Latest Technology News Today – Get Latest Information Technology Updates and Services Latest Technology News Today – Get Latest Information Technology Updates and Services 
India is at the forefront of a technological renaissance, with its robust tech sector and government-backed initiatives propelling the nation toward a future of innovation and growth. The Union Budget 2024 underscores a commitment to fostering a vibrant ecosystem that empowers startups, enhances skill development, and builds digital public infrastructure. As India harnesses its demographic dividend and embraces emerging technologies, the cover story examines how the Union Budget stands poised to lead the global digital economy, driving sustainable development, and economic empowerment
Amit Singh
In an era where technology continues to revolutionize economies, India finds itself at a pivotal juncture. India is uniquely equipped to meet these new demands, thanks to its strong foundation in the tech sector, emphasis on upskilling and reskilling programs, and the recent success of its global capability centers (GCCs).
The nation’s robust technology sector, driven by a foundation of innovation and a commitment to skill development, positions it uniquely to capitalize on new global demands. With the Union Budget’s latest announcements, Finance Minister Nirmala Sitharaman underscores the government’s strategic intent to create an enabling environment for technology-driven growth, addressing both macroeconomic challenges and opportunities.
India’s tech industry is experiencing significant transformation. With a contribution of over $250 billion in revenue and employment for more than 5 million people, it is a cornerstone of the country’s economic landscape. The sector’s vitality is fueled by global capability centers (GCCs), which have seen impressive growth, generating $46 billion in 2023 with projections to reach $121 billion by 2030. This growth trajectory highlights the indispensable role of talent and skill development as the backbone of India’s technological prowess.
Fostering Innovation and Research
Central to the Union Budget is a strategic emphasis on innovation and research. The operationalization of the Anusandhan National Research Fund, aimed at supporting basic research and prototype development, is a key initiative. Complementing this, a substantial financing pool of Rs 1 lakh crore is earmarked for private sector-led research and innovation on a commercial scale. This aligns with prior budgetary commitments to transform India into a global hub for technological innovation.
These initiatives reflect the government’s recognition of research and development (R&D) as a catalyst for economic growth. By fostering an ecosystem that encourages innovation, India is poised to harness emerging technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT) to drive productivity and competitiveness across industries.
Building Digital Public Infrastructure
A cornerstone of the government’s strategy is the development of robust digital public infrastructure (DPI). The budget outlines a vision to enhance governance and public benefits through large-scale DPI initiatives across sectors such as credit, e-commerce, health, law and justice, logistics, MSME service delivery, and urban governance. By streamlining processes and improving efficiency, these efforts aim to create a more connected and responsive government framework.
The agricultural sector stands to benefit significantly from DPI initiatives. The government’s mission to digitize 60 million farmers and their lands, alongside initiatives such as the Kharif crop survey and the expansion of the Kisan Credit Card, exemplifies the transformative potential of technology in agriculture. These efforts are set to empower AgriTech start-ups, fostering innovative solutions that enhance farming efficiency and productivity.
Empowering the Next Generation: Education and Skill Development
Addressing the urgent need for skill development and job creation, the budget allocates Rs 1.48 lakh crore to education and skill development. This investment emphasizes enhancing access to higher education, promoting skill training, and bridging skill gaps among the youth.
A notable initiative is the introduction of a new loan scheme for higher education in domestic institutions. Under this scheme, loans of up to Rs 10 lakh will be available to one lakh students annually, with e-vouchers providing a 3% interest subsidy. This move aims to make higher education more accessible and affordable, empowering young Indians to pursue their academic and professional aspirations.
Complementing this, a centrally sponsored scheme aims to skill 20 lakh youth over the next five years. By modernizing 1,000 Industrial Training Institutes (ITIs) using a hub-and-spoke model, the initiative seeks to align vocational training with industry requirements. Additionally, the revised Skill Loan Scheme will provide loans of up to Rs 7.5 lakh, assisting 25,000 students each year in acquiring essential skills for the modern workforce.
Driving Employment and Economic Growth
The budget introduces several employment-focused initiatives designed to stimulate job creation and economic growth. Incentives for first-time job seekers, coupled with efforts to generate employment in the manufacturing sector, underscore the government’s commitment to addressing unemployment and enhancing economic resilience.
To support employment, the government will directly transfer one month’s salary (up to Rs 15,000) in three installments to first-time employees registered with the Employees’ Provident Fund Organization (EPFO). Additionally, incentives will be provided for both employees and employers based on EPFO contributions during the first four years of employment. Employers hiring additional employees will receive a reimbursement of up to Rs 3,000 per month for two years, further encouraging job creation.
Internship opportunities for one crore students in top companies, with a monthly allowance of Rs 5,000 for a 12-month period, are also on the agenda. Companies will cover training costs through their Corporate Social Responsibility (CSR) funds, providing interns with a one-time support of Rs 6,000. This initiative aims to enhance practical learning and job readiness among students, bridging the gap between education and employment.
Promoting Entrepreneurship and Startup Growth
The budget’s focus on fostering entrepreneurship and supporting startups is evident in a series of strategic measures. Finance Minister Sitharaman announced the repeal of the angel tax, a significant move aimed at alleviating the financial burden on startups and encouraging investment. By abolishing the tax that classified investments from external investors as “income from other sources” subject to a 30% rate, the government aims to create a more conducive environment for startup growth and innovation.
Additionally, changes to tax rates for e-commerce players and specific financial instruments related to long-term capital gains are expected to stimulate investment and boost the startup ecosystem. Further, the corporate tax rate for foreign companies has been lowered from 40% to 35%, making India a more attractive destination for foreign investments. Furthermore, rules and recognition for foreign direct investments (FDIs) will be simplified to facilitate their inflow, promoting the use of the rupee for overseas investments.
The budget also introduces changes to capital gains taxation, reducing the short-term capital gains tax to 20% and setting the long-term capital gains tax at 12.5% for certain assets. Unlisted bonds and debentures will also be subject to capital gains tax, creating a more streamlined and investor-friendly tax regime.
These initiatives reflect the government’s commitment to nurturing a vibrant entrepreneurial landscape that drives economic growth and job creation.
Supporting MSMEs and Enhancing Credit Access
Recognizing the critical role of Micro, Small, and Medium Enterprises (MSMEs) in the economy, the budget introduces several initiatives to enhance credit access and support MSME growth. The enhancement of the loan limit under the Mudra scheme, from Rs 10 lakh to Rs 20 lakh, is a significant step towards improving credit availability for micro enterprises.
A new credit guarantee scheme has been introduced to assist MSMEs in obtaining term loans without collateral or third-party guarantees. By providing each applicant with coverage up to Rs 100 crore through a self-financing guarantee fund, the government aims to mitigate credit risks and improve access to funding.
To further support MSMEs, the budget outlines a reduction in the turnover threshold for mandatory onboarding of buyers on the TreDS platform. By decreasing the limit from Rs 500 crore to Rs 250 crore, the government expects to bring an additional 22 central public sector enterprises (CPSEs) and 7,000 companies onto the platform. This expansion aims to enhance liquidity and business opportunities for medium enterprises.
Expanding SIDBI’s Reach and Enhancing Quality Assurance
The Small Industries Development Bank of India (SIDBI) is set to expand its reach by opening new branches in MSME clusters. This year, 24 new branches will be established, increasing service coverage to 168 out of 242 major clusters. This expansion is part of a broader strategy to strengthen MSME support infrastructure, providing direct credit and facilitating growth.
To enhance quality and safety in the MSME sector, financial support will be provided to establish 50 irradiation units and 100 NAB-accredited food quality and safety testing labs. These initiatives aim to improve product quality and competitiveness, supporting MSMEs in accessing domestic and international markets.
Over the past five years, the Indian Government has consistently prioritized the growth and stability of the MSME sector. Through capital expenditure and initiatives like the Emergency Credit Line Guarantee Scheme (ECLGS), the government has laid a solid foundation for MSMEs to contribute significantly to the economy. By driving innovation and job creation, MSMEs are poised to play a pivotal role in India’s economic resurgence.
Harnessing Technology for Economic Empowerment
The government’s continued focus on technology adoption aims to strengthen the nation’s digital public infrastructure (DPI), driving further digitalization and economic empowerment. Encouraging private sector involvement in scaling DPI applications promises a boost in productivity and innovation, offering substantial support to technology start-ups and firms.
For instance, India’s DPI initiative in agriculture is poised to revolutionize the sector. The government’s three-year mission to digitize 60 million farmers and their lands, coupled with an extensive Kharif crop survey and the expansion of the Kisan Credit Card, is set to enhance farming efficiency. This initiative is expected to be a catalyst for AgriTech start-ups, paving the way for innovative farming solutions driven by accessible data and strengthened by government backing.
Navigating the Future of India’s Tech-Driven Economy
As India stands at the intersection of technological advancement and economic growth, the Union Budget 2024 sets a clear roadmap for the nation’s future. By prioritizing innovation, skill development, and infrastructure enhancement, the government aims to create an ecosystem that fosters entrepreneurship, empowers the youth, and drives sustainable growth.
With a strong focus on education, employment, and technology adoption, the budget reflects a strategic vision to transform India into a global technology leader. As the nation continues to harness the power of innovation and leverage its demographic dividend, it is poised to achieve unprecedented levels of economic empowerment and global competitiveness.
Through concerted efforts to support startups, MSMEs, and the broader technology sector, India is charting a course towards a prosperous future. By embracing change and investing in its people, the country is well-positioned to navigate the challenges and opportunities of the digital age, forging a path to inclusive and sustainable growth.
ITPV takes a look at the industry sentiments on the Budget 2024:
Debashis Chatterjee, CEO and Managing Director, LTIMindtree: “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. 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.”
Venkatraman Narayanan, MD & CFO, 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.”
Anuj Gupta, CEO, Hitachi Systems India: “The Union Budget 2024 has outlined a visionary roadmap for India’s technology, digital landscape, and startup ecosystem. The removal of the angel tax is a transformative move, offering significant relief and encouragement for early-stage startups and their investors. The allocation of ₹1 lakh crore for innovation and R&D, particularly in AI, demonstrates a strong commitment to establishing India as a global leader in emerging technologies.
Enhanced credit support for MSMEs and the expansion of digital public infrastructure highlight the government’s intent to drive inclusive growth and empower small businesses. The focus on digital public infrastructure across sectors like education, healthcare, and law enforcement promises to create a more interconnected and efficient ecosystem, benefiting startups and tech companies engaged in these fields.
While the budget positively impacts key areas such as AI, startups, MSMEs, and digital infrastructure, further incentives for high-end chip manufacturing could further bolster India’s tech landscape. Overall, the budget sets a solid foundation for fostering innovation, supporting small businesses, and creating a more favorable environment for startups and technology companies.”
Devesh Rastogi, President, FAIITA: “For the last seven or eight years, I’ve observed that every Union Budget has consistently focused on one direction: making India self-reliant. This trend continues with the current budget. While there are always small hiccups and elements that some may like or dislike, the overarching goal is self-sufficiency. COVID has taught us that without robust logistics and reliance on Indian products, sustainability is challenging. We cannot continue importing for hundreds of crores of people.
The budget supports Indian manufacturing through significant initiatives, such as providing term loans under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). These are collateral-free loans, previously capped at 10 crores for startups and 5 crores for MSMEs. Now, loans of up to 100 crores are available for establishing fixed assets. This change will facilitate growth by enabling more factories to be built, creating numerous jobs both in construction and production.”
George Alexander Muthoot, MD, Muthoot Finance: “We are glad to witness the slew of initiatives undertaken by the FM to boost the job creation and employability for the young talent and women of India awaiting to offer valuable contribution in India Inc’s growth. The massive impetus on capex expenditure outlay of Rs 11.11 lakh crore is a testimony to the government’s focus on boosting investment activity and further strengthening fiscal health of the economy. As the largest gold loan NBFC in India, we are particularly encouraged by the government’s proposals give priority to MSMEs, women entrepreneurs and the agricultural sector. The credit guarantee scheme is going to significantly enhance credit access for MSMEs. This scheme aligns perfectly with our commitment to supporting small businesses and driving entrepreneurship, particularly among women. Further, the FM has also focused on boosting affordable housing under PM Awas Yojana offering assistance of 2.2 lakh crore rupees in the next five years. This will help in resolving various housing challenges for various lower and middle class families.”
Bharat Chheda, President, ASIRT: “As far as the IT industry is concerned, we didn’t see many changes in the budget. However, since most of us here are part of the MSME sector, the MSME credit initiatives will be very beneficial for us. Additionally, the reduction of duties on mobile and other equipment might also help some of our members. Overall, I think it was a balanced budget, and we’re looking forward to seeing positive outcomes from it.”
PR Seshadri, MD & CEO, South Indian Bank: “The Finance Minister has announced many impactful measures in the Union Budget. The measures announced for improving credit delivery to MSMEs – enhancement of MUDRA loan limits and introduction of credit guarantee scheme, will incentivize financial entities to lend to India’s small entrepreneurs. Besides, the Budget has made provisions to improve the rural economy, including increasing outlay under PMAY, and for agricultural research and rural development. The Union Budget has enough incentives to spur India’s youth, farmers and business class to seek fulfilment of their aspirations. It will allow the economy to move ahead on its growth trajectory.”
Raja Lahiri, Partner and Technology Industry Leader, Grant Thornton Bharat: “Firstly, continued focus on tech adoption to strengthen country’s digital public infrastructure (DPI) will further drive digitalization and empowers the economy. The call for private sector scale-up in DPI applications promises a surge in productivity and innovation, offering a significant lift to technology start-ups and tech firms.
Secondly, the launch of INR 1,000 Cr venture capital fund aimed to boost the space economy represents a pivotal opportunity for spacetech start-ups. This strategic investment, aligned with the government’s prioritization of innovation, research and development as one of the nine focus areas, will provide the necessary upthrust to spacetech start-ups, enabling them to scale and commercialize their innovation that requires a lot of capital. The segment has witnessed traction with space start-ups increasing from 1 in 2014 to nearly 200 in 2024.
The Government’s focus on education and skilling initiatives with its five dedicated schemes, is a transformative move for India’s youth. With Rs 2 lakh crore allocation, these initiatives aim to skill and create opportunities for 4.1 crore young individuals over a period of five years. For the tech industry, amidst AI advancements, these schemes are crucial for developing new-age skills like AI and cloud computing, ensuring the Indian tech workforce remains at the forefront of global innovation.”
Arundhati Bhattacharya, Chairperson & CEO, Salesforce India: “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 Rs 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.
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 digitization 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.”
AL Srinath, CEO, Shell Networks: “The budget has placed significant emphasis on Digital Transformation, presenting a substantial opportunity for the MSME sector to specialize in areas like Cyber Security, cloud computing, and related technologies. For technology-driven MSMEs such as Shell Networks, access to affordable financing and dedicated R&D support will be crucial in aligning with client expectations and enhancing our solutions.
While the focus on digital skilling and advanced technologies, including AI, is commendable, there remains room for improvement. Increased support for low-cost financing and targeted R&D initiatives could further accelerate progress for tech-focused MSMEs. A sharper emphasis on upskilling in advanced technologies will better prepare our workforce for global competition.
Overall, the budget represents a positive step forward. I hope the government continues to enhance its efforts to empower MSMEs in the tech sector. At Shell Networks, we are committed to building expertise in AI technologies to improve our network management practices for both our team and our clients.”
Biren Yadav, CEO, Bluecom Infotech: “I am convinced that the current government consistently focuses on long-term benefits. At first glance, some of their initiatives or strategies might not seem very attractive, but they are designed for long-term gains. The government’s approach isn’t about immediate appeal; rather, it’s about strategic, long-term planning to position India as a top economy. They are aiming to move quickly toward becoming one of the top three economies in the world, with the IT sector as a backbone for everything.
The government has implemented various initiatives, such as the PLI schemes, which may pose some challenges initially, but they promote ‘Make in India’ brands and products. As a result, there will be a natural filtering process as more people create their own brands.
The government’s emphasis is on promoting local manufacturing and supporting local investors in IT. Overall, I believe the government is doing an excellent job, and these efforts will benefit the country and the IT community in the long run. The key is to be actively involved on the ground and seize the opportunities as they arise.”
Vishak Raman, VP, Sales, India, SAARC, SEA & ANZ, Fortinet: “Investment in skilling 20 Lakh youth over five years will bridge the skill gap that digital transformation has created across industries. Incentives for MSME, manufacturing and energy sector 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’.”
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC: “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.”
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.”
Neel Shah, Chairman, Insight Business Machines: “The Union Budget 2024-2025 marks a significant milestone in the government’s strategy to empower MSMEs through the strategic deployment of technology, a focus that is particularly crucial for IT system integrators like us. By allocating substantial resources to technology support, the government is demonstrating a forward-thinking approach that is set to drive widespread adoption of cutting-edge technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and advanced digital platforms across the MSME sector.
For system integrators, this budget presents a unique opportunity to play a pivotal role in the digital transformation journey of MSMEs. By collaborating closely with these enterprises, system integrators can offer tailored technology solutions that significantly enhance operational efficiency, reduce costs, and open new avenues for growth. The focus on AI and IoT, in particular, aligns perfectly with the growing need for smart, data-driven decision-making in business operations, making it an exciting time for system integrators to innovate and deliver value.
Moreover, the budget’s emphasis on cybersecurity, reflected in the increased allocations for cybersecurity initiatives, highlights the government’s recognition of the critical importance of protecting the nation’s digital infrastructure. The integration of AI into cybersecurity efforts is a forward-looking move that will not only help in anticipating and mitigating threats but also in building a resilient digital economy. For system integrators, this means an expanded role in developing and implementing robust cybersecurity frameworks that safeguard sensitive information and maintain the integrity of digital operations.
The introduction of the credit guarantee scheme and collateral-free term loans is another significant step, designed to provide MSMEs with the financial muscle they need to invest in essential technology upgrades. This initiative will likely spur a wave of innovation, as MSMEs are empowered to adopt the latest technologies, driving productivity and competitiveness in the process. As system integrators, our role will be critical in guiding MSMEs through this technological upgrade, ensuring that they can harness the full potential of these investments.”
Karthik Rajaram, Area Vice President and GM, India, Elastic: “With the Interim Union Budget 2024, the government has reinforced its commitment to fostering technological innovation, with a significant emphasis on AI. The substantial allocation of ₹1 lakh crore to finance technology research is helping bolster the deep tech ecosystem and drive innovation, strengthening India’s position as a global technology leader. Additionally, the government’s investment of ₹10,000 crores in the IndiaAI Mission demonstrates a strategic focus on long-term economic growth and technological advancement in India.”
Sudhindra Holla, Director, Axis Communications, India & SAARC, Axis Communications: “The government’s strong focus on the 9 pillars of growth, especially, Manufacturing, Urban Development, Energy Security and Infrastructure will accelerate the creation of new opportunities for the nation’s growth. The substantial investment planned for the tourism sector could significantly boost our international tourism and, in turn, our economy. Also, the budget allocation for transport infrastructure showcases the groundwork for accelerated economic development and better connectivity across India. For the safety and surveillance industry this indicates an increased responsibility of making the tourism and transportation industry robust and safe.”
Dinesh Gulati, Chief Operating Officer, IndiaMART Intermesh: “The introduction of a new scheme to support purchase of machinery and equipment without collateral and guarantee for MSMEs will not only help provide the much needed financial assistance, but also act as a catalyst to the growth of the manufacturing sector. RBI, recently estimated a credit gap of Rs 20 to Rs 25 trillion in the MSME sector. Increase of limit for MUDRA and slash of turnover threshold TReDS registration will further provide necessary breathing room to the MSMEs.
Additionally, linkage of new credit assessment models by public sector banks on the basis of the digital footprint of MSMEs will further bring the sector closer towards the digital transformation. The formulated package to finance technology support and set up of e-Commerce export hubs in PPP* mode will enable MSMEs to go beyond the geographies of India and ensure global competitiveness of India.
What makes us particularly happy is the support provided for skill development via allocation of ₹1.48 lakh crore for education, employment, and skill development. The MSME sector currently contributes 60% of overall job creation in the economy. This significant investment, in terms of EPFO allocation and support to first timer employees is a huge step in skilling of human capital and underscores the existence of a linkage between education, skills, and employment.”
Raghav Gupta, Managing Director, APAC and India, Coursera: “The Union Budget 2024-2025 showcases a crucial commitment to boosting education, employment, and skill-building capacity, perfectly aligning with the Government’s vision of Viksit Bharat by 2047. The budget’s special focus on skilling 20 lakh youth over the next five years through centrally sponsored schemes, the upgradation of 1,000 training institutes, and the provision of skilling loans are steps in the right direction.
I am particularly excited about the provision for 1 crore youth to gain industry experience through internships with 500 top companies – this will bridge the gap between theory and practice. The cross-sector collaboration can address the rapidly growing skills gap and social inequities, ensuring students transition smoothly into high-demand job roles. Businesses will also benefit from a diverse and skilled talent pool, reducing recruitment time and costs.
In today’s digital era, where talent can emerge from anywhere, access to digital skills will be a game changer. We’re excited to support these initiatives and provide millions of Indians a gateway to more equal opportunities, all while unlocking our demographic dividend and accelerating our journey towards a $5 trillion economy.”
Moin Shaikh, Director, Innovative Telecom & Software & COO, Vite Biz: “The Indian Budget for 2024 is strategically focused on driving technological innovation, advancing the adoption of Artificial Intelligence (AI), and supporting the growth of Micro, Small, and Medium Enterprises (MSMEs). This substantial investment in cutting-edge technologies and small businesses is poised to stimulate significant economic growth and position India as a competitive and technologically advanced player on the global stage. By fostering an environment conducive to innovation and supporting the vital role of MSMEs, the budget lays the groundwork for a dynamic and forward-looking economy.”
Joyshree Das Verma, National President, FICCI FLO: “This year’s budget marks a significant stride towards enhancing women‘s role in India’s economic development. The allocation of more than Rs 3 lakh crore for women-specific schemes and skilling programs underscore the government’s commitment to women-led development and enhancing economic inclusivity. The government is creating a supportive environment for women professionals through market access to women-led Self Help Groups and the establishment of working women’s hostels and creches in partnership with businesses. Furthermore, the reduction in duties for properties purchased by women and the introduction of the NPS Vatsalya scheme, which promotes long-term savings for minors, exemplify the government’s commitment to an inclusive financial landscape for women and their families. Schemes like PM Vishwakarma, PM SVANidhi, Mudra Yojana and Lakhpati Didi are a testament to the transformative impact of targeted financial support for women.”
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.”
Deepak Visweswaraiah, Vice President, Platform Engineering and Site Managing Director, Pegasystems: “With an emphasis on welfare for the youth, women, and farmers reflecting a holistic approach to societal progress, this budget isn’t just about numbers, it’s about people and their potential that sets the stage for a very positive development.
Designed to drive productivity and build resilience in inclusive human resource development, social justice, and advancements in innovation, next-generation reforms, and R&D among other key economic pillars, the budget does lay a robust foundation for India’s sustainable growth and development. Coupled with heavy investments in public digital infrastructure with private players, it has aimed to ensure a brighter future for all segments of society.
The new Rs 3 lakh crore scheme and ₹10 lakh loans for higher education, along with plans to skill 20 lakh young Indians and provide internships to one crore youth, highlight India’s dedication to talent development and diversity. This budgetary initiative is set to put India on the global map as a leader in youth skill development and workforce excellence, creating an excellent pathway to vision 2047.”
Lakshmi Mittra, SVP and Head, 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.”
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. The emphasis on improving data collection, processing, and governance aligns perfectly with our commitment to helping businesses make more informed decisions.
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.”
Sudeep Tandon, Managing Director, Infinx: “In Union Budget 2024, we applaud the government’s ambitious initiatives aimed at advancing skill development through newly announced schemes. In a collaborative effort between the government and industry stakeholders, this initiative aims to skill 20 lakh youth over the next five years. This forward-thinking approach not only aligns with the evolving demands of the healthcare sector but also strengthens our commitment to fostering a skilled workforce prepared to tackle future challenges.”
Neha Bagaria, Founder & CEO, Herkey: “As a woman entrepreneur, I am deeply encouraged by the Union Budget 2024-25’s commitment to fostering women’s participation in the workforce. The dedicated focus on creating hostels and women-specific skilling programs reflects a significant step towards gender parity in business. Moreover, the new credit guarantee schemes for MSMEs, which remove the burden of collateral requirements, will empower countless women-led enterprises to grow and innovate. This budget not only addresses immediate economic needs but also lays a strong foundation for a more inclusive and equitable future. It is heartening to see such a comprehensive approach to unlocking the potential of countless women across India.”
Kavitha Ramachandragowda, Co-Founder and Executive Director, Routematic: “The Union Budget 2024-25 serves as a significant stride towards women’s empowerment, earmarking over Rs 3 lakh crore for initiatives benefiting women and girls. By facilitating higher participation of women in the workforce through the establishment of working women hostels and creches in collaboration with industry, the government is creating supportive environments for women professionals. The government’s focus on higher education, women centric skilling, employability, and enhanced schemes for women entrepreneurs along with the abolition of the angel tax is commendable and will undoubtedly boost the startup ecosystem in India and representation of women in the Indian workforce.”
Joseph Sudheer Reddy Thumma, MD & CEO, Magellanic Cloud: “The proposed schemes to incentivize hiring first-time employees and the introduction of a new credit guarantee scheme for MSMEs are steps in the right direction. These initiatives will not only bolster the manufacturing sector but also enable MSMEs to thrive without the constraints of collateral, thereby fueling innovation and job creation.
The increase in Basic Customs Duty (BCD) on telecom equipment, particularly PCBA, presents a challenge for the drone manufacturing industry. However, this shift underscores the need for us to intensify our focus on local sourcing and innovation to mitigate cost impacts and ensure sustainable growth.
Additionally, the Rs 11 lakh crore allocation for infrastructure development and investment-ready industrial parks will enhance our operational efficiencies and capabilities. The support for R&D through the Anusandhan National Research Fund further aligns with our commitment to innovation and growth.
Moreover, the allocation for employment and skilling under the PM Package and the comprehensive internship scheme will nurture the next generation of talent, which is vital for sustaining our industry’s growth.”
Anshu Prasher, Partner, Whiteboard Capital: “The Union Budget 2024 is a significant win for the Indian startup ecosystem. The abolition of angel tax is a game-changer that will unlock substantial capital for early-stage startups. This move, coupled with the continued focus on skilling and education, sets the stage for a vibrant entrepreneurial landscape.
The government’s emphasis on creating employment opportunities through initiatives like the internship scheme is commendable. A skilled and employable workforce is essential for startups to scale and succeed. We are particularly impressed by the focus on women’s empowerment, which will lead to a more inclusive and diverse startup ecosystem.
We believe that this budget will further accelerate India’s journey as a global startup hub and become truly a Viksit Bharat. Whiteboard Capital is excited about the opportunities that lie ahead and is committed to supporting innovative entrepreneurs in building world-class companies.”
Anuraag Gambhir, Managing Director, Shopclues: “The creation of E-Commerce Export Hubs through PPPs aligns seamlessly with ShopClues’ mission to expand global market access for MSMEs and traditional artisans.
The focus on women-specific skilling programs and market access for women-led enterprises is commendable. Aligning course content with industry needs, particularly in e-commerce, will enhance digital literacy and technical proficiency among MSMEs. Collaborative efforts with local institutions and e-commerce platforms like ShopClues will drive these initiatives, promoting economic empowerment.
Furthermore, reducing the TDS rate from 1% to 0.1% and removing the Equalization Levy are significant reliefs for online sellers, fostering a favorable environment for online transactions and enhancing global competitiveness. Overall, the budget paves the way for a robust and inclusive digital economy.”
Anil Joshi, Managing Partner, Unicorn India Ventures: “The Rs 1000 crore fund of funds for space tech is testimonial to India’s capability in coming up with breakthrough solutions at low cost. This will certainly help space tech companies to look for much needed early stage capital to get started. This will certainly help mobilize over 4000 crore.”
Anirudh A Damani, Managing Partner, Artha Venture Fund: “The government’s announcement of a ₹1,000 crore VC fund to boost the space economy and a Rs 1 lakh crore R&D fund is a strong testament to the recognition that the space economy will be at the forefront of India’s ascent in the deep tech economy. This initiative underscores the success of ventures like Agnikul and provides significant momentum to their ambitious plans to launch a rocket a week and dominate the global nano-satellite delivery market. We are supremely excited to learn more about the finer details of this massive boost to the sector.”
Jaya Vaidhyanathan, CEO, BCT Digital: “The emphasis on Digital Public Infrastructure for applications, including credit, is welcome. It will help formalize lending processes, thereby expanding the market share for banks and fintech players. A vision for the financial sector has been announced to enable our country to become a fintech powerhouse. The success of UPI and the JAM trinity needs to be monetized at a global level. While it’s still early days, this is good news. The announcements regarding taxonomy for climate risk are welcome, as it is important to have a homegrown framework for climate risk rather than adopting those from countries with different climate and industry conditions to ours.”
Deepak Chand Thakur, Co-founder and CEO, NPST: “The reduction in e-commerce TDS from 1% to 0.1% will encourage more merchants to embrace digital payments. This policy change will lower the compliance burden on merchants, making it easier for them to participate in the digital economy, thus driving further adoption of digital payment systems. The establishment of dedicated e-commerce hubs through public-private partnerships presents an exciting opportunity for innovation in cross-border B2B trade payments, potentially using UPI rails.”
Lt. Gen. AK Bhatt (Retd.), Director General, Indian Space Association (ISpA): “The Union budget’s vision to grow India’s space economy by fivefold in the next decade demonstrates the government’s strong commitment to this sector. We previously advocated for increased financial incentives to support the burgeoning space startups in the country. The announcement of a ₹1000 crore VC fund is a step forward, addressing the funding challenges faced by these nascent ventures in this capital-intensive domain. Additionally, the proposal for establishment of 12 industrial parks across India we hope will include the space sector as this will provide a substantial boost to the space and satellite manufacturing industry, which has long called for the creation of space parks. These measures are pivotal for the growth and development of India’s space ecosystem.”
Pranav S, Founder & CEO, Control One AI: “The decision to abolish the angel tax for all classes of investors marks a significant milestone for the Indian startup ecosystem. This move will provide a substantial boost to startups, enabling them to raise capital more effectively amid the ongoing funding challenges. By eliminating the 30 percent income tax on investments exceeding fair market value, the government has addressed a critical pain point that has been hindering innovation and growth.
Furthermore, Finance Minister Nirmala Sitharaman’s announcement of a ₹1,000 crore fund to support space tech development is particularly impactful for the tech and AI sectors. This initiative opens new avenues for securing essential funds to advance cutting-edge technologies, signaling the government’s recognition of the importance of fostering a supportive environment for startups driving technological advancements.”
Ayush Gupta, CEO, Swopstore: “Abolishing Angel Tax and reducing corporate tax for foreign companies from 40% to 35% will boost investment and innovation. Simplifying taxes for foreign shipping companies will also open up new opportunities in maritime and tourism sectors. As a young entrepreneur, I’m thrilled to see the government’s commitment to making India a startup hub. These reforms can lead to a 20-25% growth in the startup sector, helping us scale faster, access global markets, and create more jobs. Kudos to the government for taking bold steps to propel India’s startup revolution.”
Jugul Thachery, Founder & CEO, HOGR: “The Union budget introduces promising measures for the startup ecosystem, including the removal of the angel tax, which had earlier posed challenges for emerging businesses. As an early-stage startup founder, this change can be transformative by enabling angel investments, enhancing capacities to innovate, attract talent, and scale our vision, fostering a vibrant startup ecosystem where bold ideas can flourish and contribute to the economy.
The government has taken another impactful step to strengthen data governance through the Digital India Mission, which emphasizes the collection, processing, and management of data leveraging advanced technology tools. This strategy promises to benefit many industries and open new avenues for data management. By leveraging these technologies, the food discovery segment for instance, has already witnessed significant traction, particularly in personalizing experiences using data. We are now confident that we will see greater impact in the near future.”
A Gururaj, Managing Director, Optiemus Electronics: “We welcome the initiatives announced in the Union Budget. The significant emphasis on manufacturing is heart-warming and much needed for the growth of the economy. With the substantial expansion of the electronics manufacturing industry, the demand for a skilled workforce has become paramount. The announcement of various skilling initiatives and the scheme to incentivize additional employment in the manufacturing sector, particularly for first-time employees, will provide essential support to industries reliant on skilled workforce, especially in electronics. Furthermore, the proposal to reduce the Basic Customs Duty on mobile phones, mobile PCBA, and mobile chargers to 15% is a positive step. The measures laid out to support the MSME industries in particularly welcome to create a much needed supplier base for electronics within India. These measures collectively send out a strong message on the manufacturing sector and related eco system in India.”
