IT Industry’s Reaction on Union Budget 2023

IT Industry’s Reaction on Union Budget 2023

The Union Budget for 2023 has been announced by the Finance Minister Ms. Nirmala Sitharaman. There are various schemes that have been announced by FM to escalate the growth of India. IT industry has also got some space in the budget and there are positive reactions from the industry regarding this budget. The IT leaders have expressed their views on this budget. Take a look:

“The Budget Gives Businesses An Opportunity to Shine Bright”

“The 2023 budget is a growth-oriented and inclusive one that lays a solid foundation and strengthens the economic outlook for India. We have a unique opportunity of being a demand-driven economy with a rapidly digitising population. The increased capital investment outlay has a multiplier effect on generation of employment opportunities and thereby better standard of living for citizens. India is the talent basket of the world and has one of the youngest populations globally; we have a tremendous opportunity to unlock the potential of the country’s young workforce. The unified Skill India Digital Platform, addresses the imperative of businesses and Government to do more to address the skills gap enabling inclusive development of talent.”

“Promoting sustainable growth is an opportunity for India to lead and has been essential and top of mind for all leaders; the focus on ‘green growth’ across sectors can unlock new economic opportunities for India. We are proud of the progress we have made over the last few years on Digital Public Infrastructure and a significant driver to this has been the innovation in Fintech, this budget is an impetus to further accelerate this growth with investments in AI, 5G, startups and more, accelerating demand and innovation at scale. Continued emphasis on Trust-based Governance and Ease of Doing Business, especially in a growth economy, has the potential to attract investments. The budget gives businesses India an opportunity to shine bright - domestically and internationally - ensuring they act, and fast.” - Arundhati Bhattacharya, Chairperson & CEO, Salesforce India

“Initiatives Such As The Skill India Digital Platform Are Commendable”

"The resilience of the Indian economy, despite global economic slowdown, is truly remarkable. Investment in research and development is crucial in overcoming the challenges posed by macro trends and the threat of recession. For instance, allocating more funding to R&D than marketing, companies can ensure their continued success. Initiatives such as the Skill India Digital platform, which provides training in cutting-edge technologies and soft skills, are commendable as the youth need to upskill to succeed in the rapidly changing job market.  This investment in human capital is critical to ensure that India remains competitive and well-positioned for future growth." - Rajesh Ganesan, President, ManageEngine

“The Provision of 5G Labs Across Top Engineering Institutions Will Further Boost Development of High-Speed Network Service in India”

“It is heartening to see the continued focus of the government on technology and its efforts toward realizing its vision for a truly digital India. Digital Public Infrastructure for the country’s agricultural, fintech, manufacturing, and healthcare industries, including their Information Technology (IT) & Operational Technology (OT) capabilities, will help usher in a new age for the sectors. This will be characterized by cutting-edge solutions that will deliver advanced farmer-centric solutions, exhaustive market intelligence, evolved Agri-firms & start-ups, and more. The provision of 5G labs across India’s top engineering institutions will help power new applications, innovations, and opportunities that will further boost the development of the high-speed network service in India. Enterprise and academia collaboration to “Make AI in India and Make AI work for India” will be instrumental in bringing the technology and its innumerable applications into the mainstream and fostering an unprecedented AI ecosystem that will benefit both organizations and individuals. This ecosystem will flourish thanks to the newly announced youth-focused skilling initiatives for AI, Industry 4.0., coding, robotics, and more.” 

“Competent cybersecurity will be crucial to the success of these initiatives, considering our digitally transformed populace.  With ransomware attacks seeing alarming highs and national critical infrastructures becoming regular targets, any further transformations may render us more vulnerable to attack. A strong focus on data governance - reflected in the Union budget’s plans to set up a National Data Governance Policy - and cybersecurity skilling, combined with a cybersecurity-first approach powered by AI & ML for devices, networks, and applications will be essential for digital India to become a reality.” - Anil Valluri, MD & Regional VP - India & SAARC, Palo Alto Networks

“Data Governance Policy Is A Crucial Initiative That Provides Hope In The Face Of The Growing Threat Of Cyber-Attacks”

“The latest Union Budget for FY 2023-24, presented by Finance Minister Smt. Nirmala Sitharaman places a strong emphasis on talent development, digital skills training, and upskilling. This is in response to India's current situation where only 48.7% of the country's youth are considered employable and many companies report a skill gap. The budget includes the launch of PMKVY 4.0, which is aimed at training a large number of youth in emerging technologies such as AI, robotics, mechatronics, and IOT. This investment in technology and skill development is expected to bridge the talent gap, create job opportunities, and empower the current workforce to remain competitive, positioning India as an important digital talent hub for the world.”

“The adoption of AI, ML and cloud computing is rapidly increasing across various sectors, which necessitates the adoption of cybersecurity not only after, but during the build process as well. The strengthening of skilling infrastructure announced in the budget is a timely response to this development. The Data Governance policy, which will enable access to anonymized data, is also a crucial initiative that provides hope in the face of the growing threat of cyber-attacks.” - Vijendra Katiyar, Country Manager, India & SAARC, Trend Micro

“Government's Initiative Around Fintech Services Will Further Boost Technology Adoption Among Individuals And MSMEs”

“This year's budget spells growth and inclusion overall. The government's initiative around Fintech services, enhancing the usage of the national level cloud platform DigiLocker, will further boost technology adoption among individuals and MSMEs. The introduction of National Data Governance Policy will enable safe access to anonymized data and increase transparency. Moreover, with the AI revolution happening globally, the AI centres of excellence will provide exciting opportunities for cutting-edge innovations to be deployed across important sectors such as healthcare and sustainable cities, while providing new employment opportunities. Additionally, ‘The Green Credit programme’ as well as the initiatives towards building ‘Sustainable cities of tomorrow’ are strong leaps forward in building India’s green future. These are indicators of our nation’s commitment to climate action and efficient use of resources.” - Hemant Tiwari, Managing Director, India, Hitachi Vantara

“The FY24 Union Budget Is A Progressive Take On Technology And Skill Development In The Country”

“The FY24 Union Budget is a progressive take on technology and skill development in the country. The proposed Centres of Excellence for AI to further "Make AI in India" and "Make AI work for India" could significantly boost STEM students and tech organisations and set India on the journey to becoming a hub for AI talent. It can provide the next generation of engineers an opportunity to develop their specialisation in AI. A robust AI ecosystem can help India generate multi-disciplinarian specialists like Data Analysts and Scientists, which aligns with the industry's current requirements. The collaboration between the top education institutions and industry players will help convert these plans into reality very soon. It is time for the technological revolution to activate private and public collaborative efforts. This will reinforce data-rich sectors to make impactful decisions in near real-time with intelligent analytics while delivering essential citizen services.” - Varun Babbar Managing Director - India & SAARC, Qlik

"Budget 2023-24 Seems Promising For The Consumer Electronics Sector”

"Budget 2023-24 seems promising for the consumer electronics sector. As the Indian government plans to set up three Centres of Excellence for Artificial Intelligence with the goal of research and development of practical AI applications in various sectors. Realizing the vision of “Make AI in India” and “Make AI Work in India” will enhance the paths towards success for the consumer electronics sector, thereby increasing opportunities and production with cutting-edge technology. Enhanced limits for micro-enterprises and professionals to take advantage of presumptive taxation have opened many opportunities for the industry. Also, the key point that a deduction on payment made to an MSME will be allowed if the payment is actually made has clarified many obstacles. Considering the fact that the Indian consumer electronics market size is expected to expand at a compound annual growth rate, the country provides a global opportunity for average consumer spending. And with the budget announcement regarding the new tax regime to be extended to INR 7 Lakh instead of 5 Lakh as the previous year; middle-class consumers will increase spending on electronics and gadgets. The extended cash withdrawal for co-operative societies - up to INR 3 Crores is an addition to the set of relief aids for the industry.” - Varun Gupta, Founder & CEO, Boult Audio

“The Measures Introduced In The Budget In Terms Of Ease Of Doing Business Will Play A Key Role In Attracting Global Investments Into India”

“The measures introduced in the Union Budget 2023 in terms of ease of doing business such as reducing compliance requirements and legal provisions will play a key role in attracting global investments into India. By relaxing contract execution policies, facilitating availability of credit, and extending tax benefits to start-ups and MSMEs, the FM has taken progressive steps to build a favourable support ecosystem for start-ups and MSMEs. The training and skilling initiatives under the ‘Make AI in India’ and ‘Unified Skill India Digital Platform’, will create a highly skilled workforce that can significantly accelerate our economic growth.” - Javed Tapia, Founder & Managing Director, Clover Infotech

“It Was Heartening To Find That The Government Has Allocated INR 35,000 Crore Towards Reaching Net Zero Emissions”

“The Union Budget 2023-24 showcases the government's focus on developing both the physical and digital infrastructure. The boost in proposed capital expenditure by 33% is a clear step towards ensuring the nation's long-term economic development. Also, it was heartening to find that the government has allocated INR 35,000 crore towards reaching net zero emissions and achieving energy transition. Green growth has also been listed among the seven priorities.”

“In continuation to the previous trends, there are some other initiatives that will further improve the ease of doing business, provide digital thrust, and simplify regulations and compliance. The increase in personal income tax rebate limit and raise in exemption will be a relief for the salaried class. However, no direct benefits were provided to the information technology sector.” - Arun Kumar Gupta, CFO, Newgen Software

“The Budget’s Focus On Green Growth Will Have A Multiplier Effect On The Industrial Sustainability”

“We welcome the progressive initiatives announced in the Union Budget 2023, focusing on Artificial Intelligence, 5G, youth skilling, Green Growth, data governance, consumer empowerment, and customs duty relief for mobile phone components—all these initiatives will help intensify the focus on making India a skill capital for the world, a consumption growth economy. The budget’s focus on green growth will have a multiplier effect on the industrial sustainability, leading to country’s goal of net-zero carbon emission by 2070. Centres of Excellence for Artificial Intelligence, one hundred labs for 5G applications in engineering institutions are very positive steps taken to spur breakthrough innovations in the field of education, agriculture, transport, and healthcare. Further, an impetus to R&D for startups and academia that utilizes data for their growth will be secured under National Data Governance Policy (NDGFP).  Overall, the first budget of Amrit Kaal lays the foundation for a developed India by providing a framework of growth and development through Skilling, Green Energy, R&D, and Technology, which will accelerate the country’s journey to becoming a $10 Trillion economy in the near future.” - Rajiv Srivastava, Managing Director, Redington Limited

“We Are Also Happy That The Government Had Allocated Rs 283.5 Crore For The Startup India Seed Fund Scheme”

“The Union budget’s elaborate focus on building a digital economy and technology-enabled development is extremely encouraging. As mentioned during the budget start-ups have emerged as growth drivers for our economy showcasing the immense potential of India's start-up ecosystem. It’s evident from the government’s decision to extend the date of incorporation for income tax benefits from 31.03.2023 to 31.03.2024, which will empower the start-up sector, foster entrepreneurship significantly, and give rise to a new generation of founders. We thank the Govt. for extending the benefit of carrying forward losses on change of shareholding to 10 years of incorporation from 7 years, this will help start-ups adjust initial losses.”

“Initiatives like National Data Governance Policy, Skill India Digital Platform, and upskilling policies announced will address the industry-academia widening gap and nurture entrepreneurship at the grassroots level. We are also happy to note that the government had allocated Rs 283.5 crore for the Startup India Seed Fund Scheme and the budgetary allocations for the Fund of Funds for Start-ups stood at Rs 1,000 crore, this will help in nurturing innovation and encouraging private investments in the start-up ecosystem.” - Mahankali Srinivas Rao, CEO, T-Hub

“The Government Has Immensely Emphasized on ‘Make-In-India’

“The Budget 2023 is growth oriented. Having focused on physical, digital, and social infrastructure, the Government has ensured that directly and indirectly all key sectors benefit. The Government’s focus on technology is clearly outlined in the very vision for the ‘Amrit Kaal’. As Hon’ble Finance Minister expressed, ‘a technology-driven and knowledge-based economy’ is the future of India, the announcement of instituting 100 labs for developing various 5G applications and 3 Centres of Excellence for Artificial Intelligence, are a big step in that direction. The industry is awaiting the National Data Governance Policy, hoping that clear regulations will shape a futuristic data economy.

“The Government has immensely emphasized on ‘Make-in-India’. The custom duty cuts for specific electronic goods and parts, especially that for Mobile Phone manufacturing, will continue to support and boost digital penetration in rural India. It is encouraging to see that the Government is focusing on developing digital public infrastructure for agriculture. This gives the sector hope that investments can be made for ramping-up digital public infrastructure to facilitate seamless access of essential digital services, at a village level. The initiative to build National Digital Library is a big step towards enabling digital education. The deployment of edge-cloud or hyperlocal cloud technology will be the appropriate digital infrastructure to make educational resources accessible, for children and adolescents across geography, without any additional data cost to the end-user.” - Rohit Paranjpe, CEO and Co-Founder, Sugarbox

“The Initiatives For Skill Development And Research Are Encouraging For The IT Industry”

“We appreciate the government’s continuous focus on the technology sector with the Budget 2023-24. The introduction of three centres of excellence for artificial intelligence to enable 'Make AI for India' and 'Make AI work for India' is something to look forward to for the upcoming digital nation. The initiatives outlined for skill development and research in cutting-edge fields like artificial intelligence (AI), robotics, and 5G, among others are encouraging for the IT industry.”

“In line with the GoI’s initiative to strengthen the MSMEs, we look forward to supporting them in creating a user-friendly space and helping them further to scale up with the help of our robust and collaborative solutions. The government’s initiative to set up 100 labs for 5G solutions across engineering colleges and the announcement around the National data governance framework will further empower the students, Indian start-ups, and researchers that will collectively help us achieve our collective vision for the 5 trillion economy.” - Vishal Agrawal, MD, Avaya

“The Announcement of Setting Up 100 Labs to Effectively Develop 5G Services is A Strong Step By The Government”

"The budget 2023 is oriented to economic growth of the country. I am sure that 33% growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India’s growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support the Make in India initiative and can result in balanced growth in the near future.” - Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd

“We Welcome Government's Initiatives To Reinforce Focus On Skilling The Youth”

“The 2023 Budget places a renewed emphasis on urban planning and the creation of smart cities. The investment in infrastructure and technology is crucial for boosting the economy, generating employment, and enhancing the standard of living for citizens. To make cities centers of sustainable living, virtual twin technologies can efficiently drive the transformation while conserving resources. We welcome Government of India's initiatives in the Union Budget 2023 to reinforce focus on skilling the youth, particularly in emerging fields with impact spanning across manufacturing, infrastructure and life sciences and health. The vision for building a strong and adaptable talent pool is crucial for preparing the country's workforce for future challenges and opportunities, drive inclusive growth and generate new employment opportunities.” - Deepak N G, Managing Director, Dassault Systèmes India

“We Welcome Government’s Move Towards Developing Three AI Excellence Centres And 100 5G Labs”

"The Union Budget 2023 has shown a strong focus on boosting digital infrastructure and adoption, which is a positive sign for the technology industry. It was also encouraging to see Hon'ble Finance Minister Smt. Nirmala Sitharaman share her vision of "making AI in India and making AI work for India”, further highlighting the importance of building a strong AI ecosystem in India. We welcome the government’s move towards developing three AI excellence centres and 100 5G labs, as well as introducing the National Data Governance Bill, which will open up a wide range of opportunities for business growth and employment generation. As a pure-play ER&D services provider, our belief is that such a mass scale enablement of digital transformation and innovation will unlock the full potential of the Indian engineering and technology sector. It 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.” - Amit Chadha, CEO & MD, L&T Technology Services

“It Is A Sound And Holistic Budget Devised To Ensure Upliftment, Empowerment And Inclusivity To All”

“Digital has emerged as the hallmark of Union Budget. Be it setting up of AI-focused CoEs, or Unified Digital Skilling platform, the role of digital technologies is empathetically at the forefront of India's economic rise. It will be interesting to see how the paperless digital locker based documentation storage and management for citizens shapes up, as accordingly it promises to open up a wave of opportunities in the domestic market related to cyber security, cloud, AI and ML. While tax exceptions on exports are a welcome step, certain breather on corporate tax would have complemented it well. Overall, it is a sound and holistic budget devised to ensure upliftment, empowerment and inclusivity to all.” - Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies

“The Union Budget Presented by The Indian Government is Truly Ambitious”

“The Union Budget presented by the Indian government is truly ambitious with its seven 'Saptarishi mantras'. Many welcome announcements are in line with a focus on the country's technological development and commitment to becoming a global superpower. It is heartening to hear the adequate emphasis on digital skill investment, including CoEs in the education ecosystem, tech and AI innovation announcements, 5G apps, and other digitalization priorities. This will create more jobs across the country, increase economic activity, and add value to the nation's GDP. Companies across various sectors are expected to benefit from this investment which will help them become more competitive by accelerating their digitization process. It is also heartening to see announcements focused on green growth and ensuring various initiatives focused on sustainability. Additional infusion into CGTMSE and interest rate reduction thereon are also very welcome moves. Overall, it will be interesting to see how these investments will be made and how we can ramp up the digital talent pool to build various tech innovations that will be useful for our country.” - Srividya Kannan, Founder and Director, Avaali Solutions

“It Is Encouraging to See The Government Focus On Building A Digitally-Driven”

“It is encouraging to see the government focus on building a digitally-driven nation in the Union Budget. By expanding innovative services in the fintech space, along with announcing the vision of Make AI in India and Make AI Work for India, we have a lot to look forward. Though not explicitly highlighted in the Budget, we can also expect to see the cybersecurity landscape evolve and benefit from increased use of AI in operations, products, and services. In addition, the government’s relief measures for startups in areas of tax benefits and setting off losses comes as a welcome move, and will go a long way in encouraging the Indian startup ecosystem to continue to innovate.” - Manish Mimani, Founder & CEO,

“The Budget Speaks to India’s Potential to Become A Global Benchmark in Technology-Led Transformation”

“The Union Budget 2023 is forward-looking and offers something to every section of the society without compromising on fiscal consolidation. It underscores the growing significance of cloud, data, artificial intelligence, and other new-age technologies in governance, while also taking a big step forward in simplifying processes and improving the ease of doing business. The budget’s emphasis on digitalization and trust-based governance will open new opportunities for the IT sector to leverage its globally acknowledged technology strengths to make a difference here.”

“One of the salient aspects of the budget is its continued emphasis on skilling, employability, and industry-academia collaboration, which are critical to India’s competitiveness as a global hub of digital and Industry 4.0 skills. Unveiling avenues for leading industry players to partner with educational institutions in driving interdisciplinary research and cutting-edge AI and 5G applications will create a win-win proposition for both — a rich training ground for students involving real-world challenges and use-cases, and greater opportunities for the industry to further strengthen the digital ecosystem in India. By building upon the earlier vision of a more structured development of Tier 2 and 3 cities, the budget will further enhance our ability to capitalize on an expanded talent pool, vital to the long-term sustainability and scalability of the IT services industry in India. Overall, the budget speaks to India’s potential to become a global benchmark in technology-led transformation. Spurring consumption through a slew of measures — taxation benefits, an exclusive savings scheme for women, and enhanced investment limits for senior citizens, to name a few — will provide impetus to higher capital expenditure in the private sector as well.” - Debashis Chatterjee, CEO and Managing Director, LTIMindtree

“Budget 2023 Amply Highlights The Greater Focus That The Government Has Placed On String Digital Infrastructure And Technology At Large”

“Cybersecurity has for long been a critical matter of concern, especially in light of rapid digitization. With the rollout of 5G and cloud migration, there has been a significant uptick in cyberattacks across the country. In 2022, we have seen the rise of ransomware against critical infrastructure, with education (15%), municipalities (12%), healthcare (12%), infrastructure (8%), and financial (6%) being the five key targeted industries according to research. The Union Budget announcement today paints a favourable picture for the sector with the introduction of the National Data Governance policy will help academia and start-ups gain access to anonymised data by the government.”

“Provisions like the establishment of three centers of excellence for Artificial Intelligence in top educational institutions noting that 'Make AI in India' and to 'Make AI work for India' will support the creation of a stronger technology infrastructure in the country. This will further boost the government’s vision of ‘Digital India’ and ‘Atmanirbhar Bharat’. That being said, Budget 2023 amply highlights the greater focus that the government has placed on string digital infrastructure and technology at large. And, we are hopeful that today’s announcement will have an inherently positive effect on the sector.” - Parag Khurana, Country Manager, Barracuda Networks India

“We Welcome Government Measures As We Believe Our Digital Infrastructure Will Play A Pivotal Role In Boosting India’s Digital Growth”

“With focused initiatives to promote the usage of AI and 5G, the Indian Government is geared up to leverage the advanced technologies for building futureproof businesses and strengthening the digital ecosystem in the country. The emphasis on digitization results in a high demand for tech talent that’s technologically adept and skilled in digital know-how. With the three proposed centres of excellence for AI and 30 new International skill India centres, our government is all set to empower the youth with advanced tech skills. Additionally, the usage of 5G services by the proposed labs in engineering institutions will create a new range of opportunities, business models, and employment potential, lending a widespread purpose to 5G and increasing the need for a robust digital infrastructure. We welcome these government measures as we believe our digital infrastructure will play a pivotal role in boosting India’s digital growth.”

“With our global climate neutral goal and 100% renewable energy coverage target, along with our green data center design innovations, Equinix can build and operate resilient, efficient and sustainable data centers to support the Government’s Green Growth focus and the National Green hydrogen mission that can help transition to low carbon intensity and reduce dependency on fossil fuel inputs.” - Manoj Paul, Managing Director, Equinix India.

“The Initiative of Setting Up CoEs for AI Will Further Boost The Government’s Aim of “Digital India” 

“As announced by the Hon’ble Finance Minister in the Union Budget 2023, the government shared its exemplary vision of ‘Amrit Kaal’ which includes a technology-driven, knowledge-based sustainable economy. The government appears to cover a vast gamut of sectors and some of the priority areas are Digital India, 5G services, upskilling and building a cyber resilient nation. This is expected to drive the next phase of cybersecurity infrastructure in the country thereby bringing in focus around solutions providing stronger compliance, data privacy, IoT security, advanced detection, and response.”

“Government is fast tracking 5G adoption with focus on application development, training, smart transport and healthcare. The combination of 5G and IoT would result in massive growth in the number of connected devices. Hence it will be critical for organizations to protect their IT, IoT, IoMT and OT device landscape against growing cyberattacks. The initiative of setting up CoEs for artificial intelligence (AI) with a vision of “Make AI work for India” will further boost the government’s aim of “Digital India.” AI is critical in every sector today and more so in cybersecurity where there is a growing need to improve visibility, compliance, detection, and response through automation.” - Subbu Iyer, Regional Director, India & SAARC, Forescout Technologies Inc.

“Government’s Priority on Setting-Up 100 Labs for Developing 5G Applications is Greatly Appreciated and Applauded.”

"The first Amrit Kaal budget is certainly a progressive direction by the Government of India to give a boost to the overall technology-driven and knowledge-based economy within the country. The government's focus on AI and 5G in the Union Budget 2023 will help India’s aspirations of being a global powerhouse of technology, innovation, and digital transformation. The budget comes with a strong promise for development towards the creation and promotion of the vision ‘Make AI in India' and 'Make AI Work for India’. This will indeed enable and establish a strong AI ecosystem in India.” 

“As a company, we envisaged the potential of 5G and AI by setting-up COEs and tying-up with prestigious institutions like IIT Madras Research Park to establish FutureTech Business Labs focused on 5G and allied areas. Hence, the Government’s priority on setting-up 100 labs for developing 5G applications in engineering institutions, to realize new range of opportunities, business models & employment potential, is greatly appreciated and applauded.” - Thompson P. Gnanam, MD & Global CEO, 3i Infotech

“The Prime Agenda to Support Green Energy Will Pave The Path For Cheaper And Resilient Battery Packs”

“I would like to congratulate the finance minister for an inclusive budget. The step to extend the incorp time by one year and losses carryover for 10 years will be extremely beneficial for the start-up ecosystem. Along with that, increased expenditure on Infrastructure especially for tier 2 & 3 cities is going to improve logistics performance as well as reduce cost. The prime agenda to support Green energy and incentives for capital imports will pave the path for cheaper and resilient battery packs." - Prasad Sreeram, CEO & Co-Founder, COGOS 

“Announcement Of National Data Governance Policy Is A Positive Move To Protect The Data Privacy”

“The Union Budget 2023-24 by FM today has announced attractive incentives and rebates. The Income limit for rebate of Income Tax increased from 5 Lakhs to 7 Lakhs is a welcome note for the employee base. The budget includes renovations in the digital framework of the nation focusing on increasing the accessibility of these services for rural and tribal areas. We highly support the government’s initiatives to create jobs, and are keen on contributing towards the projected employment generation initiatives. We are excited to witness the development of a tech-driven economy while contributing towards the same and enabling the growth-bound MSMEs sector, which will be infused with Rs 9,000 crore in revamped credit guarantee scheme, with our affordable, seamlessly integrated, secure Email & Collaboration solutions to effectively communicate and collaborate towards the growth path.”

“It certainly boosts our morale when we noticed that investment and job creation continue to be the government's top priority as they announce capital investment outlay being increased by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. Announcement of National Data Governance policy is also a positive move to protect the data privacy.” - Pramod Sharda, CEO, IceWarp, India and Middle East

“This Budget Embodies A Vision Of Inclusive Growth For The Country”

“This budget embodies a vision of inclusive growth for the country, building on the vision for India@100. The emphasis on sustainable cities and development, combined with investment in new age technologies, highlights the government's commitment to create a prosperous and inclusive future for all. The efforts to transform our cities into sustainable urban centers through urban planning reforms and the establishment of an Urban Infrastructure Development Fund are commendable and provide the impetus for fresh investment. We envision an India in which the fruits of development reach citizens in all corners of the country. At Convergence India and Smart Cities India Expo, we are particularly excited about the government's efforts to encourage innovation and development in new-age technologies, which will further accelerate India's growth.” - Chandrika Behl, Managing Director, Exhibitions India Group

“The Vision For Amrit Kaal Includes A Technology-Driven And Knowledge-Based India”

“The emphasis on digitizing India in the Union Budget is commendable. The vision for Amrit Kaal includes a technology-driven and knowledge-based India. The proposed National Data Governance Policy will help in boosting data led development and encourage technological growth. The push to create Centers of Excellence for AI will help create a digital ‘Aatmanirbhar’ India and promote AI based solutions across sectors. The introduction of Entity Digi Locker for business enterprises will facilitate online storing of documents which will accelerate the digital transformation of the country.” - V. Srinivasan, Chairman, eMudhra

“The Government Has Expansive Plans To Establish A Centre Of Excellence In Artificial Intelligence”

"Centre's focus on AI: Three centres of excellence for artificial intelligence to enable 'Make AI for India' and 'Make AI work for India', says FMAs the nation advances to the next level of technology and with the introduction of 5G, the government has expansive plans to establish a Centre of Excellence in Artificial Intelligence. India will transition to a digital society and for that, it becomes important to focus on digital transformation and cyber security solutions. The budget report evaluates show AI will be used to boost India's economy, along with proposals for numerous fields where AI can be deployed. Not only this will increase the effectiveness and productivity of the industry but also optimize the process to complete the tasks. Additionally, this will create new jobs and avenues for numerous start-ups and businesses to provide solutions in industries like utilities, education, health, agriculture, and smart cities." -  Sujit Patel, Founder and CEO, SCS Tech 

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