Interim Budget: Rs 1 Trillion Boost for Tech Innovation Applauded by Industry Leaders

The Interim Budget for the fiscal year 2024-25 has revealed a substantial allocation of Rs 1 lakh crore towards fostering technological innovation, drawing praise from industry leaders. Finance Minister Nirmala Sitharaman emphasized the importance of innovation in India’s progress, aligning it with Prime Minister Narendra Modi’s vision. The fund will be established through a 50-year interest-free loan, aiming to incentivize private sector engagement in research and innovation, particularly in emerging sectors.

Industry leaders have expressed their perspectives on this noteworthy announcement. Debashis Chatterjee from LTIMindtree welcomed the focus on skilling, deep tech, R&D, and digital infrastructure, considering it a game-changer for fostering the next generation of tech leaders. Bimal Khandelwal of ST Telemedia GDC India sees the infrastructure development outlay of Rs 11.11 lakh crores, with a tech focus, as promising for the data center industry’s growth and innovation.

Manoj Nair from Fujitsu India highlighted the Skill India Mission’s role in addressing the IT industry’s talent gap and praised the allocation for higher learning institutions. Arun Balasubramanian of UiPath sees the initiative as providing necessary resources for integrating transformative technologies like AI, automation, and robotics.

Gen. Dr. SP Kochhar of COAI emphasized the positive impact of a Rs 1 lakh crore corpus for the technology sector, especially in supporting innovation and growth. Sunil Sharma of Sophos India & SAARC welcomed the emphasis on skill development and technology-driven innovation, aligning with their focus on cybersecurity solutions.

Pooja Thakran from Honeywell India appreciated the allocation for scaling up research and innovation in sunrise sectors, aligning with Honeywell’s business priorities. Dr. Ananthakrishnan Gopal from DaveAI stressed the importance of government impetus for R&D in the face of dwindling investment funding.

Ravi Kunwar of HMD Global (The Home of Nokia Phones) lauded the allocation for the development of electronics manufacturing clusters and relief in customs duty, anticipating a boost for the Make in India initiative and the mobile manufacturing ecosystem.

Overall, industry leaders are optimistic that the government’s initiatives will empower the private sector to advance research and innovation, contributing to India’s digital transformation and economic vision.