India's Tech Sector Anticipates Supportive Measures in Budget 2024

Budget 2024: Salesforce India CEO expecting recognition of IT sector's role in creating well paying jobs - Times of India

Finance minister Nirmala Sitharam will present the Union Budget 2024 on Tuesday (July 23). The budget holds significant importance as this will be the first full budget of the newly-elected government and sets the tone for the next five years. Expectations, especially from the tech industry leaders, are high for several key areas. Arundhati Bhattacharya chairperson and CEO, Salesforce India, has said that she is expecting the budget to recognise the role of the IT sector in creating well paying jobs as well as increasing efficiency and productivity. "The technology industry has gone through a transformation in the last year. As a leader in the technology industry, I'm expecting the budget to recognise the role of the IT sector in creating well paying jobs while increasing efficiency and productivity. The depth of IT talent in India is well recognized but we need to deepen the play with proper skipping initiatives and increasing ease of doing business while exploring ways in which IT can be used for further job creation such as improving citizen services, addressing the needs of our large population, and helping in improving standards of living. AI is omnipresent today, and collectively we are about to unleash Artificial Intelligence delivering a huge amount of positive impact for all industries and we need to align with the potential impact on lives. Building the right skills within the working-age population will be crucial to sustain the growth momentum and equitable wealth distribution. While there are several resources available for upskilling, standardising these through certifications and publicising them extensively, especially in tier 3, tier 4, and rural areas is critical. Secondly, encouraging technology adoption in local industries, which is currently lacking, can help drive global competitiveness and greatly improve productivity. Over the years, the Government itself has demonstrated the immense power of technology adoption through the success of platforms such as CoWIN, UIDAI, UPI, Digiyatra etc. The government must showcase its successes to encourage the proliferation of cutting-edge technology in local industry. Of course, there is immense scope for the Government to scale up technology adoption to deliver superior citizen services, speed up infrastructure development, and plug subsidy leakages. In the coming years, driving sustained growth and generating employment are key priorities for the country, and technology can be the biggest enabler to achieve these goals. India has proven itself as a global hub for technology talent and emerged as a preferred destination for global capacity centres (GCCs). Taking steps to smoothen the path and also ensure ease of doing business will drive innovation from India. Simplifying onerous compliance requirements can go a long way in accelerating the growth of India. GCCs for instance generate employment and set off a multiplier effect, driving consumption and secondary employment in their ecosystem." The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

Budget 2024: From tech innovation to infra development, key expectations from the government

Industry leaders expect policies to drive innovation, job creation, and economic development. The budget aims to pave the way for sustainable growth and inclusive development.As the unveiling of the Union Budget 2024 approaches, anticipation is building across various sectors in India. Each year, the budget sets the stage for economic policies and resource allocations that significantly impact the country's growth trajectory. This year, there is a heightened focus on how the budget will address key areas such as technological innovation, infrastructure development, and social welfare. Industry expectations Vijay Navaluri, Co-founder & Chief Customer Officer, Supervity, highlights the AI sector's optimism for policies that will further stimulate growth and innovation. He underscores the importance of the government's continued support for AI and related technologies to drive the industry forward. Navaluri expects the budget to prioritize investments in AI, particularly in enhancing AI-based education and skill development through partnerships between educational institutions and industry. This, he believes, will ensure a steady pipeline of skilled professionals who can contribute to various sectors, including healthcare, agriculture, and urban planning. He also anticipates the implementation of Public-Private Partnership (PPP) models and the establishment of regulatory bodies to ensure ethical AI usage. Financial incentives and tax deductions for AI startups, along with increased funding for R&D, are expected to boost innovation and the growth of the AI ecosystem in India. Pankaj Arora, Co-founder, Whilter.ai, expresses hope that the Union Budget 2024 will continue to foster a conducive environment for technological innovation. He emphasizes that startups are the backbone of innovation, driving economic growth and creating jobs. Arora suggests the government should simplify regulatory processes, provide tax incentives, and ensure better access to funding for early-stage ventures. Additionally, he stresses the need for clear and enforceable ethical guidelines for generative AI to ensure responsible development and deployment. He calls for government investment in AI research and development, skill development programs, and public-private partnerships to foster innovation while safeguarding ethical standards. Gautam Madhavan, Founder and CEO, Mad Influence, looks forward to policies that will bolster the digital economy. He notes that previous budgets have focused on digital literacy and expanding internet access, with initiatives like the BharatNet project aiming to connect 2.5 lakh gram panchayats by optical fiber. Madhavan believes that expanding internet infrastructure and promoting digital literacy, especially in rural areas, will enable more individuals to participate in the digital economy. He says these measures will drive growth in the influencer marketing industry and contribute to broader economic development. Karan Verma, Co-Founder and Director, FAAD Network, is optimistic about the Union Budget 2024, expecting measures that will empower angel investors and early-stage startups. He hopes the government will introduce policies that reduce the tax burden on investments and provide greater incentives for venture capitalists. Enhanced tax exemptions and simplified compliance requirements will attract more domestic and international investors, thereby increasing the flow of capital into the startup ecosystem. Verma believes that specific allocations for sectors like fintech, ed-tech, and health tech can drive technological advancements and create new opportunities for startups. He emphasizes that the budget's focus on infrastructure and ease of doing business will be instrumental in nurturing a robust entrepreneurial landscape in India. Nemesisa Ujjain, VP & Head of The Circle FC, anticipates measures such as enhanced tax incentives for early-stage investments, simplified compliance processes, and increased funding for digital infrastructure and skill development programs. As the world faces an economic slowdown, policies supporting the ease of doing business and regulatory transparency will be pivotal in driving the Indian entrepreneurial ecosystem forward and gaining a competitive advantage as a global hub for innovation. The Union Budget 2024 holds significant promise for advancing India's technological and economic landscape. By prioritizing sectors such as AI, the digital economy, and early-stage investments, the budget can pave the way for sustainable growth and innovation. Industry leaders emphasize the need for supportive policies, infrastructure investment, and a streamlined regulatory framework. These measures are essential for fostering innovation, creating jobs, and ensuring inclusive development. As India looks forward to the Union Budget 2024, the emphasis on technological advancement and startup support is expected to shape a dynamic and resilient economic future.

Budget 2024: 'Emphasis on R&D needed to boost India's tech development ecosystem' - Times of India

Finance Minister Nirmala Sitharaman is set present the union budget 2024-25 in the parliament on July 23. Ahead of the budget 2024, tech company executives have voiced their expectations, seeking a boost in India's technology development ecosystem. According to Manoj Nair, head of global delivery centres at Fujitsu, India must take step to bolster digital literacy, emphasis on R&D and establish centres of excellence for innovation. "With close to 25% of the global workforce coming from India over the next decade, skill development and empowerment should be a strategic imperative.A skilled workforce is crucial for economic development. As technology rapidly advances, we need to prepare young people with a mix of education and skills to help meet the future needs of our economy," Nair said. Accelerate AI innovation in India "Now is the time to bolster digital literacy by establishing dedicated centres of excellence. Looking ahead to Budget 2024, another area that calls for a greater emphasis is research and development (R&D) initiatives to enhance our competitiveness especially in AI. I remain optimistic that the government will introduce more ground-breaking and transformative initiatives, thus elevating AI use cases and intellectual property creation. By accelerating AI innovation, we can enhance the country's technology development ecosystem and provide a major boost to sectors including healthcare and automotive among others," he added. "In addition to AI, we must also elevate the country's technology development ecosystem by strengthening the semiconductor space, which can provide a greater boost to sectors including healthcare and consumer electronics among others. As we focus on advancing technology, sustainability should always remain top of mind. The need of the hour is to focus on sustainability and energy efficiency solutions to reduce carbon emissions. Now more than ever, there is a need to prioritize sustainable development and green initiatives, such as electric vehicles and renewable energy projects. Together, we have the opportunity to shape a future where India leads in technological advancements and innovation," Nair noted. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

Budget 2024: Nasscom outlines key expectations - Times of India

The National Association of Software and Services Companies (Nasscom) today outlined its key expectations from the upcoming Union Budget 2024. India's $200 billion technology industry is seeking a conducive environment to foster innovation, growth, and job creation. Nasscom has emphasized the need for a lighter taxation regime to stimulate investment and business expansion.The industry body has called for an increase in the eligibility threshold under safe harbour provisions from the current Rs 200 crore to at least Rs 2,000 crore. This move, according to Nasscom, will provide relief to a larger section of the industry. Additionally, Nasscom has urged the government to focus on creating an enabling environment for the startup ecosystem. This includes simplifying regulatory and compliance frameworks, providing single-window clearance mechanisms, and incentivizing angel investors. The technology industry is also keen on government support for research and development (R&D) initiatives, cybersecurity measures, and tech-driven solutions. Nasscom believes that these investments will drive innovation and strengthen India's position as a global technology hub. Other key expectations from the budget include support for open banking policies, a cloud payments platform for banks, and enhanced public-private partnerships. The industry is also looking forward to increased investments in emerging technologies such as artificial intelligence and blockchain. "The upcoming budget presents a significant opportunity to shape India's technology landscape," said Rajesh Nambiar, chairman, Nasscom. "We are confident that the government will recognize the crucial role of the technology industry in driving economic growth and creating employment opportunities." Nasscom's recommendations are in line with broader industry sentiment and are expected to influence the government's budget-making process. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

Budget 2024: Industry leaders express optimistic outlook for economic growth - Times of India

With the Union Budget 2024-25 just around the corner, industry leaders from various sectors have expressed their expectations for policies that will drive growth and innovation. The upcoming budget is anticipated to focus on enhancing diverse sectors including manufacturing, agriculture, finance, healthcare, and infrastructure. A key area of interest is the continuation and enhancement of initiatives aimed at skill development and domestic manufacturing. Local manufacturing and skill development are important: Rajesh Doshi Rajesh Doshi, Co-founder & Director at Zebronics, emphasised the importance of supporting local manufacturing and skill development in the budget. He stated, "We look forward to the Union Budget 2024-25 that would continue and enhance its focus on diverse landscapes of Manufacturing, Agriculture, Finance, Healthcare, Infrastructure etc., Regular advancements in the plethora of Skill Development missions will encourage more youngsters to be industry-ready and with the hope for further strengthening the Atma Nirbhar Bharat vision that underscores local manufacturing, we would expect measures and subsidies for the same that would boost economic resilience. We anticipate prioritizing policies that will bolster domestic manufacturing through reduced import duties on components which will create more jobs." HMD's Ravi Kunwar seeks PLI Scheme Continuation In the smartphone industry, HMD's Vice President for India & APAC, Ravi Kunwar, shared his optimism for the budget's impact on the mobile phone ecosystem. "As we anticipate the Union Budget 2024, HMD holds optimistic expectations for the Indian smartphone market. We look forward to the upcoming Union Budget 2024-25 with a focus on initiatives that propel domestic manufacturing and foster a thriving Indian mobile phone ecosystem. We particularly look forward to extending or improving the Production Linked Incentive (PLI) scheme. This policy has been instrumental in propelling domestic manufacturing, and its continuation will be crucial for building a robust indigenous component supply chain. We also wish that the government prioritizes the policies that incentivize the production of key smartphone components within India, fostering a self-reliant ecosystem. HMD remains adaptable and prepared to make necessary adjustments based on the final budget announcements. We are confident the upcoming budget will build upon existing policies to ensure stability and sustainable growth for the Indian smartphone industry. We are firmly committed to contributing to India's vision of self-reliance and its emergence as a leading global smartphone player." The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

Budget 2024: Semiconductor industry expects more collaboration to help India emerge as a key player - Times of India

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in the Parliament on July 23. Ahead of the announcement, the semiconductor industry shared its expectations for the upcoming budget. Hitesh Garg, Vice President and India Country Manager at NXP Semiconductors expressed his thoughts on Budget 2024. Here's what he has to say Budget expectations of NXP Semiconductors NXP Semiconductors VP Hitesh Garg said: "India is committed to strengthening its ESDM ecosystem, as reflected in the government's significant budget allocations and incentives.With India emerging as a major market for electronics, automotive, and electric vehicles, and a key hub for technical expertise, we feel the 2024 Union Budget to prioritise investments in digital infrastructure and offer incentives for research and skill development. These measures are important for building an ecosystem conducive to cutting-edge technologies such as SDV, AI, and IoT, strengthening cybersecurity measures, and enhancing IT exports. At NXP Semiconductors, we are optimistic about the government's proactive stance and look forward to collaborating closely to accelerate India's emergence as a key player in the global electronics and semiconductor landscape." PM Modi's plan on the semiconductor industry In March, PM Modi unveiled ambitious plans to transform India into a global semiconductor powerhouse. Laying the foundation stone for three semiconductor projects worth Rs 1.25 lakh crore, Modi expressed confidence in India's potential to rival its stature as a nuclear, digital, and space leader. The cornerstone projects include a Rs 91,000 crore chip fabrication unit by Tata Electronics and Taiwan's Powerchip Semiconductor in Gujarat, along with two other significant OSAT facilities in Gujarat and Assam. "India dreamed of semiconductor manufacturing in the 1960s. Yet, the then governments did not capitalise on the opportunities available then. The previous regime didn't find it urgent enough to act in this direction... Hiding behind India's poverty they overlooked opportunities for every modern technological investment that could have come to India. They only engineered scams worth thousands of crores but couldn't invest thousands of crores in India," Modi said. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.