Quote on the Interim Budget Reaction on Tech Sector
Abhinav R Jain, CFO, AdCounty Media
The Interim budget marks a significant move towards India’s digitisation. In the budget 2023-24, the government announced an outlay of 4795.24 crore for its Digital India program which ensured universal access to high-speed internet and digital literacy initiatives. This year, in a bid to bolster R&D in sunrise domains, Honourable FM, Nirmala Sitharaman, announced a corpus of 1 Lakh Cr with 50 year interest free loan. Dubbing this period as the golden era for innovation and entrepreneurship, she went on to say that the corpus will provide long term financing or refinancing with long tenures and low or nil rates. The budget, undeniably, is leaving no stone unturned to bridge the gap between youth and technology to realise the aim of a fully developed India (“Viksit Bharat”) by 2047.
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Hariom Seth, Founder, Tagglabs
An innovative landmark statement was made by Nirmala Sitharaman, who announced the upcoming launch of a revolutionary technology that would empower deep tech capabilities for the needs of defense. This marks a landmark in the history of tech startups and companies, providing a one-of-a-kind chance to explore distant shores and leave an indelible mark on the ‘Make in India’ dream. Discussed earlier, the infusion of technology into the defense sector promotes security nationally while at the same time fosters an environment that is conducive for innovation.
This initiative creates an opportunity for tech startups to work with the defense industry in terms of partnerships. An easy access to latest technologies and governmental facilitation can make these firms lead the world in invention. In addition to this, it is also the best partner with ‘Make in India’ campaign that helps in creating an autonomous environment for the nation to own its technological independence.
Equipped with the potential advancements, tech companies can expand their services contributing to a solid defense infrastructure. This, not only makes the country stronger but also firms them to be well placed in a vital strategic industry. Thus, the statement by the Finance Minister of India Nirmala Sitharaman not only adds to the defense power of the country, but it also fosters a reciprocating relation between tech, innovation, and national development. It is a revolutionary stage that the high-tech sector needs to take off its wings and become an active stakeholder in India’s technological development.
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Md. Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants)
The Interim Union Budget paints a promising picture of India’s transformation. The focus on skilling India’s youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India’s aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047. Unleashing GIFT IFSC’s potential as a global financial hub requires fostering a future-ready accounting workforce through industry-aligned training programs and internships. A robust pipeline of skilled accountants adept in FinTech, international finance, and global regulations is key to propel India’s economic growth and achieve ‘Viksit Bharat’.
Dr. V.P. Singh, Director – PGDM and Professor – Managerial Economics & Statistics, Great Lakes Institute of Management, Gurgaon
” This budget exudes NDA government’s confidence while going into general election in few months from now. Populism has been shunned will prudence has been observed. The Ram temple wave has swayed the political dividend in favour of NDA which in turn gives the government some room to bring in fiscal discipline and boost economic development. A government maintaining fiscal discipline as per the envisaged glide path should be seen as a great virtue. Despite the fiscal discipline the government delivered the fastest GDP growth rate among large economies of the world. In order to maintain the strong growth momentum, the capex has been increased to a record of Rs 11.1 trillion. This comes to nearly 10 per cent increase from last year’s budget. As expected, the growth in capex has been slowed and more emphasize being given to agents of financial inclusivity – skill building; women; street vendors; farming community and handicapped. Electronic payment systems move the money faster. Three railway economic corridors – Energy, Minerals and Cement; Port connectivity; and high traffic density corridors will move goods and people faster. Together, when money, material and man travel faster the economic development happens faster. Emphasis on logistics is one of the pillars through which the government wishes to make India ‘viksit’ by 2047. “
Prof. Dr. M.S. Moodithaya, Vice Chancellor, NITTE Deemed to be University
“As expected, being an interim Budget, the Finance Minister has not made many major announcements. Among some of the proposals she made, the provision of Rs. 1 lakh Crore for providing interest-free loans to techno-savvy youth for starting their enterprises is a welcome development. Because many of our youngsters today are pursuing emerging technologies like AI, Robotics, Data sciences, etc, this could help in harnessing opportunities in sunrise domains. This can boost start-up and entrepreneurship culture among our youth”
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Dr. Asmita Chitnis, Director, SIIB Pune
“The Indian government’s Budget 2024 initiatives for education are noteworthy. With a substantial allocation of Rs. 1.12 lakh crore, including Rs. 44,095 crore for Higher Education, a skilled workforce is prioritized. The observed 28% increase in female higher education enrollment over a decade underscores efforts towards inclusivity. The commendable achievements of the Skill India Mission, training 1.4 crore youth and upskilling 54 lakh individuals, are instrumental in bridging skill gaps. Notably, 43% of STEM course enrollees are female, reflecting strides in gender inclusivity. These measures promise a brighter future for India’s youth and signify a positive trajectory for national development.”
Dr. Jaskiran Arora, Dean-Education Quality, BML Munjal University
“The budget reflects a commitment to strengthening the education system, including investments in infrastructure, technology, and teacher training. The government has announced several initiatives aimed at promoting skill development and has emphasized the importance of digital education, which will be beneficial to upskill and prepare the students for the workforce.”
Jeet Marwadi, Board Member, Marwadi University; Founder & Managing Director, 1 Finance
“It is truly heartening to witness the rise of female enrolment in education by 28% in the last ten years. We are committed to aiding the government on this mission. Improved access and participation in education is a crucial element to successfully leverage our demographic dividends for many years to come. The Interim budget brings attention to the consistent development of key target groups of Women, Farmers, Youth and the Poor, all of whom should have the right to access high-quality education if India is to truly transform into a developed nation by 2047. The consistent pace with which national institutions such as IITs, IIITs, IIMs, AIIMS have been set up during the current government’s tenure, implementation of NEP 2020, launch of 3000 new ITIs, setting up of PM SHRI and the scale of training at the Skill India Mission, is a welcome move. This is India’s time and our Women and Youth are poised to usher in a new era of development. We are well on our way to transforming Bharat into a fully developed $30 Trillion economy by 2047.”
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