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As India establishes itself as a global leader in various domains, the technology industry holds particular prominence. With anticipation building in the IT sector for the 2024 Union Budget, the expectations are centered around a financial plan that resonates with the ever-evolving technological landscape.
In line with expectations, Finance Minister Nirmala Sitharaman has already indicated that the interim budget won’t feature any ‘spectacular announcements.’ The forthcoming budget is expected to function as a vote on account, serving as a provisional declaration estimating the funds required by the government until a new administration takes charge post-elections. Consequently, a comprehensive budget is anticipated to be presented in July 2024, after the new government assumes office.
Despite the interim nature of the budget, leaders from various industries are eagerly awaiting insights into what this vote-on-account holds for them.
Here are the expectations of experts and analysts from the Union Budget 2024, set to be unveiled in Parliament on February 1, 2024:
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The AI push by the Finance Minister in last year’s Budget was a visionary step that has helped place the country on the global AI map. We are hopeful that the upcoming Interim Union Budget 2024 will continue this momentum. The strides being made through initiatives like ‘AI for India’ set the stage for the nation to lead the ongoing technology transformation. What is also equally important is to safeguard the data required for this push towards an AI-driven nation. We look forward to diligent data governance and intelligent data infrastructure driven by AI. The budget presents an opportunity to streamline data access and address concerns on ethics.
An increased investment in R&D will help create the foundation for innovation in key technologies such as AI/ML, IoT, Blockchain, and Cloud Computing. It will be good to see tech startups getting the necessary tax benefits and policy support that will encourage entrepreneurship. These initiatives will unleash India’s potential to develop new technologies and help achieve the government’s goal of a Viksit Bharat by 2047, sooner.”
Varun Babbar, Managing Director – India &SAARC, Qlik
“This upcoming budget isn’t just about financial adjustments; it’s about nurturing an ecosystem where innovation can thrive and significantly contribute to the evolving business landscape. Prioritizing targeted support for research and development is crucial, especially in educational programs promoting the responsible use of AI. We hope to see continued funding for such initiatives as they are pivotal in nurturing innovation and building trust in technological solutions. We value initiatives like the Data Protection Data Privacy (DPDP) Bill, which enhances data privacy and establishes robust laws to combat misinformation and the use of deep fakes. The industry also looks forward to a comprehensive policy approach that promotes a liberalized patent box regime and cultivates a culture of innovative thinking, paving the way for significant contributions to the evolving business landscape.”
Sunil Sharma, Vice President, Sales, Sophos India & SAARC
“Over the past year, India has witnessed a rise in cyber-attacks of various magnitudes, placing many businesses and individuals at risk. In the wake of these attacks and the Finance Ministry’s directives throughout 2023 to enhance cybersecurity measures in different industries, hopefully, the upcoming interim Union Budget 2024 will continue to focus on reinforcing the nation’s cyber defenses. With a heightened emphasis on the prevention of data breaches, ransomware attacks, and AI-powered cyber threats, increased budgetary allocations toward cybersecurity awareness and training initiatives are imperative. The Finance Minister’s call for proactive cybersecurity measures augurs well for a renewed focus on bridging the current cybersecurity skill gap in the industry, fostering an efficient cyber-task force within organizations. This strategic investment will not only fortify our defense against cyber threats but also contribute to job creation and economic resilience in the face of evolving digital challenges, powering the future of a secure Digital India.”
TV Ramachandran, President of Broadband India Forum
“We would like to see the Union Budget 2024-25 focus on three important aspects viz.
• Facilitate affordable Broadband through Satcom through reasonably modest spectrum fees
• Budgetary support for the growth of public Wi-Fi through waiver of duties and levies on equipment and revenues
• Budgetary support to incentivize Fiber to the Building +Wi-Fi to enable rapid growth in fixed broadband, by way of reduction in statutory fees and levies and exemption of GST on service revenues.
With the above measures, we hope that Union Budget will help accelerate the momentum of the reforms in the sector which has been set by other Government policies and measures.”
Manoj Nair, Head of Global Delivery Centres, Fujitsu
“India is a leading hub of Global Capability Centers (GCCs) with 1500+ GCCs housed in India that play a crucial role in the growth of the tech industry. According to EY, the domestic GCC market size is expected to hit $110 billion by 2030 with the number of GCCs expected to scale to 2400. Over the past few years, there has been a major shift in how GCCs operate from delivering cutting-edge services to becoming powerful innovation hubs.
Now, as GCCs continue to invest in reskilling talent in the face of evolving tech landscape, building demand-based and niche skills in relevant areas, they are playing a crucial role in employment generation for India. With GCCs being a major engine for economic growth, Budget 2024 can play a key role in facilitating growth and sustainable development. GCCs require support and investment for infrastructure and a growth environment. The Budget 2024 can help GCCs further scale and accelerate innovation at a faster rate as India emerges as the world’s technology and services hub.”
Bimal Khandelwal, Chief Financial Officer, STT GDC India
“We are hopeful of incentives to spur domestic manufacturing and infrastructure builds specially tailored for data centers’ massive scale and seamless connectivity needs. Attractive capital subsidies for setting up future-ready facilities and easy financing options to offset development costs will unleash growth. We also envision provisions that encourage the adoption of renewable energy to meet data centers’ clean power appetites. Additionally, preferential procurement directives favoring home-grown data centers will provide an upside. With an emphasis on nurturing a cutting-edge domestic data center industry, India can swiftly go up the technology value chain and cement dominance in delivering digital services globally. Having granted an infrastructure tag has remarkably expedited logistics.”
Vivek Tyagi, Managing Director, Analog Devices Inc India
“We believe the upcoming budget will play a crucial role in shaping India’s economic development, particularly in emerging sectors like semiconductors, e-mobility, green hydrogen, and renewable energy. Recent commitments observed at the Vibrant Gujarat Global Summit 2024 underscore the industry’s collective dedication to the Indian Government’s vision of a ‘Developed India @2047.’
In this dynamic landscape, we encourage policies that bolster the indigenous semiconductor manufacturing ecosystem. The announcements by global players to invest in Gujarat highlight the sector’s potential and the need for a conducive policy environment. We believe that the budget should be a catalyst for nurturing innovation, research, and skill development, particularly in frontier technologies like artificial intelligence, 5G/6G networks, and renewable energy.”
Rajesh Sinha, Founder and Chairman, Fulcrum Digital
“The government’s focus on initiatives such as ‘Make AI for India’ and ‘Make AI Work for India’ align with the rapidly advancing AI landscape and the vision for India to lead this global AI transformation. Addressing challenges such as the shortage of AI talent, creating public-private partnerships, and fostering innovation in advancing fields like insurtech, food tech, education, and cybersecurity is a pivotal step in this direction.
We are hopeful that the interim budget makes provisions for investments in data infrastructure, skill development, and data accessibility. This will ensure that India not only catches up with global AI leaders but emerges as a front-runner in responsible AI adoption. The government’s vision and its successful implementation in the form of this Union Budget is set to fuel the trajectory of yet another year of rapid digital advancement for the country.”
Kapil Bansal, Partner, Energy Transition & Decarbonization, EY India
“As India moves towards a greener future, Budget 2024 is set to be more than just a financial blueprint; it will crucially influence India’s position in the global clean energy landscape. The government’s fiscal choices and strategic investments will impact both domestic energy transitions and wider global sustainability efforts. In essence, Budget 2024 can be a testament to India’s commitment to sustainability, acting as a strategic roadmap driving us towards a future marked by innovation and resilience. As these initiatives bear fruit, India’s place in the global clean energy stage will be solidified, paving the way for sustainable growth and development.”
Kunal Nagarkatti, Chief Executive Officer, Clover Infotech
“In the upcoming budget, I would like to see the government prioritizing measures that foster the development and widespread adoption of AI. A strategic investment in AI initiatives will not only drive economic growth but also position our country as a global leader in the digital era. I look forward to policies that support research and development, incentivize AI talent, and create a conducive environment for businesses to harness the full potential of AI. By leveraging AI, we can build a smarter, more competitive, and technologically advanced nation.”
Karthikeyan G, Senior Director, Platform Engineering, Ascendion
“India’s focus in its union budget has been a combination of farmer welfare, individual taxations, and infrastructural development. In recent times, the budget recognizes the pivotal role of technology in accelerating progress towards these objectives. In the agricultural sector, there is a notable push towards increased digital adoption to modernize farming practices and minimize manual labor. The integration of open network technology is poised to enhance supply chain efficiency, fostering seamless commerce across various sectors. Emphasis on the use of blockchain-driven digital currency (e-Rupee) will instill heightened transparency in financial transactions and ensure more secure payments. Technology-driven advancements extend to healthcare, with a push for leveraging artificial intelligence for innovative solutions.
I hope that the budget explores the transformative potential of augmented and virtual reality in the education sector, which will deliver next-generation learning experiences. 5G technology is a means to improve communication channels in rural areas, addressing connectivity challenges. Hopefully, digitalization will take center stage in the budget’s approach to enhancing Micro, Small, and Medium Enterprises (MSMEs), with a focus on Industry 4.0 initiatives.
The demand for skilled professionals, particularly in the AI space will drive economic growth. To meet this demand, there should be a strategic focus on sourcing talent from tier 2 and tier 3 locations, alongside the development of Global Captive Center (GCC) hubs. We should align technological advancements with economic priorities, fostering inclusive growth and innovation. A technology-centric approach will help with the broader economic agenda that propels India towards inclusive growth and digital transformation.”
Sachin Alug, CEO, NLB Services
“The Interim Budget for FY24-25 is a much anticipated one, and the industry is expecting policy reforms, and financial impetus to bolster MSMEs, start-ups, and manufacturing capabilities in India. Moreover, there is likely to be a significant push towards augmenting India’s youth employability through dedicated upskilling endeavors and structural reforms to the education framework in the country.
Incidentally, industry reports also strongly indicate that the government may expand the scope of the Production-Linked Incentive (PLI) schemes. Designed to attract investments and boost technology adoption across crucial sectors, the PLI scheme aims to enhance efficiency, foster economies of size and scale in manufacturing, lead employment generation, and position Indian companies and manufacturers as global competitors. However, presently encompassing 14 sectors, the PLI scheme falls short in generating substantial employment, prompting a call for its inclusion in more sectors such as leather, garment, handicrafts, and jewelry – which are key contributors to employment, impacting both lower-income households and urban areas.
The government should also focus on introducing measures that will propel employment generation across emerging roles/skills/domains like AI/ML, cybersecurity, data analytics, etc. From a skilling perspective, there is a need to introduce tax rebates on reskilling/upskilling under the CSR agenda, which will further enable small and medium-sized enterprises to effectively undertake more skilling initiatives.”
Dr. Ashvini Jakhar, Founder & CEO, Prozo
“There is a pressing need to expedite the growth of the logistics industry and develop the right infrastructure in India. Attention now must shift towards the development of logistics technology. The future of logistics will be shaped by the efficiency, resource optimization, and resilience of our supply chains. Therefore, it is imperative to extend support to the companies engaged in the development of integrated supply chain facilities, including warehouses, green last-mile delivery networks, and innovations like AI-powered Supply Chain Management (SCM) solutions. This strategic focus will not only propel the industry forward but also position India as a global leader in logistics and supply chain excellence. By promoting connectivity through multimodal transport facilities and encouraging last-mile delivery solutions provided by private sector SCM companies, one can not only reduce the cost of logistics, and make the industry globally competitive but also diminish the carbon footprint of the transportation sector in India.”
Neha Sampat, CEO-Founder, Contentstack
“For the 2024 budget, we urge a bold commitment to supporting and evangelizing female entrepreneurship. This means concrete policies: dedicated funds and incentives for women-led startups, subsidies for companies prioritizing gender diversity, and educational reforms to bridge the gender gap in the Indian workplace. Empowering women in entrepreneurship is key to India’s robust growth. Their inclusion not only diversifies the business landscape but should also propel the nation towards unprecedented economic heights.”
Akshay Munjal, Founder and CEO, Hero Vired
“The inclusion of new funding initiatives and schemes in the upcoming interim budget could help eliminate the roadblocks hindering the startup sector. It would also assist in the adoption of new-age emerging technologies, while simultaneously allocating increased expenses for a robust digital infrastructure. The budget is anticipated to empower the workforce of the future, with a focus on enhancing the overall regulatory structure to accelerate the growth momentum and promote India’s startup ecosystem.”
