition in manufacture of mobile phones. This will definitely help India to move ahead of the curve in terms of manufacturing. Finance Minister communicated about the budget stating that the move is to further deepen domestic value addition in manufacture of mobile phones. This will definitely help India to move ahead of the curve in terms of manufacturing.”
Mr. Gaurav Mathur, Director of Lexar Co. Limited
“The budget of FY 2023-24 focused on reducing basic custom duty (BCD) on import of certain mobile phone parts and inputs like camera lens and as well as continuing the concessional duty on lithium-ion cells for batteries for another year. This will recognise the importance of self sufficiency in the electronics sector. It believes that increasing the production of televisions, mobile phones, and other electronic devices through these initiatives is essential in boosting the economic growth of the country. The promised announcements to encourage manufacturing have given industry a green signal that will boost confidence and encourage additional investments and provide the subsequent industry to grow.”
Mr. Vishak Raman, Vice President of Sales, India, SAARC and Southeast Asia at Fortinet
“A steep increase of 33% in capital investments to 10 Lakh Crore almost three times the outlay made in 2019 shows why India is one of the most buoyant economies in the world. While Investments and development programs are all tech-driven the budget realizes the potential of 5G by setting up 100 labs in engineering institution to develop Apps to assists in all verticals including smart classroom, precision farming, smart transport systems and healthcare. The capital flowing into AI-Startups last year was $2.7 billion globally. The race in AI is heating up after the success of ChatGPT and the budget has realized this potential with the vision of Make AI in India and Make AI Work for India. The setting up of 3 centers of excellence for artificial intelligence in top educational institutions will combine tech and computing power with some of the best engineering brain power in our country. A robust financial sector, expanding the scope of Digilocker to allow more documents to be made available and setting up of e-courts will all go hand in hand with maintaining data privacy. There simply cannot be any data privacy without data protection and cybersecurity will require an entire system of people and technology working together to protect data and networks.”
Mr. Rajeev Singh, Managing Director, BenQ India
The Union Budget 2023 is a reflection of a nation’s priorities and aspirations, and it provided a roadmap for its economic growth and development backed by technology. This year’s budget encourages domestic value addition in the manufacturing of mobile phones and televisions by reducing customs duties on specific parts and inputs, thus boosting the economy further. India has made significant advancements over recent years in the domain of technology development and integration across various industries. The budget will help drive both the government and private sector companies to further promote the growth of technology-based businesses and digital infrastructure. The country has also seen growth in sectors such as software development, IT services, and e-commerce, as well as advancements in areas such as artificial intelligence, machine learning, and the Internet of Things (IoT). The rise of Indian start-ups and the increasing availability of venture capital funding has and will continue to contribute to the country’s technological growth.
Mr. Prabhakar Iyer, Executive Director and CFO, Ingram Micro
“A fantastic, growth-oriented budget. FM has taken very good measures for boosting consumption in terms of money made available in the hands of the public and good investments in Infra projects will boost the economy and the demand across all sectors. Reduction in compliances and relaxation of regulatory provisions is a welcome move. Infra expenditure will boost economic growth and consumption helping across all sectors. Continued Digital public infrastructure spending will be a positive move for the technology sector. Credit guarantee schemes for MSMEs will help the growth of this sector. Reduction in tax rate and rationalization of tax rate across slabs is a welcoming measure. This will help middle-class spending. Over the budget is 9 out of 10.”
Mr. Rajiv Srivastava, MD, Redington Ltd.
“In the upcoming Union Budget 2023, we look forward to policy initiatives which will accelerate our journey to a $10 T economy in the near term. Economic growth is now increasingly driven by digital transformation and therefore investment initiatives that lead to the build-out of a quality digital infrastructure – data centres and high-speed internet – will be crucial. India is a global leader in technology services, and we expect incentives for investments in new innovative technologies like Artificial Intelligence, Blockchain, Metaverse, 5G, Internet of Things, and Data Sciences to ensure we maintain our leadership. We have to encourage people to participate in the digital economy and towards this, the budget should also address the need for talent and skilling in digital technologies. This has the potential of creating a range of sustainable jobs. We must aspire to become the global hub for innovation and our capabilities in technology can make that possible. The budget should provide an incentive structure for creating intellectual property in the country. Sectors like Healthcare, Green Energy, Retail, Fintech, Research and Development and others can benefit immensely, help improve the quality of life for all citizens and make us a real powerhouse.”
Mr. Sanjeev Chhabra, MD & CEO, Beetel Teletech
“The Amrit Kaal spirit sets the foundation for future technology and innovation in India. At Beetel Teletech, we are encouraged by the government’s commitment to advancing Artificial Intelligence in the country and the establishment of three Centres of Excellence for cutting-edge technology is a significant step forward. We believe that AI has the power to transform our lives and work, and with the government’s initiative, we look forward to being a part of this journey and contributing our expertise in making AI work for India. We also welcome the Finance Minister’s step of setting up 100 labs for developing applications using 5G services in engineering institutions to realize a new range of opportunities, business models, and employment potential.”
Mr. Muneer Ahmad, Vice President, Sales and Marketing, ViewSonic India
“We are happy to see that the budget 2023 talks at length about decreasing the digital divide by introducing National Digital Libraries that will facilitate access to quality books for children and adolescents across geographies, languages, genres, and levels. Furthermore, the centre’s mission to re-envision teachers’ training through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation will help boost the sectoral growth and knowledge sharing with the District Institutes of Education and Training set to be developed as vibrant institutes of excellence for this purpose. Furthermore, we are excited to see that the centre is working towards setting up of three Centres of Excellence for AI (Artificial Intelligence) in top educational institutes. It is a progressive measure that will help boost knowledge sharing and technology development in the education sector. However, we expected substantial measures in the budget for the allocation of resources for the development of technology in the educational sector. This would have supported higher investment and opened doors for new ventures in the industry.”
Mr. Rajesh Doshi, Director and Co-founder, Zebronics
“The Union Budget 2023 was presented by the Union Finance Minister Nirmala Sitaraman today. The budget is being received positively as a progressive step towards improving the economy. One of the notable changes is the increase in the tax slab limit from 5L to 7L, providing more purchasing power to the general public. The new tax regime also offers relief to law-abiding taxpayers. These rebates on income tax will infuse a new life in the economy. The reforms in agriculture and health sectors are expected to have a positive impact on the economy. Additionally, the budget introduces new tax reforms and incentives for the “Make in India” program, as well as duty rebates for manufacturing, like TV Panel, li-ion batteries etc, which are expected to drive growth in the modern electronics and mobility sector. These rebates will help in setting up the local electronics manufacturing ecosystem in the country, which is the need of the hour. We can surely see India becoming one of the manufacturing hubs in the world.”
Mr. Saket Gaurav, Chairman and Managing Director of Elista and TeknoDome.
The world has recognised India’s economy and it is on the right track. We welcome the move to reduce the custom duty on open cells of TV panels to 2.5 per cent, thus making smart TV’s an accessible commodity. This move will not only help strengthen the ‘Make In India movement’ but will also empower companies like us who want to ‘Make in India’ for the world and compete with the volatile international panel market. This budget is also a pro-MSME budget. India has jumped in its rank of ease of doing business, and the current provisions to reduce more than 39,000 compliances will further help the cause and enable MSMEs to scale operations,”
Mr.Rajiv Bhalla, Managing Director, India & Vice President APAC, Barco
“Indian economy is heading towards a bright future, the ‘Saptrishi’ of the Budget 2023 prioritizes on inclusive development, reaching last mile, unleashing potential, green growth, youth power. Announcement around adding 50 tourist destinations as a whole package and focusing holistically on physical as well as virtual connectivity, tourist guides, high standards for food streets and tourists’ security through an app to enhance tourist experience, is a significant step that will unlock growth and job opportunities in the sector. The Budget is perfectly aligned with Barco’s aim to make India a popular tourist destination with visible impact, allowing people to enjoy compelling entertainment experiences. Further, Budget has focused on overall growth & sustainability as India has the potential to be a world-class infrastructure centre, moving toward net zero carbon emissions by 2070 & setting up the AI based solutions in health, education, and sustainable cities will give additional push towards the extensive use of technology.”
Mr. Sudhindra Holla, Director, India & SAARC, Axis Communications
“The Union Budget for this year focuses on inclusive economic growth in order to strengthen India’s status as a global digital powerhouse. We are optimistic about the government’s saptarishi, or seven pillars, with a renewed emphasis on green growth. We are delighted with the Centre’s focus on tourism and investment in transportation infrastructure projects as this indicates an increase in demand for safety and surveillance solutions. We are aligned to further action India’s vision to transform our cities into ‘sustainable cities of tomorrow’. This will serve as a stepping stone in revitalising Smart Cities planning and urban development. The budget 2023 has a future-ready outlook and compliments the nation’s unmatched growth for digital economy, innovation, and inclusive development.”
Mr. Kuldeep Malhotra, Dy. Managing Director, Konica Minolta Business Solutions India Pvt. Ltd
“We are delighted to have a Union Budget that focuses on introducing new technologies on a wide scale. Since our youth is the backbone of our economy, Finance Minister Nirmala Sitharaman talked about training millions of youth within a period of the next three years under the government’s Pradhan Mantri Kaushal Vikas Yojana 4.0. The scheme will also cover new-age courses for Industry 4.0, like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. These are the technologies that will assist businesses across multiple fields to function smoothly. Additionally, the decision to set up 30 Skill India International Centres will open the doors of international markets to Indian youth. Furthermore, with Budget 2023, the government is taking its sustainability initiatives to new heights. Programs that promote green fuel, green energy, green farming, green mobility, green buildings, and green equipment, are the need of the hour. These green growth efforts help cut down the carbon intensity of the economy and provide large-scale green job opportunities.”
Mr. Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The announcements made by the Hon’ble Finance Minister Nirmala Sitharaman have given us a lot to be excited about. The mission of Amrit Kaal has put us in a strong position to truly call this a digital budget, given its large focus on technology and digital. From the government’s announcement of setting up of 100 5G labs and the development of 3 Centers of Excellence for AI, all of these will go a long way in unleashing the digital potential of the country. In a world that is driven by data and AI, we see numerous and infinite opportunities ahead of us. It will be a privilege for us at NetApp to play our role in building a truly digital nation which is the future of tomorrow.” –
Mr. Vijendra Katiyar, Country Manager, India & SAARC, Trend Micro
“The latest Union Budget for FY 2023-24, presented by Finance Minister Smt. Nirmala Sitharaman places a strong emphasis on talent development, digital skills training, and upskilling. This is in response to India’s current situation where only 48.7% of the country’s youth are considered employable and many companies report a skill gap. The budget includes the launch of PMKVY 4.0, which is aimed at training a large number of youth in emerging technologies such as AI, robotics, mechatronics, and IOT. This investment in technology and skill development is expected to bridge the talent gap, create job opportunities, and empower the current workforce to remain competitive, positioning India as an important digital talent hub for the world. The adoption of AI, ML and cloud computing is rapidly increasing across various sectors, which necessitates the adoption of cybersecurity not only after, but during the build process as well. The strengthening of skilling infrastructure announced in the budget is a timely response to this development. The Data Governance policy, which will enable access to anonymized data, is also a crucial initiative that provides hope in the face of the growing threat of cyber-attacks.”
Mr. Manoranjan Mohapatra, CEO, Comviva
“With the ongoing 5G rollouts in India, the government’s decision to establish 100 5G application Labs is a timely move to spur innovation in developing the 5G ecosystem and India relevant use cases. There is a great opportunity to combine 5G and AI to improve network speed, responsiveness, and efficiencies. The special emphasis on establishing AI centres of excellence shall help produce specialized talent to enable India preserve its global advantage and leadership. These are extremely positive initiatives and shall bring technological advancements to the country as AI and 5G are the two most critical elements to enable futuristic innovations and developed related 5G ecosystem.”
Mr. Pramod Sharda, CEO, IceWarp, India and Middle East
“The Union Budget 2023-24 by FM today has announced attractive incentives and rebates. The Income limit for rebate of Income Tax increased from 5 Lakhs to 7 Lakhs is a welcome note for the employee base. The budget includes renovations in the digital framework of the nation focusing on increasing the accessibility of these services for rural and tribal areas. We highly support the government’s initiatives to create jobs, and are keen on contributing towards the projected employment generation initiatives. We are excited to witness the development of a tech-driven economy while contributing towards the same and enabling the growth-bound MSMEs sector, which will be infused with Rs 9,000 crore in revamped credit guarantee scheme, with our affordable, seamlessly integrated, secure Email & Collaboration solutions to effectively communicate and collaborate towards the growth path. It certainly boosts our morale when we noticed that investment and job creation continue to be the government’s top priority as they announce capital investment outlay being increased by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. Announcement of National Data Governance policy is also a positive move to protect the data privacy.”
Mr. Hemant Tiwari, Managing Director, India, Hitachi Vantara
“This year’s budget spells growth and inclusion overall. The government’s initiative around Fintech services, enhancing the usage of the national level cloud platform DigiLocker, will further boost technology adoption among individuals and MSMEs. The introduction of National Data Governance Policy will enable safe access to anonymized data and increase transparency. Moreover, with the AI revolution happening globally, the AI centres of excellence will provide exciting opportunities for cutting-edge innovations to be deployed across important sectors such as healthcare and sustainable cities, while providing new employment opportunities. Additionally, ‘The Green Credit programme’ as well as the initiatives towards building ‘Sustainable cities of tomorrow’ are strong leaps forward in building India’s green future. These are indicators of our nation’s commitment to climate action and efficient use of resources.”
Mr. R. Dinesh, Executive Vice Chairman of TVS Supply Chain Solutions and President Designate of the Confederation of Indian Industry (CII) for 2022–2023
“The finance minister deserves kudos for presenting a landmark budget that provides a substantial growth impetus to the economy while at the same time maintaining a prudent fiscal framework. CII welcomes the emphasis on demand-led growth, higher public investment on infrastructure, addressing social sector priorities and ensuring fiscal credibility to uplift the economy. The seven key priorities outlined in the budget namely inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, youth power, financial sector and green growth are in resonance with our journey towards Amrit kaal and the vision of India@100, which the Indian industry has articulated. Apart from steps for boosting the economy, the finance minister has also announced a host of measures to further inclusion drive. Many of the budget provisions are indeed path-breaking. The focus on capital expenditure especially on infrastructure is especially welcome, as it would sustain recovery and create jobs at a time when the world is reeling under extreme global uncertainty and headwinds. Specifically, the increased allocation for ports, roads and the highest allocation for rail etc would raise the efficiency of logistics and supply chain that would spur manufacturing competitiveness. Similarly, of the announcements on fiscal consolidation, ease of doing business, promoting Atmanirbhar Bharat through customs duty rationalization on inputs used by domestic industry are commendable and deserve to be applauded. Similarly, a bold agriculture thrust, higher allocation on health, education, skills, attention to start-ups and MSMEs, income tax concessions to boost consumption in the middle class would promote all round growth. Overall, the Budget is in sync with the dreams of an aspirational nation while envisioning a blueprint and a Strategy for a New India@100.”
Mr. Hitesh Garg, India Country Manager, NXP Semiconductors
“The government has brought a progressive budget that will support green mobility and innovation in the automobile sector. Major steps like National Green Hydrogen Mission and extending the subsidy on EV batterieswill help the country to have a seamless transition towards a low carbon intensive and fossil fuel dependent economy, empowering the country to achieve its net zero goals. The three centers of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ will stimulate an effective AI ecosystem and nurture quality human resources in the field of technology. It will also boost the Public-private partnership in conducting research and developing cutting-edge applications and scalable solutions across industries. In line with the government’s vision of digital India, all these initiatives will help us transform into a digitally empowered society and knowledge economy.
Mr. Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd.
,”The budget 2023 is oriented to economic growth of the country. I am sure that 33% growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India’s growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support the Make In India initiative and can result in balanced growth in the near future.”
Mr. – Prashanth GJ, CEO, TechnoBind Solutions
“The Union Finance Minister Mrs Nirmala Sitharaman tabled the Union Budget 2023-24. She began by stating that the government sees the next 25 years as ‘Amrit Kaal’ marking the centenary of India’s independence. This is the first budget of this period and the government aims to achieve a technology-driven and knowledge-driven economy. The budget certainly reflected the FM’s statement and the plans being laid out to achieve this milestone. The budget has focused on youth, their skill enhancement and job creation, and the strengthening of the macroeconomy.”
“Technology will be a driving force in achieving these goals. 5G has been the center of focus with enterprises diving to benefit the most by using it as an instrument for development. The government’s focus on setting up 100 5G labs in engineering colleges to develop 5G-based applications will further enhance the efforts being made by the private sector. The initiative of having an open-source standard for the agriculture sector will help technology firms and startups in helping the farmers, which is still one of the largest sectors in India. The focus given to youth through various announcements shows the government’s focus on the future of the country. Apart from the 5G labs set up in the colleges, the government’s recognition towards new-age skills will help SMEs with a competent workforce. The access to courses on coding, mechatronics, IoT, robotics, drones and 3D printing will help the youth enter the workforce. Make AI in India and Make AI Work for India – this slogan boosts the tech vertical’s efforts in including artificial intelligence in every aspect of our life as it betters the living and boosts development in every vertical. The government announcing the setting up of 3 Centres of Excellence for artificial intelligence has strengthened the efforts. Experts from the industry will be helping in the research and development of AI-based applications to help the agriculture, healthcare and sustainability sectors. These announcements in the budget will definitely have a positive outcome and help India’s tech vertical to achieve bigger milestones in the coming years
Mr. Sudipta Ghosh, Partner and Leader Data & Analytics, PwC India
“Using data as an asset to drive insights requires two critical things — availability of reliable data and the ability to cross-reference data across multiple data sets, and the Union Budget 2023 has addressed both the issues effectively. On the back of the data governance policy, bringing the academia and corporates on a common platform will enable innovation across multiple use cases. This will boost India’s AI leadership for solving grassroots problems.”
Mr. Ramanujam Komanduri, Country Manager, Pure Storage India
“The Union Budget presented by the Hon’ble FM is growth-oriented and inclusive. The impetus for the ‘Digital India’ vision is clear from budgetary allocations across sectors like infrastructure, skill development, sustainability, MSME, and entrepreneurship. This budget provides numerous growth opportunities for the technology industry by bringing digital solutions and innovation in legacy sectors like infrastructure, manufacturing, education, railways, healthcare, financial services, and regulatory bodies to turn India into a technology-driven, knowledge-based economy. Also commendable is a clear intent and investment in making India a net zero carbon emission country by 2070 through National Green Hydrogen Mission. Overall, the budget 2023 promises to sustain and catalyze India’s economic and digital growth with a strong role played by technology.”
Mr. Piyush Somani, CMD, ESDS Software Solution Ltd
“The Union Budget 2023-24 has put a lot of emphasis on Agritech, fintech, Co-operatives and future technologies like AI, ML, IoT and etc., signaling a positive push towards technologically advanced Digital India & a greener India. The government’s emphasis on digital infrastructure through 100 labs to facilitate apps employing 5G services will aid technology adoption that will help the country advance towards more digital applications like smart classrooms, precision farming, intelligent transport systems, and healthcare in order to realize new range of options, business models, and job potential. The emphasis on the co-operative sector, Millets, agriculture sector by facilitating Agri-based rural startups certainly will improve the livelihoods of farmers, increase food security and boost exports through open-source digital public infrastructure. The national data governance policy to be released to encourage innovation and research by startups and academic institutions and will make it possible to obtain anonymous data. Overall, this budget focuses more on Capex spending from the government, while most of the technology related announcements had no budget allocated at the moment. We need to wait for next couple of months to see some budget getting allocated to the technology related initiatives.”
Mr. A. Gururaj, MD, Optiemus Electronics Ltd
“This year’s budget is a strong effort to consolidate the Indian economy in post-pandemic dynamics, raising the personal tax exemption limit will certainly boost consumption and the electronics industry will surely benefit from it. Continuing the import duty cuts on Camera Lens and batteries for mobile manufacturing is a welcome step and this will continue to fuel the remarkable growth India has witnessed in domestic manufacturing.”
Mr. Kapil Bardeja, CEO & Co Founder, Vehant Technologies
“Setting up of three centres of excellence for artificial intelligence in top educational institutions of India is a very positive step in boosting the relationship between industry and academia. As an industry participant, we believe that this will lead to path breaking research in Artificial Intelligence. Industry will be able to work on new technologies together with the upcoming talent from institutions and boost the technology quotient of the country in AI.”
Mr. S Durgaprasad, Co-Founder, Director, and Group CEO, Bahwan CyberTek.
“Budget 2023: Doubling down on digital, knowledge-based inclusive development for future well-being.The political will to invest in people and research for technology-driven growth is clear. The announcement of three centers of Artificial Intelligence and 100 labs for 5G apps to nurture R&D in India with the vision to Make AI in India and Make AI work for India will further strengthen India’s position vis-à-vis global counterparts. The 30 Skill India international centers focused on emerging technologies, with a strong focus on, on-the-job training, will contribute to the country’s expanding knowledge capital, positioning India as a strong digital contender. The reduction of compliances to improve ease of doing business, the 33% hike in capital expenditure, along with the continuation of interest-free loans to state government will catalyse economic growth providing job opportunities. Budget 2023 is a progressive step towards building a stronger digital and green India.”
Mr. Raman Bhatia, Founder and Managing Director, Servotech Power Systems Limited
“The Budget 2023 has put a reinstated focus on Green Growth. With the FM allocating Rs 35,000 crore towards this sector, prioritising India’s net zero goals and energy transition, this presents players in this space a unique opportunity to make clean energy solutions like solar and EV charging both accessible and affordable for the people, unlocking mass consumerization. This extensive budgetary allocation for the sector coupled with additional production linked incentives for manufacturing high-efficiency solar photovoltaic modules, will lead to significant advances in the country’s decarbonization initiatives. In addition, quicker approvals for new storage systems, flexible policies allowing storage structure changes after project commissioning without affecting current initiatives, and capacity building efforts for operators are other areas for consideration that will aid India’s accelerated transition to renewable energy. The Union Budget 2023 has hinted that all efforts at decarbonization will need supportive policies that incentivize both finance and technology. Developing large-scale carbon markets and green financing through budgetary allocations will shape up the framework empowering energy producers and providers.”
Mr.Rahul Garg, Founder & CEO, Moglix & Credlix (a B2B commerce company)
“It’s encouraging to see that despite the global recessionary waves, India’s economy is growing. The Union budget 2023–24 builds upon the foundation established by the previous budget, with a vision of a prosperous, inclusive India where the fruits of growth reach all sections. Overall, this budget continued focusing on promoting exports, boosting domestic manufacturing, enhancing domestic value addition, encouraging green energy and mobility, streamlining the supply chain, and providing economic support to MSMEs across the country. Lowered tax rate of 15% for new companies starting manufacturing activities by March 31, 2024, will act as a catalyst, driving the public-private partnership investment in infrastructure, including railways and roads. The thrust on manufacturing & infrastructure will enable the country to achieve the target of achieving a manufacturing potential to export goods worth $1 trillion by 2030. National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduce reliance on fossil fuel imports, thus contributing to green growth. According to our commitments at COP26 and COP27 on climate action, the Union Budget signaled the beginning of the decarbonization of India’s inbound supply chain. The National Data Governance Policy will unleash innovation and research by start-ups and academia, enabling access to anonymous data. The Unified Skill India Digital Platform would facilitate demand-based formal skilling, employer linkage (including MSMEs). Revamped credit guarantee scheme for MSMEs to infuse Rs. 9000 crore into the corpus. The budget has brought about entrepreneur-friendly measures on the policy and legal fronts to drive operational excellence across sectors. Access to entrepreneurial initiatives to further bolster the economic and human resource foundation of the country will drive start-up ecosystem in the country.”
Mr. Gautam Nimmagadda, Founder & CEO, Quixy
“The union budget is growth focused, a welcome announcement that liberally provides impetus to digital India. The government’s strides in advancing public and private digital services are a testimony to the rising global profile of the Indian Technology industry. The Indian government has recorded a phenomenal improvement in the Taxpayers Services owing to their digital adoption, where the average processing period has been reduced drastically in the past few years. Furthermore, the 3 CoE’s for AI and the 100 labs for developing applications using 5G services will drive digitization and reignite employment potential in the tech ecosystem. Such measures demonstrate the multiplier impact of tech on India’s strides onwards. Yet another stimulus was provided for E-Courts, a novel initiative undertaken to transform the Indian Judiciary by ICT enablement of Courts. A digitally driven government will expedite a digitally driven India. Furthermore, the budget recorded a strong focus on the development of MSMEs and startups, with the extension of the carry forward of losses on change of shareholding of startups to 10 years of incorporation. This measure, coupled with the establishment of the National Data Governance Policy, will boost digital innovation empowered by ease of doing business.”
Mr. Nikhil Goyal, CEO & Founder, Beyond Imagination Technologies (A Blockchain / Web3 Company)
“The Union Budget 2023-24 is applaudable at various levels. The initiative to launch Pradhan Mantri Kaushal Vikas Yojana 4.0 for the skill development and digital skill training of youths on Industry 4.0 courses like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skill is greatly appreciated. This will unlock significant opportunities for growth and economic development and position India as the world’s tech hub. While there is no direct mention of the blockchain sector, e-governance is on high priority in this year’s budget. Blockchain technology has the potential to play a crucial role in the e-governance sector. It is commendable to see the government prioritizing e-governance by stretching digital outreach, and data sharing for transparency. Moreover, this year’s budget focuses on enhancing productivity by incentivizing the use of technology to make India ‘Atmanirbhar’ and future-ready. Technology being the core suite to build on a successful business ecosystem and the honorable Finance Minister has left no stone unturned to give a boost to new age technologies in the budget 2023.”
Mr. Arun Balasubramanian, VP & MD, India & South Asia, UiPath
“We are glad that in this year’s budget, a greater focus has been given to Digital India where technology is an enabler for the economic and overall development of the nation. For India to adopt and implement emerging technologies, a robust skilled workforce is needed. And the provision of the Skill India Digital Platform is the right step in making a highly skilled workforce. It will unify and enable demand-based formal skilling, which has been much needed to bridge the gap between academia and industry. With the Skill India Digital Platform and the proposed National Digital Library, we are confident that young Indians will have the resources to upskill in areas like AI, automation, and robotics, which will in turn make Digital India a reality. With the launch of The National Data Governance Policy, Indian users and companies can now access anonymized data, which will provide greater opportunities for innovation. These are exciting times for a tech-enabled India, and soon the country will become a talent powerhouse for the world.”
Mr. Sanjeev Singh CEO & MD – CMS IT Services
The infra and capex push of the budget combined with a focus on creating a tech and knowledge-driven ecosystem will accelerate India’s journey to becoming a $ 5 trillion economy. This will also generate tremendous opportunities for the tech industry in multiple advanced domains like 5G, AI, digital, agri-tech & fintech.
Mr. Mahesh Wagle, Founder and CEO, Cybernetik
“We are pleased with the government’s sustained backing for ‘Make In India’, its flagship initiative aimed at turning the country into a manufacturing hub. To that end, the Finance Minister’s announcement slashing customs duty on machinery and components for the sector is a reflection of the government’s commitment to this vision. The reduction in duty is a step towards enabling the sector to explore the numerous possibilities that recent technological advancements have unveiled. Changes to the indirect tax regime reducing compliance burden on firms too will help the manufacturing sector in the long haul. As a firm with Robotic automation at the very centre of its operations, Cybernetik is equally pleased with some of the policy decisions announced in the budget to ensure the trajectory of the sector’s growth continues to spiral upward. The decision to set up laboratories in engineering institutions to help drive innovations in advanced technologies bodes well for this sector, which will benefit from the influx of bold and new ideas.”
Ms. Rimjhim Ray Vice President – of Marketing, MyOperator
“The triple policies of backing 5G, giving custom relief to smartphones, and special schemes for MSMEs will accelerate the smartphone and mobile apps adoption for the smallest of businesses. This incentivizes larger tech players to build mobile-first software for India’s next billion. SMBs will literally leapfrog the digital divide with smartphone and business app access. We are looking at the era of a million smart businesses emerging from India.”
Mr. Murali Iyer, Country CFO, IKEA India
“The budget is growth-oriented, consumer-friendly, and investment-focused. We welcome the Indian government’s call to identify ‘green growth’ as a priority sector which is aligned with IKEA’s sustainability vision. The 66 % increase in outlay to the PM- Awas Yojana will make housing affordable for the many people and give a boost to the home furnishings sector. The decision to invest Rs 75,000 crores on critical infrastructure, the revival of 50 airports and heliports, and the promotion of coastal shipping will improve the ease of doing business tremendously. We believe that the changes in income tax slabs will revitalize consumption and encourage retail spending.”
Mr. Shrikant Nibandhe, Managing Director, One World Logistics
“With Indian emerging as the fastest growing major economy, the finance minister has given the much-needed push to accelerate India’s growth trajectory. This budget’s focus on strengthening infrastructure development by extending 50-year interest free loans to state govts and enhancing the outlay by 33% to 10lakh cr is a step in the right direction and will provide the much-needed impetus to the logistic sector. Focus on developing 100 critical transport and infra projects for last mile connectivity, developing 50 additional airports, heliports and aerodromes for regional connectivity and increasing the government’s capex to 2.4 lakh cr will provide boost to rural connectivity and reach. The FM’s focus on last mile connectivity, inclusive development and focus skill development of the youth will become the key drivers of nation’s growth.”
Mr. Rajendra Chitale, CFO, Crayon Software Experts India
“The tech industry worldwide has seen many ups and downs in 2022 with a recession looming over the industry. Thankfully, India’s tech industry has not been significantly impacted by what is happening overseas. So right now, all the eyes are set on the upcoming Union Budget 2023-24 to be presented by Union Finance Minister Nirmala Sitharaman. We, on behalf of the tech industry, have our own expectations from this year’s budget. The growth of the IT and ITeS industry in India has been stupendous and we are happy with the Union government’s push in ensuring that the country is taking the digital leap. It is because of such a leap that since 2016, the number of startups in India has grown 90 times. From increased adoption of digital services and surging demand in new-age technologies like AI to the launch of 5G services, the Indian tech sector has been riding the wave. I believe that currently, the tech industry’s #1 struggle is a lack of skilled workforce, especially with emerging technologies. The government needs to focus on skill development at the school and university levels so that the new batch of students joining the workforce can be prepared and updated to the technologies and standards of the industry. While the government is focusing on empowering the country with digitalization it should also look into the security measures. The recent demonstration of a cyberattack against AIIMS Delhi and its struggle to come out of it is one example of where the cybersecurity measures stand, as we make digital progress. Therefore, the government should, in the budget not just announce schemes, policies and set aside an amount for digital development, but also for cybercrimes. The digital infrastructure, especially with 5G being made available for Enterprises and individuals in certain tier 1 cities is receiving the attention of everyone. But there is an utmost need to improve and even standardize the digital infrastructure that will help SMEs/SMBs. The infrastructure should now just be limited to tier 1 cities but must be expanded to tier 2 and tier 3 cities where there is a majority of the workforce available. These are currently the pain points that need to be addressed in the budget which will boost India’s tech vertical and those depending on it positively.”
Mr. Vishal Prakash Shah, CEO & Co-Founder, Synersoft Technologies Pvt Ltd
“Overall, the Indian Budget 2023 presents a well-rounded plan for the country’s development. With a focus on infrastructure development, job creation, and financial inclusion, the government aims to fuel the nation’s progress and uplift the standard of living for all citizens. A revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will empower MSMEs with more resources. The new income tax regime will relieve the Indian middle class to an extent. While there are still some challenges, such as managing the fiscal deficit and reducing public debt, the budget sets the country on a path toward a stronger and more prosperous future.”
“We appreciate the government’s continuous focus on the technology sector with the Budget 2023-24. The introduction of three centres of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ is something to look forward to for the upcoming digital nation.The initiatives outlined for skill development and research in cutting-edge fields like artificial intelligence (AI), robotics, and 5G, among others are encouraging for the IT industry. In line with the GoI’s initiative to strengthen the MSMEs, we look forward to supporting them in creating a user-friendly space and helping them further to scale up with the help of our robust and collaborative solutions. The government’s initiative to set up 100 labs for 5G solutions across engineering colleges and the announcement around the National data governance framework will further empower the students, Indian start-ups, and researchers that will collectively help us achieve our collective vision for the 5 trillion economy.”
Ms. Kirti Kabra, Director, RR Kabel
“As a woman entrepreneur, I believe that financial independence for women is imperative and the announcement of the Mahila Samman Savings Certificate through the 2023- 24 Union Budget is a step in the right direction. As more women are getting educated, it is imperative for the Government to create job opportunities for rural women. The brand promotion and linkage with local and global markets will uplift women belonging from the economically weaker section and give them a chance to showcase their capabilities and talents, not just nationally, but also at a global front.”
Mr. Amit Chadha, CEO & MD, L&T Technology Services
“The Union Budget 2023 has shown a strong focus on boosting digital infrastructure and adoption, which is a positive sign for the technology industry. It was also encouraging to see Hon’ble Finance Minister Smt. Nirmala Sitharaman share her vision of “making AI in India and making AI work for India”, further highlighting the importance of building a strong AI ecosystem in India. We welcome the government’s move towards developing three AI excellence centres and 100 5G labs, as well as introducing the National Data Governance Bill, which will open up a wide range of opportunities for business growth and employment generation. As a pure-play ER&D services provider, our belief is that such a mass scale enablement of digital transformation and innovation will unlock the full potential of the Indian engineering and technology sector. It will also result in complementing uptake of digital engineering capabilities resulting in the country maintaining its strong hold as a global preferred destination for engineering services.”
Mr. Aalok Kumar, President and CEO, NEC Corporation India
“With a clear focus on inclusive development, reaching the last mile, infrastructure development and unlocking the nation’s potential, the Union Budget 2023-24 is comprehensive to fast-track growth. From strengthening India’s prowess in technology and AI and being future ready to truly unleashing the potential of 5G, the budget is holistic in its approach and will certainly pave the way for tech-enabled growth for the country in the coming years. Coupled with strategic focus on building infrastructure and connectivity in sectors including transportation and aviation will have a significant impact in making India a more agile economy, and in making the daily lives of citizens more convenient and efficient. We look forward to collaborating with the government to help shape India’s digital future.”
Mr. Ram Iyer, Founder and CEO, Vayana Network
“The union budget of 2023 has been exceptionally consistent over the years in focus areas across Infrastructure, Agriculture, MSMEs and ease of doing business. The capital expenditure has been increased by 33% to a historic high of INR 10 lakh crores, showing government’s commitment to creating jobs and stimulating expenditure resulting in a multiplier effect pegging GDP growth at 7%. Investments in development of public digital infrastructure for agriculture, facilitating data embassies in GIFT City, expanding the use of Digi Locker and setting up National Financial Information repository signal towards the continued focus on digitization and broadening its access to the public; revamped Credit Guarantee Scheme for MSMEs is a significant move to support MSMEs’ who have been battered by Covid related disruptions, the infusion of Rs 9000 crore into the corpus would undoubtedly benefit small business owners; and concrete actionables towards ease of doing business in the form of PAN being a single identifier, reducing compliances and decriminalizing provisions are legislative steps ensuring ease of doing business, and all steps forward. Overall, it is a promising budget that continues to build on the groundwork laid during the previous budgets.”
Mr. Thompson P. Gnanam, MD & Global CEO, 3i Infotech
“The first Amrit Kaal budget is certainly a progressive direction by the Government of India to give a boost to the overall technology-driven and knowledge-based economy within the country. The government’s focus on AI and 5G in the Union Budget 2023 will help India’s aspirations of being a global powerhouse of technology, innovation, and digital transformation. The budget comes with a strong promise for development towards the creation and promotion of the vision ‘Make AI in India’ and ‘Make AI Work for India’. This will indeed enable and establish a strong AI ecosystem in India. As a company, we envisaged the potential of 5G and AI by setting-up COEs and tying-up with prestigious institutions like IIT Madras Research Park to establish FutureTech Business Labs focused on 5G and allied areas. Hence, the Government’s priority on setting-up 100 labs for developing 5G applications in engineering institutions, to realize new range of opportunities, business models & employment potential, is greatly appreciated and applauded.”
Mr. Arun Kumar Gupta, CFO, Newgen Software
The Union Budget 2023-24 showcases the government’s focus on developing both the physical and digital infrastructure. The boost in proposed capital expenditure by 33% is a clear step towards ensuring the nation’s long-term economic development. Also, it was heartening to find that the government has allocated INR 35,000 crore towards reaching net zero emissions and achieving energy transition. Green growth has also been listed among the seven priorities. In continuation to the previous trends, there are some other initiatives that will further improve the ease of doing business, provide digital thrust, and simplify regulations and compliance. The increase in personal income tax rebate limit and raise in exemption will be a relief for the salaried class. However, no direct benefits were provided to the information technology sector.
Mr. Vishal Gupta, Founder and CEO, Seclore
“The union budget is one of the most forward-looking union budgets of my lifetime. When you hear AI, Drones, agri acceleration fund, digital locker and e courts in the same speech, it reflects truly inclusive growth and development. The focus on skill development and promotion of the Skill India program will go a long way to creating long term development of the ‘Amrit Peedhi.’ The National Data Governance Policy and the “data embassies” announced was overdue and will pave the way for India to be seen as a secure and private haven. India has gone from the 10th to the 5th largest economy in the last decade and this budget overall sets the country up for a similar trajectory in the coming years.”
Mr. Rajesh Sinha, Founder and Chairman, Fulcrum Digital
“The Budget 2023 presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman was very progressive and rightly backed by the tech-driven Amritkaal Vision. The government’s vision to ‘Make AI in India and Make AI Work for India,’ as well as its emphasis on strengthening AI infrastructure through the establishment of three excellence centers, will provide a significant boost to the Indian technology sector. We welcome the resolution of integrating 100 labs in engineering institutions for developing apps using 5G services, which will open a new door of opportunities, business models, and employment potentialities. Being a digital engineering company that is constantly thriving on technological innovations to support the data governance practices of businesses, we look forward to the national governance policy that will be brought out to unleash innovation and research.”
Mr. Anjan Pathak, CTO and Co-Founder, Vantage Circle
“the Union Budget 2023 had made the necessary considerations aiming to alleviate stress for the small business owners by revamping the credit-guaranteed scheme. This decision by the Finance Minister will boost the MSMEs to recover from the losses incurred during the pandemic. India is on the verge of becoming a global startup hub with many innovations in sustainable development, thus opening doors to many young entrepreneurs in the country. The decision to upskill the youth will provide them with job opportunities, thus contributing to the overall country’s GDP.”
Mr. Debashis Chatterjee, CEO and Managing Director, LTIMindtree
“The Union Budget 2023 is forward-looking and offers something to every section of the society without compromising on fiscal consolidation. It underscores the growing significance of cloud, data, artificial intelligence, and other new-age technologies in governance, while also taking a big step forward in simplifying processes and improving the ease of doing business. The budget’s emphasis on digitalization and trust-based governance will open new opportunities for the IT sector to leverage its globally acknowledged technology strengths to make a difference here.One of the salient aspects of the budget is its continued emphasis on skilling, employability, and industry-academia collaboration, which are critical to India’s competitiveness as a global hub of digital and Industry 4.0 skills. Unveiling avenues for leading industry players to partner with educational institutions in driving interdisciplinary research and cutting-edge AI and 5G applications will create a win-win proposition for both — a rich training ground for students involving real-world challenges and use-cases, and greater opportunities for the industry to further strengthen the digital ecosystem in India. By building upon the earlier vision of a more structured development of Tier 2 and 3 cities, the budget will further enhance our ability to capitalize on an expanded talent pool, vital to the long-term sustainability and scalability of the IT services industry in India. Overall, the budget speaks to India’s potential to become a global benchmark in technology-led transformation.Spurring consumption through a slew of measures — taxation benefits, an exclusive savings scheme for women, and enhanced investment limits for senior citizens, to name a few — will provide impetus to higher capital expenditure in the private sector as well.”
Ms. Srividya Kannan, Founder and Director of Avaali Solutions
“The Union Budget presented by the Indian government is truly ambitious with its seven ‘Saptarishi mantras’. Many welcome announcements are in line with a focus on the country’s technological development and commitment to becoming a global superpower. It is heartening to hear the adequate emphasis on digital skill investment, including CoEs in the education ecosystem, tech and AI innovation announcements, 5G apps, and other digitalization priorities. This will create more jobs across the country, increase economic activity, and add value to the nation’s GDP. Companies across various sectors are expected to benefit from this investment which will help them become more competitive by accelerating their digitization process. It is also heartening to see announcements focused on green growth and ensuring various initiatives focused on sustainability. Additional infusion into CGTMSE and interest rate reduction thereon are also very welcome moves. Overall, it will be interesting to see how these investments will be made and how we can ramp up the digital talent pool to build various tech innovations that will be useful for our country.”
Ms. Chandrika Behl, Managing Director, Exhibitions India Group
This budget embodies a vision of inclusive growth for the country, building on the vision for India@100. The emphasis on sustainable cities and development, combined with investment in new age technologies, highlights the government’s commitment to create a prosperous and inclusive future for all. The efforts to transform our cities into sustainable urban centers through urban planning reforms and the establishment of an Urban Infrastructure Development Fund are commendable and provide the impetus for fresh investment. We envision an India in which the fruits of development reach citizens in all corners of the country. At Convergence India and Smart Cities India Expo, we are particularly excited about the government’s efforts to encourage innovation and development in new-age technologies, which will further accelerate India’s growth.
Ms. Triveni Rabindraraj, Head of Sales at GoTo, India
“Union Budget 2023 is a great development and comes with many positives keeping people at the heart of Amrit Kaal vision. With the level of technology disruption and digital adoption witnessed in the last year, it is exciting to see the government’s inclined interest towards a technology-driven and knowledge-based economy. Start-ups and SMEs have the potential to be the key employment generator in the country. The renewed emphasis on growth in the MSME sector, women empowerment, and skilling is a welcome move as it strengthens inclusive and sustainable progress across all industries. The Pradhan Mantri Kaushal Vikas Yojana 4.0, Make AI in India, and increased focus on 5G continuum will prove to be a big push to bridge the talent gap and prepare country’s youth for Industry 4.0 by empowering them with new-age technology skills needed to make India one of the world’s preferred innovation hubs. These initiatives will level the playing field to enable MSMEs to invest in and improve their digital talent, enhance employee value proposition, and drive better business outcomes.”
• The right distribution strategy (online and offline).
• The impact of Union Budget 2023-24 and the progress of Make in India.
Mr. Vasudeva Rao Munnaluri, RVP India & SAARC, Zendesk
“Amid shrinking budgets and an economic downturn, businesses are increasingly having to do more with less and the importance of Artificial Intelligence in a time like this cannot be overstated. The Union Budget’s focus on ‘Make AI work in India’ is a much needed move to develop more skilled talent in the AI field and set new standards for India’s growth. Our recent CX Trends Report revealed a gap between consumer expectations and business priorities – 84% of Indian consumers expect AI interactions to become more natural and human-like over time, but less than half of Indian businesses (45%) plan to invest in such technologies in the next 12 months when it comes to their customer experience. The government’s move will accelerate the development of India’s AI ecosystem, especially at a time when businesses – particularly MSMEs – face budget constraints when making strategic investments into technology. The Rs 9,000 crore corpus fund and tax concessions made for this sector in the budget will help boost tech adoption among small businesses, and accelerate progress towards a Digital India.”
Mr. Kartik Shahani, Country Manager, Tenable India
“From digitizing government services to creating centralized online databases for citizen and government services and more — the Union Budget 2023-24 has made strategic allocations in turning the wheels of innovation in India. With the 76% increase in UPI transactions in India since 2019, the government has given a major push towards simplifying KYC norms and its proposal to adopt a risk-based approach to KYC is a welcome move for businesses in the country.
It is at this precipice that organizations, both public and private, must focus on building cyber resilience by adopting a proactive approach to cybersecurity. This is because cybercrime is the biggest concern for organizations in the country.
With such a massive impetus for digitally-driven growth in India, organizations must focus on gaining visibility into the entire attack surface. This includes identifying vulnerabilities, misconfigurations, internet-facing assets and attack pathways. The push for R&D leveraging 5G technologies for IoT, mechatronics, AI, Industry 4.0, and drones would also require these organizations to focus on embedding security at the start of the software development lifecycle. Adopting a proactive approach to cybersecurity with exposure management that gives complete visibility into the attack surface will put organizations in the best position to reduce their cyber risk.”
Dr. Mukesh Gandhi, Founder and CEO, Creative Synergies Group
“India’s present economic growth is estimated at 7%, which is an optimistic projection for businesses across industries, despite predicted economic headwinds. As India treads on the path to becoming a global economy, the Union Budget 2023 placed a strong impetus on skill learning, job creation, technology-driven schemes and sustainability. On the skill training front, the Budget announced plans to set up over thirty Skill India Centers structured around industry 4.0 technologies such as IoT, AI, and robotics, and set forth the plans of launching three Centers of Excellence for Artificial Intelligence under “Make AI in India” and “Make AI Work for India” schemes. This has the potential to diminish concerns around the Indian IT sector’s 5 lakh talent gap in the coming years. Additionally, taking its green goals forward, the Finance Minister announced plans to replace state-owned old fuel vehicles. This, coupled with the push for India’s transition to reach 5 MMT of green hydrogen production by 2030 and outlay of Rs 35,000 crore for energy transition investment, the time is ripe for automotive OEMs to accelerate their EV production. Also, considering the extended infusion of Rs 9,000 Cr for MSMEs under Credit Guarantee scheme, small-scale businesses in the automotive industry have the opportunity to produce technologically advanced products and consider collaboration with next generation technology vendors.”
Mr. Nitish Rai, CEO and Co-Founder, FreightFox
“The 2023 budget is poised to have a significant impact on the logistics sector. With a focus on modernizing infrastructure and incorporating cutting-edge technology, the budget aims to improve the efficiency and competitiveness of the industry. The allocation of resources toward the development of ports, highways, and other transportation networks will enhance connectivity and promote the seamless movement of goods. Furthermore, the government has increased spending on dedicated freight corridors and logistics infrastructure, which in turn will revolutionize the way goods are moved, tracked, and managed. Also, with decreased excise on compressed biogas (CBG) we can expect to see an increase in CBG production, making transport a lot greener. The 2023 budget, thus presents a unique opportunity for the logistics sector to grow and thrive, positioning it for long-term success.”
Mr. Mahesh Kulkarni, Co-Founder and MD, AFour Technologies, an ACL Digital Company
“The 2023 budget recognizes the transformative power of technology and the importance of investing in the IT and software sector. The allocation of resources toward developing innovative solutions and implementing new technologies will drive growth and competitiveness in the industry. Investments in research and development for cutting-edge software will help companies stay ahead of the curve.
Furthermore, the budget also strongly emphasized cybersecurity, recognizing it as a critical issue in today’s digital landscape. Developing secure systems and networks will help protect sensitive information and stay ahead of evolving cyber threats. The 2023 budget presents a unique opportunity for the IT and software sector to thrive, positioning it for long-term success.”
Mr. Kiran Raju, Founder & CEO of Grene Robotics (a multinational B2B/B2G autonomous robotics company
The Union Budget 2023 is positioned to take India towards Amrit Kaal – the golden centenary of independence and propel India into the league of developed countries in the next 25 years. The vision to support the advancement of indigenous technologies will benefit companies like us who are working on creating some disruptive AI-based solutions for the betterment of mankind, the environment, industrial growth, and society as a whole.
This budget aligns with the Aatmanirbhar Bharat initiative, coupled with measures that will drive sustainable development at scale and modernize the country. It is also encouraging to see the Finance Minister share her vision of ‘Making AI in India and Making AI Work for India’. It would be beneficial to create a high-powered committee of leaders from the AI and Robotics space to consult the government on the next decade of AI to understand the implications of AI and manage resources better.
Furthermore, we welcome the government’s plans to establish three AI excellence centres and 100 5G labs, as well as the introduction of the National Data Governance Policy that will create opportunities for research and innovation by providing startups and academia access to anonymized data.
Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.
The Union Budget 2023-24 clearly has the visionary roadmap to put India on the path to become $5 trillion economy. The seven priorities of the budget ‘Saptarishi’ are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector. It shows the government’s vision and missionary zeal for a developed India.
We welcome the growth oriented budget positively as it is aimed at furthering the cause of the Indian manufacturing industry. The Union Budget has the blueprint of a sustainable economic growth in AmritKaal (AmritKaal refers to the next 25 years (up to 2047) leading to the centenary of India’s independence), backed by consistent and well-planned strategy. It also shows the strong commitment towards electronic manufacturing sector and infrastructure development. The budget shows clear intent to offer calibrated Customs Duty Rates to provide a graded rate scheme to facilitate domestic electronic manufacturing sector.
The government’s commitment to empowering the youth by introducing mandatory courses such as AI, coding, drones, IoT, 3D printing, and other soft skills under Pradhan MantriKaushalVikasYojana 4.0 and establishing of 30 Skill India international centers, will connect skilled youth with employers and leaders in the industry and encourage entrepreneurship. As an integral part of India’s fast developing electronic security manufacturing ecosystem, we are sure that this Union Budget will help to realize the vision of ‘SurakshitBharat’ (Secure India) through the ‘Atmanirbhar Bharat’ (Self-Reliant India) roadmap.
From the security industry perspective, this is an industry friendly budget as it acknowledges MSMEs as growth engines of the economy, the Budget proposes enhanced limits formicro enterprises and certain professionals for availing the benefit of presumptive taxation. To support MSMEs in timely receipt of payments, the Budget allows deduction for expenditure incurred
on payments made to them only when payment is actually made. The Union Budget offers a solace to the MSME sector. The revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 per cent. At the hindsight, the Union Budget strikes a fine balance between big capex and fiscal discipline, it will spur the growth of Indian economy, improve the infrastructure and empower the common people.
To warp up
This year’s budget is a strong effort to consolidate the Indian economy in post-pandemic dynamics, raising the personal tax exemption limit will certainly boost consumption and the electronics industry will surely benefit from it. Continuing the import duty cuts on Camera Lens and batteries for mobile manufacturing is a welcome step and this will continue to fuel the remarkable growth India has witnessed in domestic manufacturing.
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