In a significant parliamentary session today, Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024-2025, marking her sixth budget presentation and the last one of the Narendra Modi-led government's second term. With the looming Lok Sabha Elections scheduled for April-May 2024, Sitharaman opted for an Interim Budget, also known as a Vote on Account, prioritizing India's macroeconomic growth and fiscal consolidation.
This short-term financial plan, unveiled just ahead of the elections, refrained from introducing changes to the existing tax slabs in both old and new regimes. Prime Minister Narendra Modi commended Sitharaman for presenting a balanced budget, setting the stage for a pivotal political year.
Given the impending elections, the full-fledged budget is anticipated to be presented by the new government that takes office post-election. This Interim Budget, seeking parliamentary approval for a grant in advance, serves to meet the government's essential expenditure for the initial four months of the upcoming financial year.
The Interim Budget session is set against the backdrop of President Droupadi Murmu's address to the joint meeting of both Rajya Sabha and Lok Sabha, commencing on February 1 and concluding on February 9. As the political landscape evolves, industry leaders and experts have shared their reactions and insights into the fiscal direction set by the interim budget, anticipating the impact on various sectors of the economy. Early responses suggest a keen interest from industry stakeholders, with expectations and concerns taking center stage.
Let's have a look how the industry, predominantly the IT and ICT, has reacted to the budget.
Dr. Jaijit Bhattacharya , President, Centre for Digital Economy Policy Research
This budget went beyond the expectations from a vote on account, unlike the 2019 budget, which was also an election year budget. Besides focus on vulnerable sections of society, targeting to have saturation of schemes, there is also intense focus on research and innovation with very significant outlays for supporting research in private sector, with very low cost loans. The focus on infrastructure has accelerated with increased outlays in Railways, promise for more airports to accommodate the growth appetite of airlines, dedicated commodity corridors for freight, sea port and river port infrastructure and also significant focus on digital public infrastructure as well as continued focus on housing for all.
Overall, the budget signals the government's intention to continue to generate demand in economy through spends in social, physical and digital infrastructure and by providing enhanced support to vulnerable sections of society, thereby also increasing domestic demand.
S L Jain, MD & CEO of Indian Bank, has extended a warm welcome to the positive developments outlined in the Interim Budget 2024 by the finance minister. Jain commended the government's strategic focus on key areas that underscore the resilience and potential of the Indian economy.
In a statement, Jain said, "We welcome the positive developments outlined by the Honorable Finance Minister, which underscore the resilience and potential of the Indian economy. The government's focus on infrastructure, including projects for tourism, expansion of Metro Rail and Namo Bharat to more cities, and support for EV manufacturing and charging infrastructure, aligns with the nation's developmental goals."
Mr. Aalok Kumar, Corporate Officer & Sr. VP - Head of the Global Smart City Business, NEC Corporation, and President & CEO, NEC Corporation India said, this budget underscores a vision for India as a developed nation, putting infrastructure, sustainability, and youth empowerment at the forefront. The government's focus on the country's exponential growth is evident from the initiatives specifically announced for infrastructure development and scaling up research & innovation. At NEC, we applaud the strong focus on infrastructure and green growth, aligning with our vision for a connected India. Initiatives in green projects, EV manufacturing, and tourism development signal positive steps towards a sustainable and inclusive future. The focus on youth empowerment, exemplified by the 50-year loan scheme, resonates with our commitment to future generations.
Looking ahead, we anticipate that the July 2024 full budget will address concerns about inclusivity and execution. NEC remains a committed partner in India's growth, offering technological expertise in digital infrastructure, submarine connectivity, smart cities, and rural development. We stand ready to collaborate and contribute to building a more inclusive and prosperous India by 2047.
At NEC, we are confident that India will achieve its goal of 'Viksit Bharat' ahead of its time, and we are excited to be part of this journey to a Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all.
Dr. Deepak Kumar Sahu, Publisher, VARINDIA Union finance minister Nirmala Sitharaman on Thursday presented the last Budget of the Narendra Modi government before the General Election 2024, which is scheduled in the month of April-May time frame.
The interim budget presented today shall provide an impetus to an ecosystem of startups, technology companies and aspirants, providing them with ample opportunities to set-up, enhance technological offerings and bolster innovation. A corpus of Rs 1 lakh crore will be established with a 50 year interest-free loan. FY25 capex target set at Rs 11.1 lakh crore, up 11.1%. No change in direct, indirect taxation. Focus on four major pillars -- poor, women, youth and annadatas. Further, the government has extended tax benefits for start-ups to March 31, 2025 and withdrawn some outstanding direct tax demands. Deeptech and GenAI have the potential to revolutionize a variety of sectors.
Lt. Gen. Dr. S.P. Kochhar, Director General, Cellular Operators Association of India (COAI) said, “The Interim Budget presented by the Finance Minister today reemphasized the government’s economic policies and the commitment to sustained growth, improving productivity and creating opportunities with a focus on skilling and reskilling.
In a significant gain for the telecom sector just before the interim budget, the current customs duty exemption granted to vessels engaged in laying submarine cables in India - which lapses on 31st March 2024 - was extended up to 30th September 2024. Telecom companies depend heavily on submarine cables for the high-speed transfer of data around the globe and this step will help in following the compliances.
The announcement of a corpus of ₹1 lakh crore for the technology sector is a positive measure as access to capital is a critical factor to support innovation and growth. The long-term, interest-free or low interest rate loans and focus on deep tech will further encourage the private sector to scale up research and innovation.
We are hopeful that in the post-election full budget, the industry’s suggestions to reduce regulatory levies like License Fee, deferring USOF contribution till the existing funds are exhausted, exemption of Basic Customs Duty (BCD) on Telecom equipment, waiving of GST on regulatory payments and refund of ITC, among others, will be considered and addressed by the Government during the course of the year.”
Sindhu Gangadharan, SVP and MD, SAP Labs India; Vice Chairperson, nasscom said, “The Interim Budget 2024 is reflective of the India's sustained focus on Atma Nirbhar Bharat (Self Reliant India). The long-term financing and re-financing scheme with a corpus of INR 100,000 Cr with a 50-year interest free loan to promote R&D in the private sector in sunrise domains, as well dedicated initiatives to promote DeepTech/R&D in the defence sector underscore the commitment to position India as a global leader in the world of technology. The focus on skilling, upskilling, and reskilling of youth will ensure an industry-ready workforce to navigate the headwinds of a volatile marketplace.
Additionally, the extension of tax exemptions for eligible startups, granting newly incorporated ventures until March 2025 to claim tax benefits for three out of their first 10 years, is a progressive and encouraging move. By incentivizing entrepreneurship, the government is actively promoting the creation of a robust startup ecosystem, which is crucial for driving economic development.”
Mr. Sudhir Kunder, Chief Business Officer, DE-CIX India "Budget 2024 is a testament to India’s commitment to technological advancement and digital entrepreneurship. I am thrilled to see the emphasis on tax incentives for Data Centre Investments and the recognition of the pivotal role they play in our digital economy. In fact, under the hyperscale data center scheme, the government is targeting an investment of Rs. 3 lakh crore in the next five years. This is a significant move that will undoubtedly spur growth in the tech sector. This budget makes it clear: this will be the year for the tech-savvy generation. The opportunities are immense and robust, paving the way for India to expand globally. With India emerging as the third largest ecosystem for startups globally with over 116,679 recognized ventures across the country, the focus on innovation and entrepreneurship is not just encouraging, but it also provides a solid foundation for the future. We are on the brink of a digital revolution, and I am excited to see where this journey takes us. With the government’s dedicated push to boost R&D within the country, and the allocation of Rs 8,000 crore to set up data centers and IT parks over the next five years, we are set to witness a surge in technological innovation and digital entrepreneurship"
Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd. says, we welcome the growth oriented interim budget 2024-2025 with a clear roadmap for a new and empowered India. This budget has the vision of ‘Jan Kalyan’ (Public Welfare) and Viksit Bharat (Developed India) with the idea of inclusive growth. It has a clear imprint of the government’s mantra ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’. It is a visionary budget with special focus on infrastructure development, inclusive growth and skilling youth. The agenda of empowering Amrit Peedhi (the emerging generation) through multiple schemes and initiatives (Skill India Mission, PM Mudra Yojna and Start-Up India) is quite evident in the budget. These initiatives are assisting our youth and entrepreneurs while delivering amazing results.
The Indian Electronic Security Industry is hoping for more concessions and tax rebates for strengthening the manufacturing sector. This will help to enable the latest technologies and security products for the greater good. We sincerely hope that the Finance Minister would consider the key concerns of the key electronic security Industry stakeholders in the future policies and tax reforms. We are sure that the government will continue to support the Make-in-India 2.0 with a clear roadmap and policy structure. The Electronic Security Industry is expecting the continued government support to contribute significantly to the nation’s economic growth.
Mr. Rajesh Doshi Director & Cofounder at Zebronics- “The Union Budget 2024 demonstrates a continued focus on the tech landscape, emphasizing inclusive growth across various sectors such as agriculture, finance, health, and diverse communities that empowers the economy across all sectors. The Skill India mission has resulted in robust training, re-skilling and upskilling of the youth which underscores the goals to enhance ‘Atma Nirbhar India’ thereby the proclivity towards more local manufacturing, Research & Development will eventually make India a true leader in manufacturing at a global scale. The comprehensive approach towards channelising efforts into the Start-up community, women entrepreneurs, provision of fundamental needs to the nook & corner of the country is the face of an upward trajectory. We wish to see more scalable changes in the coming years into the tax regimes where the maximum benefits would be reaped by our country’s young gen.”
Saunak Saha, Partner, CCaSS, EY India says, “The ESG attributes were lucidly interwoven across the interim budget of FY 24-25. To reach Net Zero commitment, the budget emphasizes the deployment of low carbon/clean energy interventions to combat climate change include rooftop solarisation for 1 Crore households, viability gap funding for enhancing offshore wind energy up to 1 GW, coal gasification and liquefaction of 100 MT by 2030, compressed bio gas, bio manufacturing and bio foundry to produce bio-degradable environmental friendly polymers and products, scale up plans for electric vehicles and charging infrastructure for clean environment, nano DAP expansion for smart agriculture and three separate railways corridors for freight movement to improve logistics efficiency. The social attributes to enhance social inclusivity and alleviate poverty include empowerment of women in terms of providing loan for entrepreneurship, increased women in workforce, Investment of INR 1 Lakh Crore on Research and innovation on New Age Technologies for tech savvy youth, improve health cover and efforts to enhance coverage of lakhpati didi from 1 Cr women to 2 Cr in the near term. The new definition of GDP (Governance, Development and Performance) reinforces the mindset of minimise government and maximise governance to push the laid-out budget agenda for a profound growth of India in the coming years.”
Bimal Khandelwal, Chief Financial Officer, STT GDC India said, "The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favourable environment for sustained foreign investment, aligning with the digital aspirations of the nation.
The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India's digital journey."
Mr Manoj Nair, Head of India GDC, Fujitsu India said, “We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country's green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”
Alekh Sanghera, Co-founder and CEO, FarMart said, ‘’Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthening agriculture value chains through food processing infrastructure, minimized wastage and crop insurance.
We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India's agritech ecosystem, ensuring local and global food security."
Mr Pinkesh Kotecha, MD & Chairman, Ishan Technologies says, while the Interim Budget provides a wide overview of FY24-25, we applaud the government's emphasis on empowering the youth through upskilling and reskilling initiatives. The establishment of additional IITs, IIITs, and IIMs is a promising stride toward creating a skilled talent pool in the IT sector, addressing a critical need in the industry especially in the era of Artificial Intelligence.
As an MSME in the IT sector, Ishan Technologies appreciates the government's recognition of the importance of timely finances, relevant technologies, and training for the growth and global competitiveness of MSMEs. The orientation of the regulatory environment to facilitate the growth of MSMEs is a crucial element of the policy mix, and we look forward to the positive impact it will have on the MSME ecosystem.
As we look forward to the budget announcement in July, we anticipate a focused commitment to bolstering cybersecurity measures. We believe that additional allocation and specific policies in this crucial area will play a pivotal role in fortifying India's digital infrastructure and enhancing overall cybersecurity, aligning with the nation's vision for a secure and resilient digital future.”
Rajendra Chitale, Chief Finance Officer, Crayon Software Experts India
“Today the honorary Union Finance Minister Nirmala Sitharaman presented the interim budget for FY2024-25. The call for Viksit Bharat i.e. Developed India will be the north star for businesses to ‘Reform, Perform and Transform’. The efforts to realise the dream of developed India by 2047 are idealistic and we at Crayon look forward to contributing towards this goal. The focus provided by the government in upskilling and reskilling 54 lakh youths and training close to 1 crore youths through the Skill India Mission instils confidence in the technology sector to utilize the country’s existing talent pool. The Trinity - Demography, Democracy and Diversity will help businesses of all sectors to put in efforts to provide employment opportunities and aid them in sustainable development. The Union FM’s mention of the importance given to the ease of doing business by supporting MSMEs through technology and financing is what the industry is looking forward to. The businesses are expecting a strong policy around investment needs and a regulatory framework aligning with the Panchamrut goals. The most encouraging news has been that how the country is witnessing a strong women enrollment in universities where 43% of them are for STEM education, the highest in the world. This resonates with the initiatives companies similar to Crayon are taking in to create a diversified work environment with more presence of women in the workplace."
Sushil Virmani, Managing Director, Best Power Equipments (BPE)
As we navigate the landscape of Union Budget 2024, it's crucial for the government to accentuate and foster an environment for both local and global investments in semiconductor technology, AI, and digital platforms. This strategic focus aligns with our industry's evolution. Simultaneously, we recognize the imperative to integrate these cutting-edge technologies into our educational curriculum, ensuring a skilled workforce. This synergy is pivotal for propelling our nation towards the coveted 7 trillion economy by 2030.
Prashanth GJ, CEO, TechnoBind Solutions
“The interim budget presented this year by the Union Minister Nirmala Sitharaman shows promise of what is to be expected next in terms of development for the technology verticals. The prominence given to the youth, startups and women is in the current momentum we are witnessing in India and globally. Viksit Bharat or Developed India by 2024 is the target and we as a nation are on the right path to fulfilling this goal. The promise of the Union FM around developing the financial sector with scale, capacity and regulatory frameworks for meeting investment goals is much needed to expel the current idea of ‘funding winter’. The announcement of establishing a corpus of Rs 1 lakh crore providing 50-year long-term interest-free loans, long-term financing and refinancing with low or nil interest will invigorate the innovators and the youth of India. This can be a strong foundation for continuing the stance of Atmanirbhar Bharat and the Make In India initiative. The encouragement given to the private sector to scale innovation and research along with the development of Deep Tech for the defence sector will help in the free-flow of opportunities by and for the youth. Lastly, The enrolment of women in STEM education which is at 43%, the highest in the world as quoted by the Union FM strengthens the efforts put in by organizations to have an inclusive workforce,”
Puneet Gupta, Vice President & Managing Director - NetApp India/SAARC
“The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government's focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a 'Viksit Bharat' by 2047.”
Deepak NG, Managing Director, Dassault Systemes India
“We, at Dassault Systemes strongly resonate with the Hon’ble PM Shri Narendra Modi’s clarion call of Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan. Innovation, indeed is the foundation of development.
The corpus of Rupees one lakh crore for the tech-savvy youth, will have far-reaching impact and provide a much-needed impetus to research and development of new age technologies, and help India emerge as a global leader in the field. The government’s commitment to fostering innovation and entrepreneurship is very encouraging and will go a long way in creating a thriving ecosystem for technology startups in the country.
We at Dassault Systemes India look forward to supporting this initiative of the Government and contribute to the innovation endeavors of the youth of this country.”
Debashis Chatterjee, MD & CEO, LTIMindtree
We welcome the interim budget's focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry's growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of "Viksit Bharat" by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India's future.”
Sunil Sharma, Vice President- Sales, Sophos India & SAARC
“We at Sophos are in complete alignment with the vision presented by the Honorable Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions. The government's steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry, and promises to address cybersecurity threats that may endanger the rapidly digitizing nation.
The intersection of democracy, demography, and diversity, encapsulated by the ideology of "Sabka Prayas," emerges as the key force that will unlock India's true potential in the technology sector. Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government's dedication towards realizing its Atmanirbhar Bharat vision.
Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future.”
Jaideep Mirchandani, Chairman, Sky One
"Budget 2024 paints an optimistic picture for India's aviation and tourism sectors. The significant increase in the number of airports to 149 over the last decade and the targeted expansion of existing airports highlights the government's dedication to fostering growth in aviation. With orders for over 1,000 new aircraft, conducive policies for leasing the sector are ready to address the demand.
Furthermore, the government's attention to tourism projects in islands, including Lakshadweep, opens up exciting possibilities for both sectors. There's substantial potential in promoting tourism, especially spiritual tourism, and encouraging states to develop iconic tourist spots and launch new airlines on those routes is a welcome start. The escalating aspirations of the middle class to travel and explore align with the broader vision for the industry."
Agendra Kumar, Managing Director - Esri India
“The 2024 Interim Budget has placed a robust emphasis on fostering innovation and embracing cutting-edge technologies to realize the ambitious goal of 'Viksit Bharat by 2047.' It rightly underscores the pivotal role that technology plays in shaping our economic landscape. A notable strategic move is the allocation of a 1-lakh crore corpus through a 50-year interest-free loan, aimed at incentivizing the private sector to elevate their investments in Research and Development (R&D) and propel digital innovation. Financial backing provided to start-ups is also poised to make the ecosystem flourish and contribute significantly to the overall economic landscape. This forward-looking budget not only fuels the growth of the IT sector but also actively supports a comprehensive skills development ecosystem, ensuring the creation of a workforce that is geared for the future. As technology continues its rapid advancement, the 2024 interim budget emerges as a catalyst, steering the IT sector, including the robust geospatial sector toward sustainable excellence and global competitiveness. The visionary initiatives outlined in this budget position India on the trajectory of becoming a technological powerhouse, laying the foundation for a prosperous and globally influential nation.”
Prashant Singh, Co-founder, and Chief Operating Officer, LeadSquared
“The interim budget 2024 recognises the potential of tech-focused start-ups and its vital contribution to development of the country. The continuation of essential schemes like credit guarantee and Start-up India, Funds of Funds show a promising start-up environment in India, one that will provide employment for youth in the country and drive innovation.”
Mr. Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors on the budget reaction says, “Union Budget 2024 delivers a resounding commitment to sustainable tech, spotlighting support for EVs and bio manufacturing. Metro Rail and Namo Bharat projects elevate city connectivity, while the dual focus on public transport and defence tech reveals a visionary agenda.
The game-changing move of a Rs 1 lakh crore corpus for our tech-savvy youth, coupled with a 50-year interest-free loan, sets the stage for long-term financing, propelling research and innovation. This bold step positions India for a golden era in technology and innovation.
Aligned with our pre-budget expectations, the government's emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry's trajectory. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements. Budget 2024 charts the course for India's robust future in sustainable tech and innovation."
Naveen Tewari, Founder & CEO, InMobi Group said, “We commend the government for its forward-looking budget, especially the emphasis on research and innovation, infrastructure development, and the support for sustainable technology. The allocation of a one lakh crore corpus for long-term financing in innovation is a significant step, aligning with our commitment to developing cutting-edge technologies in India through InMobi and Glance, the world’s leading smart lock screen platform. With the introduction of 50-yr interest-free loans, it is indeed the golden era for tech-savvy youth. This has laid down the foundation for more targeted measures for consumer-tech, semicon design and production, quantum computing and emerging technologies like AI, especially its development and research for future budgets. Almost midway through India’s Techade, we are excited to see the continued focus on infrastructure development and increased focus on research and innovation through forward looking schemes like PLI, NEP and skilling initiatives reaching critical mass. This is certainly India’s statement of intent, announcing itself as the new and upcoming leader of manufacturing and innovation in the world. The next step has to be creating software in India, for the world and with Glance, we have already put it in motion. This budget has definitely set us on the path for continual growth and development - the pursuit of 'Viksit Bharat' - as we look to become the third largest economy in the world in the next 5 years.”
Jose Thattil, CEO, PhiCommerce said, we applaud the government's initiative to establish a Rs 1 lakh crore fund to fuel technological innovation among our youth. This visionary step, offering long-term, interest-free financing, is a game-changer and the fintech sector alone can potentially get elevated to USD 1 trillion by 2030. For digital payments in particular, this will mean many more young entrepreneurs eager to innovate especially in the hardware terminal space will enter the industry and potentially transform payment solutions across India. This fund is not just an investment in technology; it's an investment in India's innovative spirit and global leadership in fintech.
Asish Saraf, VP and Country Director, Thales - India said, "We welcome the Research and Innovation focused steps outlined in the Budget. The allocation of INR one-lakh crore corpus, backed by a fifty-year interest-free loan, is a game-changer. As underscored, this will provide long-term financial support, offering low or nil interest rates to catalyse private sector participation in research and innovation across sunrise domains. This golden era for our tech-savvy youth will undoubtedly spur breakthroughs and drive progress. For Thales, R&D is collaborative by definition, and we work hand-in-hand with start-ups, industry partners and the academic research community to provide our customers with the most advanced solutions possible. We look forward to leveraging our global tech expertise, continue with our R&T efforts in India, and support in fostering the innovation ecosystem in the country collectively with the local teams, talent and industry.”
Arun Balasubramanian, VP & MD, India & South Asia, UiPath says, we firmly believe that innovation is fundamental to progress. At UiPath, we recognize the critical role of a skilled workforce in advancing Digital India. The introduction of the INR 1 Lakh crore corpus, along with 50-year interest-free loans for the private sector to boost research in sunrise domains, marks a significant stride towards unlocking the potential of innovation. This initiative will provide necessary resources for our tech-savvy youth to smoothly integrate and apply transformative technologies such as AI, automation, and robotics. While commendable progress has been made with the Skill India Mission, it is now crucial to streamline and facilitate demand-driven formal skilling, bridging the gap between academia and industry. With these initiatives, India's digital evolution holds promise for a bright future.
Harshvardhan Lunia, founder & CEO, Lendingkart says, the interim budget for 2024-2025 resonates with a forward-looking vision, strategically leveraging digital acceleration to empower diverse segments of society. The continued emphasis on grassroots, women, and youth empowerment is commendable, fostering inclusivity in the developmental trajectory. The proposed infrastructural and sectoral reforms are poised to fortify the economic landscape, unlocking a myriad of opportunities for entrepreneurs, SMEs, and MSMEs. This budget underscores India's commitment to fostering innovation and digitization, charting a course for sustained economic growth and resilience.
Sudhindra Holla, Director, Axis Communications, India & SAARC, Axis Communications said, “The Union Budget of India 2024 has a visionary approach to sustainable development. Introducing the Blue Economy 2.0 scheme, focusing on environmental restoration through multimodal strategies, is a commendable step towards a greener future. The budget's emphasis on improving rail and air connectivity is crucial for fostering economic growth. Implementing major railway corridor programs and converting rail bogeys to higher safety standards demonstrate a commitment to enhancing transportation infrastructure. Similarly, expanding air connectivity to tier-2 and tier-3 cities and the growth of airports are positive moves supporting inclusive development.
Overall, the Union Budget's focus on sustainable initiatives and strategic infrastructure development sets a promising trajectory for India's growth. It creates opportunities for various industries to contribute to a more environmentally conscious and technologically advanced future.”
Mr. Hariharan Subramanian, Managing Director, Siemens Healthcare Private Limited says, "It is imperative to strengthen healthcare infrastructure in India to manage the growing demand. In its journey of catering to the present and being prepared for future needs, the budget emphasizes on better access to healthcare.
In the fiscal year 2024-25 budget, the government revealed an ambitious plan for strengthening the healthcare sector in India. The emphasis on establishing medical colleges within existing hospital infrastructures is game-changing, resulting in a significant rise of healthcare professionals while expanding and enhancing healthcare accessibility across the country.
A notable step was taken towards cervical cancer awareness, encouraging vaccination for young girls, further augmenting our efforts in enhancing the cancer care continuum, and closing the care gap, thereby creating a future without fear of cancer. Extending healthcare coverage under Ayushman Bharat is an inclusive strategy that ensures quality healthcare for everyone, everywhere.
The budget also embraces new technology and promotes digital transformation, setting the path for economic potential and cost-effective, high-quality healthcare services across India. Fostering growth in the MedTech sector while emphasizing on achieving its vision of Atmanirbhar Bharat.
Overall, this budget aims to empower the healthcare sector for a healthier, stronger India.”
Mr. Shreeranganath Kulkarni, Managing Director, InfoVision said, InfoVision warmly welcomes the budget announcement by Finance Minister Nirmala Sitharaman. The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step, particularly for innovation-driven enterprises like ours with a strong focus on edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
The injection of such long-term, interest-free capital promises to substantially boost our research and development initiatives that serve not only India but also the global market. It arrives at an opportune time, aligning with InfoVision's recognition in the Zinnov Zones for Engineering R&D and Digital Services 2023, particularly for our work in Data & AI Engineering.
This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world. It underscores our commitment to leveraging India's rich talent pool and contributes to our nation's technological progress.
Arundhati Bhattacharya Chairperson & CEO, Salesforce India, says India has showcased a robust and resilient growth story driven by perseverance, ingenuity, and vision. The 2024 interim budget is an action-oriented one, with the mantra of reforming, performing and transforming India. It is a budget of confidence. It promises to continue to empower the four vulnerable sections of society- the poor, the youth, farmers and women folk in order to realise India's potential. The continued focus on increased capital investments will result in generation of employment opportunities and thereby growth of the economy. Micro, Small and Medium Enterprises (MSME) are an integral part of our economy - locally and globally. As of October 2023, 1.14 lakh startups were recognised by the government under the Startup India initiative and reported the creation of more than 12 lakh jobs. The next-generation reforms focused on timely and adequate finances, relevant technologies and appropriate training for the MSME’s to grow and also compete globally will facilitate sustaining high and more resource-efficient economic growth creating opportunities for all.
India is the talent basket of the world and has one of the youngest populations globally; we have a humongous opportunity to unlock the potential of the country’s young workforce. I am personally pleased with the 43% increase in enrolment of women in STEM courses, the highest in the world. What’s more, our country’s population is massive and tremendously diverse – which gives us access to some of the richest data sets for AI and innovation. India is showcasing multiple solutions through innovation and entrepreneurship of its people. Technology, youth and innovation continues to be the cornerstone of the Government's strategy. Creation of a corpus of rupees one lakh crore with a fifty-year interest free loan is a welcome move combining the power of our youth and technology for driving more innovation.
Promoting sustainable growth is an opportunity for India to lead and has been a top of mind initiative for all leaders. Bold action towards climate change for realizing our commitment to becoming ‘net-zero’ by 2070 is much needed. We are on a high growth path with all-round development and it is encouraging to see the focus on environment-friendly alternatives 9 roof top solar, offshore wind power generation, mixing of bio fuels with CNG etc)to ensure that such growth is sustainable.
We need more women in the workforce and women-led initiatives are an imperative. Achieving high resilient growth while ensuring sustainable and inclusive livelihood options for all remains a priority for the country. There is emphasis on programs for this segment as well including their health and nutrition. The budget shuns unnecessary populist measures and focuses instead on ensuring that India continues on its high-growth trajectory.
Ms Pooja Thakran, Senior Director - Corporate Communications and CSR, Honeywell India says in her comments, “Interim Budget 2024 stands as a testament to the government’s dedicated focus on promoting rural agronomy, bolstering youth employability and fostering women empowerment, especially across the rural belts. The budget acknowledges the need for critical interventions in youth upskilling and this is reflected in the success of the Skill India. Moreover, the surge in female enrolment in higher education and in STEM courses is indicative of the positive transition in India’s gender parity. Much of this success is also attributed to the growing synergies between the government, the development sector and corporate India, specially by promoting upskilling and sustainability interventions through CSR.
For example, we, at Honeywell Hometown Solutions India Foundation have sponsored STEM education for girls and upskilling programs for underserved youth. Moreover, we provide financial impetus to start-ups in the deep science. The Interim Budget’s allocation of 1 lakh crore to scale up research and innovation in sunrise sectors (hydrogen fuel production, petrochemical industry) is a great move and aligns with Honeywell’s business priorities and our social impact agenda. We are optimistic that this will contribute to India’s $5 trillion economic vision.”
Chakravarthi C., Managing Director, Quantum Energy "The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which the budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars."
Lt. Gen. AK Bhatt, Director General, Indian Space Association "We commend the government's allocation of the Rs 1 lakh crore corpus in the interim budget 2024 for long-term financing of technological research. This move will be beneficial for startups in the rapidly expanding space sector, providing them with support to innovate and conduct further research across various domains of space technology.
Additionally, the new scheme being launched for boosting deep-tech for the defense sector will be transformative. This initiative holds significant promise for DefSpace startups, which can play a substantial role in enhancing the ecosystem due to the integral relationship between space and defense industries.
However, we are sanguine that the post-election full budget will include support for a liberal FDI policy for space, inclusion of space grade components in PLI, reduction of GST for satellites, launch vehicles and ground equipment manufacturing and provide tax holidays and lower import duty for space sector firms."
Varun Babbar, MD India and SAARC for Qlik “The 2024 budget announcement signals a strategic focus on propelling the economy toward sustained growth. The government’s dedication to fostering growth, enhancing productivity, and creating employment opportunities aligns seamlessly with Qlik’s commitment to empowering businesses with transformative data solutions, including cutting-edge AI and ML applications.
The emphasis on transformative reforms via NEP 2020 and the Skill India Mission, particularly in crucial tech and AI segments, highlights the immediate need for upskilling and reskilling - essential pillars where Qlik’s innovative data analytics, data literacy, augmented by AI and ML, play a pivotal role. The allocation of Rs. 1 lakh crore for Research and Innovation, coupled with interest-free loans, underscores the crucial role of the private sector.
Furthermore, the forward-looking initiatives supporting shore-wind energy demonstrate a commitment to technological advancement and resonate with Qlik’s vision for sustainability and impactful innovation.”
Vishak Raman, VP of Sales, India, SAARC, SEAHK & ANZ at Fortinet “The cybersecurity challenges have expanded at an unparalleled rate, witnessing a 68% surge in the detection of unique cyber threats over the last 5 years according to FortiGuard Labs. Addressing this threat requires unified approach, leveraging strong partnerships and collaborative efforts across both the public and private sectors, as well as various industries. Understanding the gravity of these concerns, the government has significantly elevated its commitment to safeguarding our nation's critical infrastructure and digital assets. The latest budget reflects this dedication, nearly doubling the cybersecurity funding from Rs. 400 crores in the previous fiscal year to Rs. 759 crores for the current year. This significant increase in investment towards cybersecurity initiatives arrives at a crucial moment, as we face an expanded threat landscape fuelled by the rapid proliferation of IoT devices and the merging of Operational Technology (OT) and Information Technology (IT) networks.”
Pramod Sharda, CEO of IceWarp India and Middle East “In the interim budget 2024, Finance Minister Nirmala Sitharaman announced an establishment of ₹1 lakh crore (₹1 trillion) ($12 Billion) with 50-year interest free corpus to help finance research in technology. The corpus will provide long-term financing or re-financing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will act an incubator for harnessing and combining the power of Indian Youth and Technology which will further boost the startup culture by creating new techpreneurs in the country.”
Dr. Ajai Chowdhry, Chairman of Epic Foundation, Co-Founder, HCL said, Good budget towards making India a developed nation by 2047. For the first time ever we are talking long term! We need to move from low value added services to becoming a high value added Product Nation India needs to move from services to creating high value added products especially in domains like semiconductors, electronics, drones, Medtech, space etc. ₹1 lakh crore sunrise sector fund will be instrumental in enabling deep R&D to take India towards becoming a Product Nation.
Mr. Manoj Gupta, Managing Director, Fortune said "The provisions in the Interim Budget are not just encouraging but also indicative of the government's proactive approach towards economic rejuvenation. Most importantly, its enthusiastic focus on key sectors and initiatives is commendable, setting a positive tone for the vibrant future of the overall economy and industries across the spectrum. While we are highly optimistic about the transformative impact these measures will have on the economy, we are equally hopeful for the efforts towards growth in the IT industry to take the next leap forward. We also appreciate the government’s proactive efforts towards boosting the IT industry through PLI scheme under which it has already disbursed more than Rs 1600 crore, and further it has allocated Rs 6,903 crore in interim budget 2024. All these initiatives will further boost the development of semiconductors.”
Bimal Khandelwal, Chief Financial Officer, STT GDC India said, "The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favourable environment for sustained foreign investment, aligning with the digital aspirations of the nation.
The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India's digital journey."
Ravi Kunwar, Vice President - India & APAC at HMD Global (The Home of Nokia Phones) says, “The Interim Budget is forward-looking and represents the remarkable evolution of India's mobile and telecom landscape in the last decade, standing true to our expectations. The allocation towards the development of electronics manufacturing clusters unlocks the accessibility of high-quality technology for varied consumers, including those at the bottom of the pyramid. Additionally, the proposal to further provide relief in customs duty on the import of battery covers, main lenses, back covers, and mechanical items will boost the Make in India initiation and solidify the mobile manufacturing ecosystem in the country.
This reduction, coupled with the establishment of a one-lakh-crore corpus supported by a fifty-year interest-free loan, will empower the private sector to significantly advance research and innovation in sunrise domains. Despite the industry's growth, there is substantial room for expansion in India, and we are optimistic that supportive government policies, infrastructure investments, and a vibrant innovation ecosystem will unleash the next wave of digital transformation.”
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
