Presenting the final Union Budget of 2024, Finance Minister Nirmala Sitharaman emphasized several areas of concentration in technology and digitalization, designated funds, and restated packages announced in the Interim Budget.
Here’s what leaders in the technology sector have to say about the announcements made in Prime Minister Narendra Modi’s coalition government’s first budget.
Indusface
Ashish Tandon, Founder and CEO
“We at Indusface applaud the government for realizing how important innovation and technology are to accelerating economic growth. The budget exhibits a forward-thinking approach by prioritizing the development of digital public infrastructure applications in several sectors, including credit, e-commerce, education, health, law and justice, logistics, delivery of MSME services, and urban government. Though these programs show promise, we think that a stronger emphasis on cybersecurity is necessary. Sophisticated cybersecurity measures are essential to protecting our country’s digital infrastructure as digital transformation picks up speed. To support our cybersecurity framework and guarantee that our technical breakthroughs are safe and robust, we implore the government to allot certain funds and rules.
NIIT Ltd.
Pankaj Jathar, CEO
It is highly noteworthy that the budget release has created a solid platform for expanding employment, skill development, and educational possibilities. The government’s commitment to advancing growth and its support for the young of the nation is demonstrated by the provision of Rs. 2 lakh crore for the five employment and skilling projects and Rs. 1.48 lakh crore for education, employment, and skilling. The recently launched centrally sponsored program, which aims to train 20 lakh adolescents in five years, would play a major role in developing a workforce with skills. This important move is desperately needed to close the skills gap that prevents young people from being prepared for the workforce. By maximizing our efforts in education and skill development, these programs will enable the Indian economy to enter its next phase of growth.
BonV Aero
Satyabrata Satapathy, CEO
The budget for 2024–25 marks a significant advancement for India’s deep tech sector. By increasing funding for research and development and offering incentives for innovation, the government shows its commitment to fostering a strong ecosystem for emerging technologies. This budget acknowledges the vital role deep tech plays in economic growth and creates opportunities for startups like BonV Aero to innovate in areas such as drone technology and smart manufacturing. We are particularly encouraged by the emphasis on infrastructure development and skill enhancement, which are essential for scaling our operations and maintaining global competitiveness. These measures will help us accelerate our mission to deliver cutting-edge solutions and contribute to India’s technological progress.
axio
Akshay Sarma, Chief Financial Officer
“The budget announcements represent a sustained attempt to assist India in realizing its economic aspiration of being a $5 trillion economy by 2024–2025. Eliminating the angel tax for all investors will help businesses grow and draw in a variety of funding while addressing important issues in the startup environment. The international economy of India benefits from the simplification of FDI and the promotion of the Indian rupee for foreign investments. These actions improve the business climate, encourage innovation, and strengthen India’s standing in the international financial system. For complete economic development and financial inclusion, sector-specific concerns in the NBFC market and the digital economy must continue to be prioritized.
Futurex
Ruchin Kumar, Vice President, South Asia
“By expanding access to market resources, services, education, and health during the past ten years, technology has been instrumental in increasing productivity and decreasing economic inequality. Through boosting the implementation of digital technologies, the government hopes to improve this even more.
The budget emphasizes the utilization of several sectoral databases created under the digital India goal, bolstered by cutting-edge technological capabilities, to enhance data governance. Critical industries like e-governance, retail, telecom, healthcare, and BFSI (banking, financial services, and insurance) will depend heavily on this strategy. The safe and effective deployment of digital infrastructure across these industries will be ensured by strong data protection and adherence to changing rules.”
