The Finance Minister Ms. Nirmala Sitharaman has finally presented the Union Budget today in parliament for FY 2023-24. This budget is expected to boost the economic growth of India while laying the foundation of modern and digitally empowered India. IT industry had a lot of expectations from finance minister as the stakeholders seek higher growth this year. The budget was planned effectively to meet the expectations of IT industry and fulfil the expectations. FM emphasized on encouraging the sentiment of the market and accelerate the growth of the industry. Government has announced the capital investments towards green energy, 5G labs, digital library, technology driven & knowledge-based economy and etc. The IT industry plays a crucial role in the growth of Indian economy hence the Finance Minister announced several measures to uplift the IT sector. The tech leaders have shared their views on the budget announcement. Read the excerpts below:
“The Budget Is Promising And Represents A Significant Step Toward Digital Transformation”
"The Union Budget unveiled today echoes the government's objective of "Digital Development" for the country. It places a high value on technology and innovation as a whole. Realizing the vision of "Make AI in India and Make AI Work for India" is projected to strengthen the country's standing in the technology industry globally and generate numerous possibilities for the youth. The mention of lowering the minimum TDS threshold and clarifying taxability linked to online gaming is an encouraging step towards gaming industry in India, and it is expected to open up more prospects in the following year. This year's budget also has prioritised sustainability; this is a step toward a green future that allows businesses and SMEs to enter the market with green products and services; this is a commendable and promising move. Overall, the Union Budget 2023 is promising and represents a significant step toward digital transformation and a holistic sustainable growth.” - Alok Dubey, Chief Financial Officer, Acer India
“We Are Excited To See That The Centre Is Working Towards Setting Up Of Three Centres Of Excellence For AI”
"We are happy to see that the budget 2023 talks at length about decreasing the digital divide by introducing National Digital Libraries that will facilitate access to quality books for children and adolescents across geographies, languages, genres, and levels. Furthermore, the centre's mission to re-envision teachers’ training through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation will help boost the sectoral growth and knowledge sharing with the District Institutes of Education and Training set to be developed as vibrant institutes of excellence for this purpose. Furthermore, we are excited to see that the centre is working towards setting up of three Centres of Excellence for AI (Artificial Intelligence) in top educational institutes. It is a progressive measure that will help boost knowledge sharing and technology development in the education sector. However, we expected substantial measures in the budget for the allocation of resources for the development of technology in the educational sector. This would have supported higher investment and opened doors for new ventures in the industry." - Muneer Ahmad, Vice President, Sales and Marketing, ViewSonic India
“The Budget Is Being Received Positively As A Progressive Step Towards Improving The Economy”
"The Union Budget 2023 was presented by the Union Finance Minister Nirmala Sitaraman today. The budget is being received positively as a progressive step towards improving the economy. One of the notable changes is the increase in the tax slab limit from 5L to 7L, providing more purchasing power to the general public. The new tax regime also offers relief to law-abiding taxpayers. These rebates on income tax will infuse a new life in the economy. The reforms in agriculture and health sectors are expected to have a positive impact on the economy. Additionally, the budget introduces new tax reforms and incentives for the "Make in India" program, as well as duty rebates for manufacturing, like TV Panel, li-ion batteries etc, which are expected to drive growth in the modern electronics and mobility sector. These rebates will help in setting up the local electronics manufacturing ecosystem in the country, which is the need of the hour. We can surely see India becoming one of the manufacturing hubs in the world." - Rajesh Doshi, Director and Co-founder, Zebronics
“We Are Delighted To Have A Union Budget That Focuses On Introducing New Technologies On A Wide Scale”
“We are delighted to have a Union Budget that focuses on introducing new technologies on a wide scale. Since our youth is the backbone of our economy, Finance Minister Nirmala Sitharaman talked about training millions of youth within a period of the next three years under the government's Pradhan Mantri Kaushal Vikas Yojana 4.0. The scheme will also cover new-age courses for Industry 4.0, like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. These are the technologies that will assist businesses across multiple fields to function smoothly. Additionally, the decision to set up 30 Skill India International Centres will open the doors of international markets to Indian youth. Furthermore, with Budget 2023, the government is taking its sustainability initiatives to new heights. Programs that promote green fuel, green energy, green farming, green mobility, green buildings, and green equipment, are the need of the hour. These green growth efforts help cut down the carbon intensity of the economy and provide large-scale green job opportunities.” - Kuldeep Malhotra, Dy. Managing Director, Konica Minolta Business Solutions India Pvt Ltd
“It Is A Balanced Budget That Sets The Right Tone For The Amrit Kaal”
“Smart wearables are expected to continue to drive consumer interest with increasing preference for a healthier and modern lifestyle. Technology plays an important role in developing these products with the latest features. The announcement from the Finance Minister to set up three Centres of Excellence for artificial intelligence will boost the infrastructure for AI in the country and its use in smart wearables. Investment in the ecosystem of building semiconductors in India will change the industry scenario from "import led" to "export house" and will make India self-reliant in the component industry. The indirect tax proposals are expected to boost domestic manufacturing and promote exports. In addition, the relief provided to the consumer by direct tax proposals like an increase in rebate limit to INR 7 lakh, increase in standard deduction and reduction of the highest surcharge rate will boost consumption levels in the country. Overall, it is a balanced Budget that sets the right tone for the Amrit Kaal,” - Sanjay Kalirona, CEO and Co-founder, Gizmore
“The Announcements Made by The Hon’ble Finance Minister Have Given Us A Lot To Be Excited About”
“The announcements made by the Hon’ble Finance Minister Nirmala Sitharaman have given us a lot to be excited about. The mission of Amrit Kaal has put us in a strong position to truly call this a digital budget, given its large focus on technology and digital. From the government’s announcement of setting up of 100 5G labs and the development of 3 Centers of Excellence for AI, all of these will go a long way in unleashing the digital potential of the country. In a world that is driven by data and AI, we see numerous and infinite opportunities ahead of us. It will be a privilege for us at NetApp to play our role in building a truly digital nation which is the future of tomorrow.” - Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The Government’s Recognition Towards New-Age Skills Will Help SMEs With A Competent Workforce”
“The Union Finance Minister Mrs Nirmala Sitharaman tabled the Union Budget 2023-24. She began by stating that the government sees the next 25 years as ‘Amrit Kaal’ marking the centenary of India’s independence. This is the first budget of this period and the government aims to achieve a technology-driven and knowledge-driven economy. The budget certainly reflected the FM’s statement and the plans being laid out to achieve this milestone. The budget has focused on youth, their skill enhancement and job creation, and the strengthening of the macroeconomy.”
“Technology will be a driving force in achieving these goals. 5G has been the center of focus with enterprises diving to benefit the most by using it as an instrument for development. The government’s focus on setting up 100 5G labs in engineering colleges to develop 5G-based applications will further enhance the efforts being made by the private sector. The initiative of having an open-source standard for the agriculture sector will help technology firms and startups in helping the farmers, which is still one of the largest sectors in India. The focus given to youth through various announcements shows the government’s focus on the future of the country. Apart from the 5G labs set up in the colleges, the government’s recognition towards new-age skills will help SMEs with a competent workforce. The access to courses on coding, mechatronics, IoT, robotics, drones and 3D printing will help the youth enter the workforce. Make AI in India and Make AI Work for India – this slogan boosts the tech vertical’s efforts in including artificial intelligence in every aspect of our life as it betters the living and boosts development in every vertical. The government announcing the setting up of 3 Centres of Excellence for artificial intelligence has strengthened the efforts. Experts from the industry will be helping in the research and development of AI-based applications to help the agriculture, healthcare and sustainability sectors. These announcements in the budget will definitely have a positive outcome and help India’s tech vertical to achieve bigger milestones in the coming years. - Prashanth GJ, CEO, TechnoBind Solutions
“This Budget Should Propel More Demand And Consumer Spending Across Various Sectors”
“This budget is quite progressive and growth-oriented which is in line with the government's long-term vision for India’s path to becoming a major global economy. Measures taken for significant job growth opportunities, especially in infrastructure, agriculture and rural sector is very encouraging. This will in turn give a major boost to rural economy, thereby increasing business potential in tier II and tier III towns in India which is a positive step in the right direction. This budget should propel more demand and consumer spending across various sectors, especially with more disposable income in hand of consumers owing to significant tax benefits. The newly announced reduction in Basic Customs Duty for several television component imports is a big boost for the television industry. We welcome this budget in its entirety and we are optimistic of our future business plans in India.” - Sunil Nayyar, Managing Director, Sony India
“We Welcome The Move Of Government To Reduce The Custom Duty On Open Cell To 2.5 Percent”
"This is a remarkable and well-planned budget. We welcome the move of government to reduce the custom duty on open cell to 2.5 percent. This will really help the domestic TV manufacturing industry to scale up and compete with the global brands. This decision was awaited for a long time and this time, I am happy that the government has really considered our recommendations. Additionally, the idea of presumptive taxation for MSMEs and professions will really help is encouraging the sentiment of the market in the country. The revisions in the income tax slabs will really help the middle class and develop their living standards which is obviously going to benefit the market because we will witness growing sales of televisions and other products in the upcoming months. The focus of India government on the development of AI development centres will definitely revolutionise the industry and help in making it more tech-enabled." - Avneet Singh Marwah, Director and CEO, Super Plastronics Pvt Ltd, a Kodak brand Licensee
“The 'Saptrishi' Of The Budget 2023 Prioritizes On Inclusive Development”
“Indian economy is heading towards a bright future, the 'Saptrishi' of the Budget 2023 prioritizes on inclusive development, reaching last mile, unleashing potential, green growth, youth power. Announcement around adding 50 tourist destinations as a whole package and focusing holistically on physical as well as virtual connectivity, tourist guides, high standards for food streets and tourists’ security through an app to enhance tourist experience, is a significant step that will unlock growth and job opportunities in the sector. The Budget is perfectly aligned with Barco’s aim to make India a popular tourist destination with visible impact, allowing people to enjoy compelling entertainment experiences. Further, Budget has focused on overall growth & sustainability as India has the potential to be a world-class infrastructure centre, moving toward net zero carbon emissions by 2070 & setting up the AI based solutions in health, education, and sustainable cities will give additional push towards the extensive use of technology.” - Rajiv Bhalla, Managing Director, India & Vice President APAC, Barco
“The Promised Announcements To Encourage Manufacturing Have Given Industry A Green Signal That Will Encourage Additional Investments”
"The budget of FY 2023-24 focused on reducing basic custom duty (BCD) on import of certain mobile phone parts and inputs like camera lens and as well as continuing the concessional duty on lithium-ion cells for batteries for another year. This will recognise the importance of self sufficiency in the electronics sector. It believes that increasing the production of televisions, mobile phones , and other electronic devices through these initiatives is essential in boosting the economic growth of the country. The promised announcements to encourage manufacturing have given industry a green signal that will boost confidence and encourage additional investments and provide the subsequent industry to grow." - Gaurav Mathur, Director, Lexar Co. Limited.
“We Welcome The Finance Minister's Step Of Setting Up 100 Labs”
"The Amrit Kaal spirit sets the foundation for future technology and innovation in India. At Beetel Teletech, we are encouraged by the government's commitment to advancing Artificial Intelligence in the country and the establishment of three Centres of Excellence for cutting-edge technology is a significant step forward. We believe that AI has the power to transform our lives and work, and with the government's initiative, we look forward to being a part of this journey and contributing our expertise in making AI work for India. We also welcome the Finance Minister's step of setting up 100 labs for developing applications using 5G services in engineering institutions to realize a new range of opportunities, business models, and employment potential." - Sanjeev Chhabra, MD & CEO, Beetel Teletech
“We welcome the move to reduce the custom duty on open cells of TV panels to 2.5 %”
The world has recognised India’s economy and it is on the right track. We welcome the move to reduce the custom duty on open cells of TV panels to 2.5 per cent, thus making smart TV’s an accessible commodity. This move will not only help strengthen the ‘Make In India movement’ but will also empower companies like us who want to ‘Make in India’ for the world and compete with the volatile international panel market. This budget is also a pro-MSME budget. India has jumped in its rank of ease of doing business, and the current provisions to reduce more than 39,000 compliances will further help the cause and enable MSMEs to scale operations," commented by Mr. Saket Gaurav, Chairman and Managing Director of Elista and TeknoDome.
“We are pleased with the government's decision of lowering custom duties on several components”
“The Union Budget 2023 has given a fresh push to make in India for the electronics sector. We are pleased with the government's decision of lowering custom duties on several components while increasing them on the finished product. The Budget extending concessional custom duty on several input parts by one more year to boost local manufacturing investment is a great move of the government and a good opportunity for manufacturers like us,” commented by Pinaki Chatterjee, CEO & Founder of AADONA.
