Indian Logistics and Tech Industries Seek Innovation and Support in Budget 2024

Budget 2024: Logistics industry experts advocate embracing AI and IoT technologies - Times of India

Embracing technology like AI and IoT needs incentives: Logistics industry experts on Budget 2024 expectations Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 the in the Parliament next week. Ahead of the budget presentation, the logistics industry advocates for tech integration and regulatory reforms to further improve ease of doing business in the country. A PTI report quotes S Subramanian, Senior Vice President & Managing Director, DHL Express India : "There is significant scope to improve the ease of doing business by streamlining regulations and adopting digital processes. Simplifying and ensuring consistency in GST administration, greater clarity and standardisation in interpretation of customs procedures, and TDS regulations are crucial steps in this direction." Embracing technology like AI and IoT needs incentives Emphasising the importance of integrating artificial intelligence (AI) and Internet of Things (IoT), iThink Logistics Co-founder Zaiba Sarang told PTI "For enhanced operations and transparency, embracing technology like AI and IoT needs incentives". He added "Streamlining the GST system and encouraging sustainability by using electric cars and other eco-friendly activities is also essential". The report also quotes Locus.sh Founder & CEO Nishith Rastogi who said, "Beyond infrastructure enhancements and tax reforms, there is an urgent need for strategic resource allocation to adapt to market dynamics, including fuel price fluctuations and supply chain disruptions... Additionally, incentives for green logistics and digital infrastructure development will be key to achieving our long-term goals." "Continued government support is essential to foster innovation and assist startups in navigating this evolving landscape, ensuring that the sector remains competitive and resilient," he said. "I am optimistic that the Budget will prioritise infrastructure and logistics as critical levers of growth, consistent with the interim Budget," said Rizwan Soomar, Chief Executive Officer and Managing Director, DP World North Africa and India Subcontinent. "The Budget could include incentives and benefits for green initiatives in logistics which aligns with the overall decarbonisation goals of the government and the private sector," Soomar said. Streamlining the existing regulatory frameworks further will encourage greater private sector participation and innovation in logistics, he added. "We anticipate seeing significant investments throughout the industry in multi-modal connectivity, including advanced air cargo terminals and infrastructure enhancements to create seamless trade corridors. 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.

Logistics industry's Budget wishlist: Ease of doing business, incentives for green initiatives

Logistics industry is expecting steps that will further improve ease of doing business in the country, incentives and benefits for green initiatives in the sector, among others, in the Union Budget for 2024-25, which is set to be presented by the Finance Minister Nirmala Sitharaman in the Parliament next week. "There is significant scope to improve the ease of doing business by streamlining regulations and adopting digital processes. Simplifying and ensuring consistency in GST administration, greater clarity and standardisation in interpretation of customs procedures, and TDS regulations are crucial steps in this direction," said R S Subramanian, Senior Vice President & Managing Director, DHL Express India. Also read: The ideal track to run India's logistics system "I am optimistic that the Budget will prioritise infrastructure and logistics as critical levers of growth, consistent with the interim Budget," said Rizwan Soomar, Chief Executive Officer and Managing Director, DP World North Africa and India Subcontinent. "The Budget could include incentives and benefits for green initiatives in logistics which aligns with the overall decarbonisation goals of the government and the private sector," Mr. Soomar said. Streamlining the existing regulatory frameworks further will encourage greater private sector participation and innovation in logistics, he added. "We anticipate seeing significant investments throughout the industry in multi-modal connectivity, including advanced air cargo terminals and infrastructure enhancements to create seamless trade corridors. "We also anticipate a continued focus on trade facilitation, streamlining and digitising clearance processes, minimising delays and enhancing cargo movement efficiency," said Kami Viswanathan, President, FedEx for MEISA region. "As we approach the Union Budget 2024-25 announcement, TCI is optimistic about the government's commitment to bolstering the logistics sector. Emphasis on infrastructure development, streamlined regulations, workforce upskilling, and enhanced investment in technology will drive efficiency and sustainability," TCI Managing Director Vineet Agarwal said. Policy to support innovation TCI is looking forward to policies that support innovation and ease of doing business, ultimately contributing to the nation's economic resurgence, he said. Stating that Interem Relocations is optimistic about the continued emphasis on infrastructure development, technological integration, and policy reforms, company's Group CEO Vishal Agarwal said, "We are particularly hopeful about the inclusion of diesel under the GST ambit, which would greatly aid in cost regulation." Locus.sh Founder & CEO Nishith Rastogi said, "Beyond infrastructure enhancements and tax reforms, there is an urgent need for strategic resource allocation to adapt to market dynamics, including fuel price fluctuations and supply chain disruptions... Additionally, incentives for green logistics and digital infrastructure development will be key to achieving our long-term goals." "Continued government support is essential to foster innovation and assist startups in navigating this evolving landscape, ensuring that the sector remains competitive and resilient," he said. "Important areas of concentration include making large infrastructure expenditures to improve efficiency, such as building multimodal logistics parks and designated freight corridors. For enhanced operations and transparency, embracing technology like AI and IoT needs incentives," iThink Logistics Co-founder Zaiba Sarang said. Streamlining the GST system and encouraging sustainability by using electric cars and other eco-friendly activities is also essential. Innovation and growth will also be fuelled by assistance for SMEs, startups, and skill development as well as by encouraging public-private collaborations and streamlining regulatory procedures, she said. "By addressing these issues, the industry will contribute more to India's economic development," Ms. Sarang added. Read Comments

Budget 2024: Need to strengthen India's supply chain through digital technologies

The G20 summit in 2023 raised significant concerns on the efficacy of global supply chains that break down during critical times and the need for immediate solutions including supply chain de-risking and diversification. India strides to become a global manufacturing hub providing resilient supply chain options for leading manufacturers across industry sectors. Technology enablement is critical to enable efficient and reliable supply chain operations and it is imperative for the government of India to strengthen nation's digital backbone. The G20 summit in 2023 raised significant concerns on the efficacy of global supply chains that break down during critical times and the need for immediate solutions including supply chain de-risking and diversification. The government of India emphasised India's crucial role in creating a reliable and efficient global supply chain and called on businesses to collaborate with India. In line with this, the upcoming union budget 2024 presents an opportunity to address existing challenges and position India as the reliable supply chain node for the world. Technology is revolutionising India's manufacturing sector, with a key focus on improving supply chain logistics. The surge in e-commerce and the need for efficient supply chains are pushing logistics companies to adopt advanced technologies. India's ambition of increasing its participation in global value chains (GVC) from the current level of ~40% to ~50% will require building manufacturing competency and supply chain efficiency. Considering these challenges, the upcoming budget need to enable investments in digital infrastructure, scaling of e-commerce, and adaption of smart logistics to strengthen supply chains in key focus areas: Digital infrastructure: The biggest impetus should be given to creating an improved ecosystem for the digital supply chains of the future. Promoting investment in robust digital infrastructure, including high-speed internet connectivity, data centres and cloud computing facilities will elevate the infrastructure critical for supply chain operations and its sustainability. These investments will also enable IT sector and Global Capability Centres (GCC) in India . The Indian data center market is estimated to reach 2 GW in 2024 and projected to reach ~5GW by 2030 growing at a CAGR of ~18%. Impetus to data center sector is critical to drive digital supply chain enablement and expansion of digital economy. In addition, investment towards expanding broadband access across the country is critical to ensure nationwide digital connectivity. E-commerce platforms: Measures to support the development and scaling of e-commerce platforms to facilitate seamless online transactions and better integration with suppliers and customers is necessary enhance the reach and reliability of the supply chain. Currently valued at approximately $70 billion, India's e-commerce platforms make up approximately 7% of the country's total retail market, presenting a huge opportunity for growth. With a staggering ~58% internet penetration, India boasts the world's second-largest internet user base, positioning itself to emerge as the third-largest online retail market by 2030. Integration of critical value chain players including MSMEs into e-commerce platforms such as ONDC and adoption of digital technologies is critical for the realisation of the online market potential. Targeted interventions would be necessary to expedite value chain integration and digital adoption. Smart logistics and automation: Encourage the adoption of smart logistics solutions and automation technologies in warehouses, distribution centres, and transportation networks. These technologies can enhance efficiency, reduce costs, and minimise errors in the supply chain. The Indian freight and logistics market is estimated to grow at ~9% annually to $480 billion by 2029 from the current base of $315 billion, with technological advancements being a major enabler. The integration of cutting-edge technologies and advancements in intralogistics, automation, warehousing, and transportation management heralds a transformative era for the logistics sector in India. Leveraging robotics, automation, AI, and other cutting-edge solutions, logistics companies can streamline processes, reduce costs, and stay ahead of the competition from other major economies. Incentivising this sector for the adoption of digital technologies to improve transparency and predictability will help India reduce the loss of GDP due to logistics inefficiency, currently estimated to be at ~13%. In the upcoming budget, it is expected that the central government would focus on policy push to strengthen India's supply chain prowess through the adoption of digital technologies. With investments in technology adoption and enabling right policies for digital ecosystem, India can create a robust digital ecosystem that supports efficient and resilient supply chains, driving economic growth and competitiveness. The writer is Partner, Consulting at Deloitte India.

Budget 2024: Here's what Indian accessory makers Noise and Boult expect - Times of India

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 in Parliament on July 23. Indian accessory brands like Noise and Boult have shared their expectations from the upcoming budget. Noise co-founder Amit Khatri talked about how the startup sector in the country has potential to evolve further. Meanwhile, Boult's co-founder, Varun Gupta, highlighted the significance of extending the country's Production-Linked Incentive (PLI) scheme for the wearables industry in India.Gupta also emphasised the potential benefits of this extension, including increased domestic manufacturing, reduced dependence on imported components, and growth driven by foreign investment. What Noise co-founder Amit Khatri expects from Union Budget 2024 Sharing his expectations about the Union Budget, Khatri said: "India's path to 'Viksit Bharat' hinges on nurturing technology breakthroughs through deep tech entrepreneurship. A Nasscom-Zinnov report shows that 14% of startup funding in the last five years has gone to deep-tech startups. It is crucial for the new government to establish a strong regulatory framework to support the startup ecosystem and ensure efficient fund allocation to encourage strategic R&D efforts. Some improvisation in the National Policy on Electronics (NPE) can boost manufacturing by strengthening local smart wearable production and enhancing India's global presence. Guided by Aatmanirbhar Bharat, we additionally seek government support for extensively localizing component production, fostering a lucrative environment where homegrown brands can lead globally. Incentivizing domestic production through tax breaks, subsidies, and R&D funding will enhance India's manufacturing capabilities. We are ready to collaborate with the government to make India a global leader in the smart wearable industry, driving economic growth, creating jobs, and delivering innovative products that enhance millions of lives." What Boult co-founder Varun Gupta expects from Union Budget 2024 While talking about the budget, Gupta said: "As we look forward to the upcoming budget, I am filled with hope and anticipation. I believe that extending support for the (PLI) scheme is crucial for nurturing an entrepreneur-friendly ecosystem within the wearables segment. We've seen remarkable success in the semiconductor sector, which inspires us to achieve similar milestones in our industry. Major tech firms are increasingly choosing to relocate their manufacturing to India, drawn by our nation's supportive policies. This shift has allowed us to reclaim nearly half of the market share previously held by global competitors. We at BOULT, aim to strengthen the entire electronics value chain and reduce our reliance on PCB and other components sourced from China. Moreover, I am also excited about the potential influx of foreign capital, which we believe will catalyze significant growth within the startup sector. I am optimistic that with continued support, our industry can thrive, contributing to a vibrant and self-reliant economy. We look forward to collaborating with the government to make this vision a reality." 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: Tech Entrepreneurs Association of Mumbai seeks financial support for startups - Times of India

Finance Minister Nirmala Sitharaman will present the union budget 2024-25 in the parliament on July 23, 2024. In the upcoming budget, the Tech Entrepreneurs Association of Mumbai (TEAM) has appealed to the union government to boost financial support for startups. According to a report by Economic Times, the TEAM has urged streamlining regulatory processes and offering tax incentives, such as extending the tax holiday for startups from three to five years, will provide much-needed relief. Here's what TEAM said As per the report, TEAM said: "As the Tech Entrepreneurs Association of Mumbai, we anticipate the upcoming union budget with the hope that it will significantly bolster our startup ecosystem.Maharashtra has the most number of startups registered with DPIIT (Department for Promotion of Industry and Internal Trade) in recent years, and government initiatives are key to achieving the state's goal of a $1 trillion economy." "Investment in digital infrastructure, particularly in underserved areas, and focused skill development programs for AI, renewable energy, and deep tech are essential. Collaboration between private and public sectors in these skill development initiatives will ensure a robust talent supply chain. Additionally, fostering community growth through ecosystem partnerships and supporting initiatives for women in tech will strengthen the diversity and inclusivity of our industry. By creating multiple innovation hubs and providing grants for R&D, the government can further drive advancements in these vital sectors," it further stated. Vishal Gondal, GC Member, Tech Entrepreneurs Association of Mumbai (TEAM) & CEO & Founder, GOQii was quoted saying "As we anticipate the Union Budget 2024, I urge the GOI to introduce policies and reforms that promote community building and foster collaboration within the rapidly expanding tech industry. These measures will not only drive innovation and deliver stronger outcomes across the ecosystem but also contribute significantly to our nation-building efforts, aligning with our ambitious goal of becoming a developed economy by 2047. Enhanced policy reforms and public health initiatives will ensure that our workforce is fully prepared to drive this growth". The ET report also quotes Aakrit Vaish, Co-chair, TEAM and CEO, Haptik who said "I am optimistic that the upcoming union budget will provide the much-needed impetus to our rapidly growing tech ecosystem in the city. In order for us to fully harness the potential of AI innovations, startups require robust, supportive policies that streamline regulatory processes and enhance access to funding. Investment in digital infrastructure and dedicated skill development programs will be critical. By fostering an environment that encourages innovation and supports emerging technologies, the government can drive substantial growth and solidify Mumbai's position as a global tech hub". 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.