Finance Minister Nirmala Sitharaman finished her budget speech in about 92 minutes - her shortest one so far. With two pages remaining, she had to cut it short and sit down by the end of it as she felt unwell.
We would say, it is forward-looking Union Budget 2022-23. The AtmaNirbhar Bharat Ka Budget is in line with PM.The vision of long term growth and inclusive development. It is also the budget that lays out the prospects of New India.
A budget that is high on technology focus and technology led provisioning of services to vulnerable sections. From central Bank digital currency (CBDC) to using farm stalk for firing coal power plants which will reduce pollution, the budget appears to put high focus on technology adoption in all sectors. This is a very positive aspect.
Also, support to states and a greater centre-state joint initiatives for growth are welcome. The focus on digital economy through focus on startups, auctioning of 5G spectrum and Gov Tech adotpion would surely boost the economy. Digital solutions are the way forward in any kind of enterprise management. Furthermore, to make businesses more efficient & profitable, we require a workforce that is skilled in API, by welcomes the announcement of Data Exchange among all-mode operators to be brought on Unified Logistics Interface Platform.
Digital solutions are the way forward in any kind of enterprise management. Furthermore, to make businesses more efficient & profitable, we require a workforce that is skilled in API, by welcomes the announcement of Data Exchange among all-mode operators to be brought on Unified Logistics Interface Platform. This will be one of the most sought after approach as we pivot ourselves to the needs of a post-pandemic workforce requirement. The finance minister’s digital push for skilling across the digital ecosystem is an impetus in the right direction.
By welcoming the strong push to develop the country’s infrastructure through the PM Gati Shakti National Master Plan which will be a game changer not just in spurring economic activity but also for human capital development and employment generation in some of the most critical sectors of the economy.
Budget 2022 also proposes to extend the existing tax benefits for startups by 1 more year – a promising and welcome move that will support the startup ecosystem in the country. We also welcome the government’s funding support to sunrise sectors such as climate action, deep tech, digital economy and agri tech.
Secondly, budget 2022 for bringing in a considerable focus on clean eating and sustainable farming with impactful steps announced in this direction. Incentives to farmers, MSMEs to adopt natural farming will encourage increasing numbers of stakeholders to look at entering organic farming space as a highly lucrative opportunity, giving a much-needed boost to the ecosystem in distress.
It is clear that technology will be a force multiplier in the coming months. And this year’s budget reiterates the government’s strong reliance on Digital for economic growth. The announcement of a Digital University, a National Digital Health Ecosystem, 75 Digital Banking Units, e-passports, and the aspiration to ensure all villages have the same access to digital resources as urban areas indicate a blueprint for IT-driven comprehensive development.
Finally, the FM has increased focus on the consumer electronics industry and formation technology, which will definitely benefit all worldwide companies, including ours. The 2022 Union Budget allocated 1.97 lakh crore ($26 billion) for PLI projects, notably electronic components, which are among the 13 vital sectors that would undoubtedly help our economy expand.
Furthermore, reduced customs taxes will encourage electronics manufacture, which will benefit the electronics industry.
Rekha M. Menon, Chairperson and Senior Managing Director, Accenture in India on the Union Budget 2022-2023.
“Digital led transformation will underpin India's sustained socio-economic growth. Great to see progressive measures including tech interventions for health, finance, education and skilling in #budget2022.”
Sridhar Pinnapureddy, Founder and CEO, CtrlS Datacenters
“Datacenters being granted the infrastructure status is a welcome news. It will help attract external commercial borrowings, access to long-tenure funds at lower costs, including foreign direct investment. With the planned roll-out of digital universities, digital banks, digital rupee through blockchain, thrust on digital payments, and OFC deployment through Bharatnet across all villages will lead to explosion of data across rural, urban areas and hence data centers are poised to play a key role in shaping the future of Digital India.”
The announcement to introduce Central bank digital currency (CBDC) by Nirmala Sitharaman, the hon'ble finance minister in Budget 2022 is an encouraging development. The remark is a testimony that the government is supportive of utilizing digital currency for larger masses. The adoption of CBDC will improve and make it easier for people to use Polytrade with the supporting infra provided by the govt. The development will make digital currencies more accessible to the people just as UPI made digital cash easier to use. We expect that in near future the government will continue to support and encourage digital currencies that will propel the GDP to $ 5 trillion as envisaged by our PM Narendra Modi.
Devroop Dhar, Co-founder and Managing Director, Primus Partners
This is a welcome step and with this a long pending request of the Data Centre industry has been met. This would enable easier access to finance and credit and further accelerate the investment and growth in this segment. With focus on data localization, we expect to see tremendous growth in data centres in the country and according it with infrastructure status would only fast track this growth.
Abhishek Rungta, Founder and CEO, INT.
The thrust provided to digital assets in form of giving green signal to crypto currency is a much-needed welcome step. With a flourishing fintech ecosystem, this openness to digital currency will help optimize and fasten the mass scale leverage of digital infrastructure. The B2B sector is expected to be among first movers to include digital currency-based transactions for businesses. From demand perspective, we believe that the country’s push towards digital-led framework for all key aspects, will result in increased opportunities for IT services from domestic market.
Dhruvil Sanghvi, Founder & Chief Executive Officer, LogiNext
“We welcome the move by the Government of India to boost logistics as a means towards ensuring economic growth. The proposal to set up a Unified Logistics Interface Platform is a welcome move. Leveraging technology to complement the development of infrastructure will help bring in better efficiency. Furthermore, with real-time tracking, and inventory management as a part of the platform, this will go a long way in bringing India at par with global supply chain networks. LogiNext has always been an advocate for digitisation of supply chains, and it is reassuring to see the Government work towards this. The decision taken to extend the tax incentives provided to startups till March 31, 2023 is a reflection of the Government’s commitment towards ease of doing business in India.
Sumit Ghosh, Co-founder & CEO, Chingari App
"Today can be considered as an historic day for the Indian Digital journey. The much-awaited welcome by the Indian government to the use of Digital Currency and Crypto transactions will soon lead India to be one of the top economies of the world. Investing in and utilizing advanced technologies like blockchain is what helps the nation grow at par with the other countries globally. With $GARI Social Tokens listing on 19 global exchanges and Chingari transforming the Web3 universe for its creators, we are proud to be a part of the digital and crypto revolution.
Currently the information and awareness about Crypto/ Digital Currency is very limited in India, which is also a major challenge that needs to be resolved. Chingari powered by $GARI will be stepping up and taking an initiative towards spreading more awareness amongst the internet users in India."
Lalit Mehta, Co-founder & CEO, Decimal Technologies
The focus on fintech and technology enabled development right at the outset of the budget speech set an encouraging tone for the industry and the overarching vision of an all-inclusive digital economy. Starting with the paperless budget, the common thread throughout the Finance Minister’s speech was the focus on promoting digital and technological innovations across sectors, which will spell accelerated growth for technology led development, energy transition and climate action, while ensuring an inclusive welfare society. It is heartening to see a sustained push towards making the benefits of digital banking reach every corner of our country with an initiative that marks the 75th year of independence by establishing 75 digital banking units across 75 districts. Core banking across hundred percent of the 1.5 lakh post offices by 2022, financial support for digital payments ecosystem, and a 6,000 crore rupees programme to rate MSMEs to be rolled out over 5 years, are some much needed steps in this direction.
Milind Borate, Co- founder and Chief Development Officer, Druva
“The government recognizes that as it puts its thrust on digital transformation to usher in economic growth the human capital of the nation needs to be modernized, digitally empowered and rightly skilled, and this is a very welcome move. The DESH- Stack eportal and the formation of a digital university are all steps in the right direction and a major push towards upskilling & reskilling that should go a long way in addressing skill gaps and employability issues of the industry.”
Venkatraman Narayanan, Managing Director & CFO, Happiest Minds Technologies
“A capex heavy, investment push and demand generating budget. I expect the private sector to more than match the capital spend of the Government thus supporting GDP growth of 9% plus, leaving enough headroom for expenditure on farms, health, education and other social sectors. The theme of continued ease of doing business, consistency and stability in tax rates, rebates, push to further digitise the economy, issue of RBI backed digital currency, legitimising digital assets, etc. seem to aid and support the all and in specific the IT Industry which is expected by NASSCOM to grow to become $350 billion in size in 5 years. In all sounds like a ‘financial budget’ of the Country”.
Vishal Agrawal, MD, India and SAARC, Avaya
“We appreciate the government’s continuous focus on the technology sector with the Budget 2022-23. With the ongoing pandemic, the National Digital Health Ecosystem will act as boon to the healthcare workers as it will entail digital registries of health providers, health facilities, unique health identity and universal access to health facilities making their processes digitised and hence, seamless and simplified. At Avaya, we have been contributing to the industry in form of ‘remote healthcare’ for patient care. With social distancing becoming the new norm, frontline responders and healthcare institutions have swiftly adopted collaborative tools and cloud-based solutions to ensure continuity in providing quality healthcare. We look forward to assisting the government with this initiative.We also welcome the announcements on 5G rollout and PLI scheme as it will boost R&D, generate job opportunities, and enable enhanced connectivity across the country. In the last 2 years, Avaya has helped over 2 million people work remotely without disruptions and ensure business continuity and resilience for various organizations across verticals. Therefore, we appreciate the government moving towards a direction which will enhance hybrid work which indeed is the future of workplace.
Kulmeet Bawa, President and Managing Director, SAP Indian Subcontinent
“The budget announcement deserves applause as it takes a stance to address the two biggest needs of the hour: inclusive digital development and climate action. This monumental decision will help drive the country towards a self-reliant future, by prioritizing positive economic growth and an optimistic outlook towards sustainability. Overall, India is setting itself up for a digital first approach by focusing on the much needed digital push that results in holistic job creation, skilling and overall improvement of the population’s livelihood as the nation recovers from the impact of the pandemic,” said Kulmeet Bawa, President, MD, SAP Indian Subcontinent.
Ramanujam Komanduri, Country Manager, India, Pure Storage.
“The Union Budget 2022 expectedly turned out to be a growth-oriented budget. The government is focused on reviving the economy through various programs across industries and especially MSMEs, which were hardest hit by the pandemic. The rollout of the Raising and Accelerating MSME Performance program will help address the challenges faced by the sector, through injection of liquidity and ease of compliance norms. The Credit Guarantee Trust for MSME will not only enable them to revive their businesses with additional funds but also enhance employment opportunities and enable job creation. There is also a strong push for digital transformation in the education sector by announcing Digital University and high-quality e-content across regional languages for the students to skill, upskill and reskill the youth. Addressing the structural challenges in the education landscape, the government has focused rightly on upskilling and digital learning. Another impactful announcement is the confirmation of the auction of 5G spectrums this year which will improve accessibility, speed, and availability of the internet across India and particularly in rural areas. This budget’s emphasis on Digital India will further attract investment and put India firmly on the global innovation map.
Puneet Gupta, Managing Director & Vice President, NetApp India
I am excited to see the government’s focus on technology sector, as a whole. The incentives towards creating digital infrastructure, education, and skilling, spell out the intent on developing the country’s human capital. The emphasis of digitised skilling will help make our country's youth future-ready. Additionally, the announcement on RBI introducing digital currency and the government providing infrastructure status to data centers, will help create a framework for emerging technologies making the digital India Inc better and stronger.”
Sunil Sharma, managing director - Sales, Sophos India & SAARC
“The Union Budget 2022 presented by the Government of India is built on the foundation of introducing new technologies across sectors. From education to finance, logistics, and healthcare, the bedrock of change will be driven by tech. The Government has further proposed the introduction of the digital rupee. While this will definitely enhance efficiency and promote growth, increased digital penetration also brings with it additional cyber risks that one should be vary of. As a step towards mitigating cyberattacks, the Government plans to set up broadband in villages as well as the Digital DESH e-portal. This will help equip youth with the right skills, including cybersecurity skill sets, needed to operate safely in today’s tech-driven world.”
Manish Sharma, CEO, Panasonic India
“Union Budget 2022 continues to pave the way for a sustainable economic growth in Amrit Kaal, backed by consistent structured approach. It underscores the Govt commitment towards Digital India and investment in Public Private Partnership through game changing initiatives like Gati Shakti programme, investment in the sunrise sectors and MSMEs, introducing policies for clean energy, among others. Infact, the seven engines defined under Gati Shakti initiative is bound to have a multiplier effect as it will help aid in reduction of logistics costs, enable supply-chain efficiencies, create employment generation all this, while using technology. It was encouraging to see the focus on clean energy. In line with Panasonic’s business strategy, we are looking forward to details on the Battery Swapping Policy and participate in India’s Electric Vehicle (EV) story. Also, the commitment on building a circular economy is the need of the hour as the world looks at sustainable solutions in a phased manner.
Alok Dubey, Chief Financial Officer, Acer India
“The Union Budget announced today showcased the government's initiative towards Digital Transformation. From announcing a Digital University, for online learning to high-quality e-content across languages will enable the youth to skill, upskill and reskill themselves. These programs under digital learning and the connectivity expansion will further strengthen the availability and accessibility of internet in rural areas.
With Govt infrastructure spending push, we are likely to see more employment and growth opportunities and enhanced private sector investment in manufacturing. We are confident that the exemption of duty on parts of select electronic items will further boost the domestic manufacturing of electronics goods under the PLI scheme. Overall, the Union Budget 2022-23 is a promising budget and a step forward towards ‘Aatmanirbhar Bharat’.”
S Durgaprasad, Co-Founder, Director and Group CEO, Bahwan CyberTek Group
It is clear that technology will be a force multiplier in the coming months. And this year’s budget reiterates the government’s strong reliance on Digital for economic growth. The announcement of a Digital University, a National Digital Health Ecosystem, 75 Digital Banking Units, e-passports, and the aspiration to ensure all villages have the same access to digital resources as urban areas indicate a blueprint for IT-driven comprehensive development. The tax exemption for start-ups and the introduction of digital rupee using blockchain technology provide a stimulus for innovation and highlights the country’s appetite for emerging technologies. I’m confident that this budget will pave the way for a digitally transformed India equipped with all the resources for sustainable development at scale.”
Arundhati Bhattacharya, Chairperson & CEO Salesforce India
"Overall, this is a budget with a long-term vision supported by growth oriented policies driving job creation, digital inclusion, climate action and infrastructure development and therefore, is very timely for our country. As we continue to digitally transform, the focus on bolstering digital payments with a consumer-friendly lens, will continue to augment digital adoption across regional India. As a knowledge economy, I cannot emphasise enough on the importance of skilling to lead the digital disruption. Initiatives to drive skilling, reskilling and upskilling, digitally, will ensure we are ready for the digital future much ahead of the curve. Lastly, climate change is the most pressing global crisis that humanity is facing today impacting every individual, institution, government, community, and business. Investments in energy transition and climate action will take us on our path to sustainable development."
David Li, CEO, Huawei India
“The 2022 Budget is one that has its eye set firmly on the future, with a technology-driven sustainable development at the core of its vision. The budget provides for digital enablement for all sectors from digital education, digital university, telehealth and digital banking among others. It also looks at boosting the economy with provisions for the start-up ecosystem, infra, clean energy. The focus on skilling, digital learning and clean mobility will create opportunities for Indian youth and will also go a great way in addressing the skill gap in various industries. It is such inclusive policies that will boost the outcome of the budget”.
“I would like to applaud the efforts of the Finance Ministry on the Union Budget 2022, which is technology-focused and will be a catalyst for growth. It is apparent from this budget that we are on track to achieve our objective of a truly digital India. The adoption of emerging technologies like blockchain and artificial intelligence in the RBI-backed Digital Rupee, E-Passports, Geospatial Systems, etc. will be a game-changer in terms of strengthening the country's economy. Additionally, the Union Government’s push towards skilling, reskilling, and upskilling people through the digital ecosystem for skilling and livelihood - DESH-Stack E-Portal, will help address the talent gap and open the doors to newer opportunities.
Sudhir Kunder Country Director, DE-CIX India
It is encouraging to see that Data Centers have been granted Infrastructure Status in Budget 2022. It is a significant moment for everyone involved in the technological industry. Data Centers are critical to our country's digital growth. This was the best decision for our country's digital growth.
The 2022 Budget allocates more funds to data centers, fintech, the digital economy, and other digital elements, which will undoubtedly benefit interconnection platforms like DE-CIX, which are contributing to the digital economy's success.
By virtue of our reach across the length and breadth in India we will be able to play a significant role in government endeavor to Digital Economy.
Digital Engineering is the future and steps taken today will shape the country’s journey ahead on this. And the announcements under Union Budget appear to precisely embrace this proactive approach as the fundamental impetus has been on leveraging digital technologies to further the nation’s growth and march ahead. As a pure-play ER&D services provider, our belief is that such a mass scale enablement of the digital ecosystem will also result in complementing uptake of digital engineering capabilities resulting in the country maintaining its strong hold as a global preferred destination for engineering services.
A budget that is high on technology focus and technology led provisioning of services to vulnerable sections. From central Bank digital currency (CBDC) to using farm stalk for firing coal power plants which will reduce pollution, the budget appears to put high focus on technology adoption in all sectors. This is a very positive aspect. Also, support to states and a greater centre-state joint initiatives for growth are welcome. The focus on digital economy through focus on startups, auctioning of 5G spectrum and GovTech adotpion would surely boost the economy. Overall a budget that is clearly forward looking.
V Ranganathan, Managing Director, Cerebra Integrated Technologies
“The Budget is a positive one and we are glad to see a thrust on local manufacturing and the ‘Make in India’ program continues to be a focus area for the government. The Finance Minister has mentioned a policy for e-waste and reverse logistics as well as reduction in the duties for capital manufacturing goods. We are keen to see what this will mean for the e-waste recycling industry as the country is working towards meeting it’s climate targets.
Prof T. K. Srikanth, Head of E-Health Research Center, IIIT Bangalore
“The E-Health Research Center at IIITB has been working with NIMHANS, National Health Mission, Govt of Karnataka, on e-Manas, a first of its kind, software platform for mental health management. This has been deployed by the Govt of Karnataka and is being extended to the monitoring of the DMHP program as well as psychiatric rehabilitative services. As part of the tele mental health network that NIMHANS will now help setup, IIITB will help integrate eManas with tele-health services, thus providing a comprehensive platform for mental health care that can scale up nationally.”
Aditya Agarwal, Founder, Wealthy
"The unveiling of Budget 2022 for the fiscal year 2022-23 today has brought significant reforms for financial inclusion, with fin-tech being one of the primary focus segments this fiscal year. The establishment of GIFT-IFSC as a financial hub, and the financial charter will have a revolutionary impact on the financial system. The government has finally recognised digital currencies by introducing Digital Rupee with blockchain under the Reserve Bank of India, as well as other virtual asset properties. This is expected to broaden the range of financial avenues available and help investors construct a more robust investment portfolio.
"With the government unveiling the budget today, the focus for the fiscal year 2022-23 is clearly on infrastructure investments, digitization, and financial inclusion. The emphasis on infrastructure investments is likely to drive sustained employment growth while the MSME and Fintech sectors are expected to drive inclusive recovery and financial inclusion. With accelerated digitization resulting from the pandemic and the Digital India push, the digital payments sector has flourished while redefining the retail sector. More reforms are also expected to be implemented to help small retailers become more Aatma Nirbhar, thereby sustaining and strengthening the local retail ecosystem. Small merchants who are the backbone of our economy and national infrastructure are today embracing digital transformation, becoming more accessible to customers, and offering more streamlined solutions. The budget provides an impetus to Growth, Consumption and hopefully a Sentiment impetus too. While it is possible that the budget may fuel inflation, a consumption and growth push is urgently needed at this time. Daily consumption industries, such as FMCG, will benefit from a boost in recovery and growth."
“In this budget the Government has made a strong economic statement with its focus on public investments to spur growth. Forward looking and catering to an aspirational Digital India the budget once again lays its emphasis on technology with the launch of Digital Currency using blockchain, Digital University for education in different Indian languages, roll out of 5G and boost to Start-ups. Climate action is among the top 4 priorities for the Government. Climate change continues to pose a significant threat, and all business and public organizations across the country must do their part to address it. Skilling programs and partnerships with industry will be re-oriented to promote continuous skilling avenues, sustainability, and employability. The launch of Desh-Stack e-portal will provide the ecosystem for skilling and livelihood. Fortinet has been dedicated to closing the cybersecurity skills gap by making all its NSE self-paced training courses free for everyone. We will further build on this commitment with a pledge to train 1 million people across the globe in the next 5 years.
“The FY23 Union Budget lays strong impetus on sustainable development. Sustainability has steadfastly become an urgent priority and the proposal to issue sovereign green bonds for building green infrastructure will go a long way in creating a low carbon future and reducing carbon intensity of the economy. This is in line with the government’s commitment on climate action at COP 26. The budget also emphasizes on energy efficiency and energy transition for reducing emissions. Saving energy is an important aspect of energy management. Hence, energy efficiency and savings measures will be promoted. This will be done in large commercial buildings through the Energy Service Company (ESCO) business model. It will facilitate capacity building and awareness for energy audits, performance contracts, and common measurement & verification protocol. The proposal of thematic funds for mobilising blended finance with government share capped at 20% will also allow fund mobilization for emerging sectors like digital economy and climate action.”
The Union Budget 2022-23 emerges at a time of great need as many industries are getting back on their feet after nearly 2 years of pandemic, and many new-age sectors are on a sustainable growth path and need enabling ecosystems for global competitiveness. The Finance Minister highlighted that India’s economic growth is estimated to be at 9.2 percent in current year, the highest amongst large economies. Showing commitment for ‘minimum government and maximum governance’and to further enable Ease-of-Doing-Business (EODB), over 25,000 compliances were reduced and 1486 Union laws were repealed in the recent years. Roll out of ultra-speedy 5G telecom services will further increase demand for data center services, spurring conglomerates helmed by Adani and Mittal to rapidly scale up.
We welcome the government's thrust towards upskilling the youth and digitization in the Union Budget FY 23 announced today. New initiatives such as digital DESH e-portal for skilling, the expansion of PM's eVIDYA scheme, and a digital university are not only innovative but also an encouraging boost to the education sector; and will provide students with equal opportunities across rural and urban regions. While we were hoping for the rationalization of 18% GST in online education services and some tax rebate online learning programs, we are excited to see the government adopt a collaborative strategy that allows world-class universities to offer courses in financial services and technology free of Indian regulations in the GIFT city. Moreover, it is heartening to see that the Budget also included steps for the empowerment of teachers, enabling them to facilitate better learning outcomes. Finally, we are thrilled about the animation, visual effects, gaming, and comics (AVGC) Taskforce, as it has the potential to create immense employment opportunities for the youth”
Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.
India’s progressive Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all inclusive welfare. It has a pro-technology focus with futuristic vision. A special thrust on promotion of Digital India and adoption of emerging technologies, including 5G, AI, ML and Drones. The key highlights of union budget underlines the economic growth estimated at 9.2% to be the highest among all large economies. It promises 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors. It also highlights the Production Linked Incentive (PLI) Schemes, which has the potential to create an additional production of Rs 30 lakh crore. This budget has a roadmap for achieving the objective of ‘Make-in-India’ and ‘Atmanirbhar Bharat’. The customs duty rationalisation to incentivise domestic manufacturing is a welcome step.The budget has the PM Gatishakti Scheme with ambitious plans to transform the transportation sector. The seven engines that are going to drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure. The big boost to infrastructure will help the security industry growth in the long term.
There is a greater focus on MSME sector in the budget and as a key stakeholder of the MSME Ecosystem, we feel this a very positive step for the security industry. The government has announced that Udyam, e-shram, NCS and ASEEM portals will be interlinked. The help is provided to 130 lakh MSMEs as additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS). The extension of this scheme till March 2023 is a thoughtful decision. The firm focus on Skill Development is another positive aspect of the union budget. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through on-line training. Overall a pro-growth budget with a vision for the new emerging India on global front.
"This clearly is a futuristic and technology driven budget presented by the honorable Finance Minister. Almost every key project announced by her talks about leveraging information technology to the fullest in bringing out the best outcome. Giving data centers infrastructure status is a welcome move. It will help in getting easy financing for the datacenter players and attract more investments. Other areas like 5G spectrum auction in 2022, PLI in 5G,optic fiber network in all villages by 2025, e-passports and emphasis on digital content development and delivery, and digitalization of education are some great moves announced in this budget. Bringing in Digital currency using Blockchain is another huge step," said Ashok Kumar, MD RAH Infotech.
“An infrastructure status for the data center industry means that data localization and affordability of high-end data centres will be more accessible now. Today’s announcement offers a lot of encouragement to the continuous efforts of the data centre industry in India. For Indian businesses, it offers a chance to avail long term data center services at lower investment rates. It will also empower the sector to hire more skilled talent and make our country a global hub for data centers. This initiative is what we had been hoping for, and we are absolutely elated that it’s coming to fruition through the efforts of the central government and the data center sector collectively.”
Subodh Parulekar, CEO and Co-Founder, Afour Technologies
"In an effort to propel growth, the budget for 2022–23 provides tax sops for startups and supports digital transformation across industries. The tax exemption for the startup sector has shown the government's commitment to building a dynamic and robust startup ecosystem. The announcement of the digital currency is a historic move in India's financial history and promises to open up new vistas of growth and innovation in the sector. The impetus on design-led manufacturing for 5G is another important sector that could nudge India's economy toward sustained growth. The budget is timely and futuristic. We believe that these measures will make India a fast-growing, digitally empowered, and forward-looking economy. "
Naman Shah, Founder & CEO, NowPurchase
"Given the unusual times we live in, the Union budget for 2022–23 has been quite positive for Indian enterprises. The government's decision to push skill development through the DESH Stack e-portal is commendable. The proposal to extend a 6,000-crore RAMP programme for Micro, Small, and Medium Enterprises (MSMEs) over the next five years is encouraging for increasing competitiveness of this sector. We expect that the government's efforts to interconnect MSMEs' portals such as Udyam, e-Shram, NCS, and Aseem in order to broaden the scope will aid the formidable growth of the MSME sector. Along with this, the gradual phase out of some custom duties should definitely bolster manufacturing. The government's support for India's startup and MSME sectors has continued this year, and the industry is poised to be back on a growth trajectory after an unprecedented last financial year.
The PLI Schemes, which now cover fourteen sectors, are expected to contribute to increased production of Rupees Thirty Lakh Crores, with the potential to create sixty lakh new jobs over the next five years. Because of the government's strong push for PLI Schemes, India may incentivise international investors to set up manufacturing units in India and support local manufacturers to expand their units and generate jobs, enhancing India's global competitiveness. As a technology-driven procurement platform, NowPurchase finds the budget to be extremely satisfactory."
Sripad Nandiraj, Founder, Hocomoco
"The Union Budget 2022-2023 presented by FM Sitharaman for the affordable housing sector will undoubtedly encourage the sector's next stage of growth. The announcement that an urban planning panel would be established and that 80 lakh affordable houses will be built at a cost of Rs 48,000 crore under the PM Awas Yojna in 2022-23 is a positive move. This would help to enhance the affordable housing market and promote affordable housing in metropolitan areas for the economically weak and middle class. The challenge, however, according to the Economic Survey, is to significantly increase infrastructure spending. India spent $1.1 trillion on infrastructure during fiscal years 2008 and 2017. It will now need to spend $1.4 trillion to reach a GDP of $5 trillion by 2024-25, according to its recent report. Additionally, the Gati Shakti plan, which aims to bring 16 ministries together to work on infrastructure and connectivity projects, is also a beneficial move that will aid the affordable housing plan. From Hocomoco's standpoint as a construction aggregator company, the budget is extremely encouraging."
Rajesh Gopinathan said the Budget provides many growth opportunities for the technology industry across sectors such as railways, healthcare, education, financial services, and regulatory bodies, which will accelerate India's growth.
“The decision to introduce E-Passport will further streamline the overall citizen experience, enhance security, and facilitate smoother international travel. He further said that, the government's digital push would in turn lead to more IT and technology projects being awarded, benefiting Indian and global technology companies.
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