Finance Minister Ms. Nirmala Sitharaman unveiled the Union Budget for FY 2024-25, aiming to propel India's economic growth and foster a digitally empowered nation. Anticipated to shape a modern India, the budget holds significance for the Information Technology (IT) industry, which had high expectations. As the budget sets the stage for the fiscal year, it is poised to impact various sectors, shaping the trajectory of India's economic landscape. Stakeholders envision accelerated growth, and tech leaders have expressed their perspectives on the budget.
“The ₹1 lakh crore corpus for interest-free financing is a massive boost for research and development. This will fuel innovation and create jobs within the technology sector. Empowering women entrepreneurs also adds a crucial dimension to diversity, enhancing the talent pool and fostering creativity within the industry. I am also happy to see steadfast commitment to environmental sustainability. Overall, the Interim Budget 2024-25 has generated excitement within the technology sector. However, the industry awaits further details and calls for transparent implementation to ensure the success of these ambitious plans.” - Alok Dubey, Chief Finance Officer, Acer India
“We at Sophos are in complete alignment with the vision presented by the Honorable Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions. The government's steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry, and promises to address cybersecurity threats that may endanger the rapidly digitizing nation.
The intersection of democracy, demography, and diversity, encapsulated by the ideology of "Sabka Prayas," emerges as the key force that will unlock India's true potential in the technology sector. Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government's dedication towards realizing its Atmanirbhar Bharat vision.
Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future.” - Sunil Sharma, Vice President- Sales, Sophos India & SAARC
“As we navigate the landscape of Union Budget 2024, it's crucial for the government to accentuate and foster an environment for both local and global investments in semiconductor technology, AI, and digital platforms. This strategic focus aligns with our industry's evolution. Simultaneously, we recognize the imperative to integrate these cutting-edge technologies into our educational curriculum, ensuring a skilled workforce. This synergy is pivotal for propelling our nation towards the coveted 7 trillion economy by 2030.”- Sushil Virmani, Managing Director, Best Power Equipments (BPE)
“We appreciate the Government of India's commitment to fostering unprecedented growth through MSME training initiatives and impactful GST reforms in the Interim Budget 2024, realizing 'One Nation, One Market, One Tax.' The focus on upskilling youth aligns with our dedication to empower them though our latest manufacturing facility in Andhra Pradesh. However, for sectoral growth and universal Smart TV accessibility, re-evaluating the 28% tax on Smart TVs above 43 inches is crucial. Recognizing these devices as essential household appliances, not luxuries, lowering taxes can boost sales and contribute to the nation's economic prosperity.
We are optimistic that these measures will reduce compliance burdens and logistics costs, fostering an environment conducive to innovation and economic progress. Aligned with the government's vision for industrial development, we anticipate a positive ripple effect across sectors, benefiting industries and companies.” – Saket Gaurav, CMD, Elista
“The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government's focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a 'Viksit Bharat' by 2047.” - Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
"This budget has truly laid the foundation for the next 5 years with several important aspects taken into consideration. GoI’s plan to build 2 Cr houses under PM Awas Yojna Gramin will surely give a boost to the consumer durables industry in the country and enable the people to live in their own house. This will be assisted by rooftop solarisation for electricity. Additionally, larger availability of credit for the private sector will surely help the companies to upscale their operations in the country. We were surely expecting a change in the income tax slabs to support the middle class population which happens to be the highest taxpayer class in the country but that has surely not happened. Additionally, a reduction in GST on LED TVs above the sizes of 32 inches from 28% to 18% was expected which didn't happen."- Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd, a Kodak brand Licensee
“We welcome India’s Union Budget 2024-25 and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively.
Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country's green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”- Manoj Nair, Head of India GDC, Fujitsu India
“The Union Budget of India 2024 has a visionary approach to sustainable development. Introducing the Blue Economy 2.0 scheme, focusing on environmental restoration through multimodal strategies, is a commendable step towards a greener future. The budget's emphasis on improving rail and air connectivity is crucial for fostering economic growth. Implementing major railway corridor programs and converting rail bogeys to higher safety standards demonstrate a commitment to enhancing transportation infrastructure. Similarly, expanding air connectivity to tier-2 and tier-3 cities and the growth of airports are positive moves supporting inclusive development.
Overall, the Union Budget's focus on sustainable initiatives and strategic infrastructure development sets a promising trajectory for India's growth. It creates opportunities for various industries to contribute to a more environmentally conscious and technologically advanced future.”- Sudhindra Holla, Director, Axis Communications, India & SAARC
“With an emphasis on welfare for the youth, women, and farmers reflecting a holistic approach to societal progress, the Interim Budget for this year sets the stage for a very positive and people-centric development. The budget outlines a path towards 'Vikshit Bharat' by 2047 and innovation remains to be at the core for this year as well. Backed by a significant focus on women's empowerment, and with a notable increase in female participation in STEM courses, the aim for this year’s interim budget aligns with our commitment to diversity and inclusivity.
The allocation of INR 1 lakh crore corpus for interest-free loans to foster innovation among the youth is a game-changer, ushering India into a golden era for our tech-savvy talent. We stand ready to leverage these opportunities, contributing to the nation's growth and development. As a pioneering force in technology, we commend the government's strategic focus on fostering innovation and enhancing accessibility.
The government's ongoing dedication to fostering skill development, advancing higher education, and upholding fiscal responsibility is praiseworthy and resonates with our vision of propelling India towards technological advancement and economic resilience. Therefore, this budget establishes a strong groundwork for collaboration, growth, and innovation, reaffirming our dedication to spearheading transformative solutions that empower both individuals and technology providers.”- Deepak Visweswaraiah, Vice President, Platform Engineering, And Site Managing Director, Pegasystems, India
“In the interim budget 2024, Finance Minister Nirmala Sitharaman announced an establishment of ₹1 lakh crore (₹1 trillion) ($12 Billion) with 50-year interest free corpus to help finance research in technology. The corpus will provide long-term financing or re-financing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will act an incubator for harnessing and combining the power of Indian Youth and Technology which will further boost the startup culture by creating new techpreneurs in the country.”- Pramod Sharda, CEO, IceWarp India and Middle East
“Union Budget 2024 delivers a resounding commitment to sustainable tech, spotlighting support for EVs and bio manufacturing. Metro Rail and Namo Bharat projects elevate city connectivity, while the dual focus on public transport and defence tech reveals a visionary agenda. The game-changing move of a Rs 1 lakh crore corpus for our tech-savvy youth, coupled with a 50-year interest-free loan, sets the stage for long-term financing, propelling research and innovation. This bold step positions India for a golden era in technology and innovation.
Aligned with our pre-budget expectations, the government's emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry's trajectory. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements. Budget 2024 charts the course for India's robust future in sustainable tech and innovation."- Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors
"We commend the government for its efforts towards upskilling millions of youths through the Skill India Mission and establishing new ITIs and higher learning institutions. The increase in female enrollment in higher education by 28% in the last 10 years is a significant step towards gender equality in education, and we are pleased to see the government's commitment towards this cause. These efforts will help learners in India become world-ready and equip them with the necessary skills to succeed in the global workforce.
However, learners need access to affordable technological tools that cater to their needs to make this a reality. The digital infrastructure has become a crucial aspect of education, and the government must prioritize affordable technology and digital literacy for all in their future policies. As a brand dedicated to eliminating the digital divide in the country, we strongly urge the government to recognize the importance of digital inclusion and take substantial steps to make affordable technology accessible to all learners in India." - Chitranshu Mahant, CEO and Co-Founder, Primebook
"Finance Minister Nirmala Sitharaman's sixth consecutive budget presentation sets a decisive course for India's future, rooted in the vision of 'Viksit Bharat' by 2047. The government's emphasis on GDP - Governance, Development, and Performance, lays a sturdy framework for sustainable growth. With a focus on empowering youth and fostering innovation, the budget outlines a roadmap for unprecedented development over the next five years.
In addition, initiatives like the Skill India Mission, training, upskilling and reskilling 1.4 crore youth and establishing new educational institutions, reflect a commitment to human capital development and digital empowerment. At Fulcrum Digital, we stand ready to leverage deep technology and the power of our youth to continue to create opportunities for India at a global level. As a global enterprise AI organization, we are committed to contributing to India's growth story, and fostering innovation for heightened development." - Sachin Panicker, Chief AI Officer, Fulcrum Digital
“We welcome the interim budget's focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry's growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders.
As we strive towards achieving the goal of "Viksit Bharat" by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India's future.” - Debashis Chatterjee, MD & CEO, LTIMindtree
"The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which the budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars."- Chakravarthi C, Managing Director, Quantum Energy
“We firmly believe that innovation is fundamental to progress. At UiPath, we recognize the critical role of a skilled workforce in advancing Digital India. The introduction of the INR 1 Lakh crore corpus, along with 50-year interest-free loans for the private sector to boost research in sunrise domains, marks a significant stride towards unlocking the potential of innovation.
This initiative will provide necessary resources for our tech-savvy youth to smoothly integrate and apply transformative technologies such as AI, automation, and robotics. While commendable progress has been made with the Skill India Mission, it is now crucial to streamline and facilitate demand-driven formal skilling, bridging the gap between academia and industry. With these initiatives, India's digital evolution holds promise for a bright future.”- Arun Balasubramanian, VP & MD, India & South Asia, UiPath
“The 2024 budget announcement signals a strategic focus on propelling the economy toward sustained growth. The government’s dedication to fostering growth, enhancing productivity, and creating employment opportunities aligns seamlessly with Qlik’s commitment to empowering businesses with transformative data solutions, including cutting-edge AI and ML applications.
The emphasis on transformative reforms via NEP 2020 and the Skill India Mission, particularly in crucial tech and AI segments, highlights the immediate need for upskilling and reskilling - essential pillars where Qlik’s innovative data analytics, data literacy, augmented by AI and ML, play a pivotal role. The allocation of Rs. 1 lakh crore for Research and Innovation, coupled with interest-free loans, underscores the crucial role of the private sector. Furthermore, the forward-looking initiatives supporting shore-wind energy demonstrate a commitment to technological advancement and resonate with Qlik’s vision for sustainability and impactful innovation.” - Varun Babbar, MD India and SAARC, Qlik
“The ESG attributes were lucidly interwoven across the interim budget of FY 24-25. To reach Net Zero commitment, the budget emphasizes the deployment of low carbon/clean energy interventions to combat climate change include rooftop solarisation for 1 Crore households, viability gap funding for enhancing offshore wind energy up to 1 GW, coal gasification and liquefaction of 100 MT by 2030, compressed bio gas, bio manufacturing and bio foundry to produce bio-degradable environmental friendly polymers and products, scale up plans for electric vehicles and charging infrastructure for clean environment, nano DAP expansion for smart agriculture and three separate railways corridors for freight movement to improve logistics efficiency.
The social attributes to enhance social inclusivity and alleviate poverty include empowerment of women in terms of providing loan for entrepreneurship, increased women in workforce, Investment of INR 1 Lakh Crore on Research and innovation on New Age Technologies for tech savvy youth, improve health cover and efforts to enhance coverage of lakhpati didi from 1 Cr women to 2 Cr in the near term. The new definition of GDP (Governance, Development and Performance) reinforces the mindset of minimise government and maximise governance to push the laid-out budget agenda for a profound growth of India in the coming years.”- Saunak Saha, Partner, CCaSS, EY India
“InfoVision warmly welcomes the budget announcement by Finance Minister Nirmala Sitharaman. The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step, particularly for innovation-driven enterprises like ours with a strong focus on edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
The injection of such long-term, interest-free capital promises to substantially boost our research and development initiatives that serve not only India but also the global market. It arrives at an opportune time, aligning with InfoVision's recognition in the Zinnov Zones for Engineering R&D and Digital Services 2023, particularly for our work in Data & AI Engineering. This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world. It underscores our commitment to leveraging India's rich talent pool and contributes to our nation's technological progress.”- Shreeranganath Kulkarni, Managing Director, InfoVision
“While the Interim Budget provides a wide overview of FY24-25, we applaud the government's emphasis on empowering the youth through upskilling and reskilling initiatives. The establishment of additional IITs, IIITs, and IIMs is a promising stride toward creating a skilled talent pool in the IT sector, addressing a critical need in the industry especially in the era of Artificial Intelligence.
As an MSME in the IT sector, Ishan Technologies appreciates the government's recognition of the importance of timely finances, relevant technologies, and training for the growth and global competitiveness of MSMEs. The orientation of the regulatory environment to facilitate the growth of MSMEs is a crucial element of the policy mix, and we look forward to the positive impact it will have on the MSME ecosystem.
As we look forward to the budget announcement in July, we anticipate a focused commitment to bolstering cybersecurity measures. We believe that additional allocation and specific policies in this crucial area will play a pivotal role in fortifying India's digital infrastructure and enhancing overall cybersecurity, aligning with the nation's vision for a secure and resilient digital future.”- Pinkesh Kotecha, MD & Chairman, Ishan Technologies.