2024 Budget: Key Highlights and Implications
Finance Minister Nirmala Sitharaman is set to unveil the Interim budget 2024-25 today, February 1. However, the complete budget for the upcoming fiscal year will be presented after the general elections, once the new government is in place. Anticipating significant advancements in technology, particularly in the realm of artificial intelligence (AI), industry experts are eager to witness crucial reforms and initiatives. AI has emerged as a rapidly expanding field with the potential to transform our lifestyles and professional environments. Discover the expectations of tech sector experts regarding Budget 2024.
Budget 2024: Technology expectations
1. When it comes to technology and cyber security, Amit Jaju, Senior Managing Director, Ankura Consulting Group (India) says, “In Budget 2024, it is imperative that the Indian government prioritizes substantial investment in cyber defence, artificial intelligence (AI) and defense technology research and development. As both companies that cyber-attacks on government infrastructures are on the rise, allocating resources to these areas is not only a necessity, but a strategic imperative. In addition, improving cyber insurance limits is critical to providing a robust safety net against the financial impact of cyber threats. Equally important is creating a dynamic talent ecosystem equipped with advanced with the skills to effectively combat cybercrime This budget should reflect a clear vision of strengthening our digital infrastructure and growing a skilled workforce that will strengthen India’s resilience against evolving cyber threats.
2. The Make-in-India initiative has been very successful in India, with the world’s leading smartphone companies such as Apple and Samsung setting up manufacturing facilities in the country. Ravi Kunwar, Head (India & APAC), HMD Global says, “Looking forward to the Union Interim Budget 2024, HMD Global has optimistic expectations for the Indian smartphone market. We are planning to expand or enhance the PLI (Production Linked Incentive) policy and aim to strengthen local manufacturing and encourage the supply chain of domestic components. A positive impact of the budget on operations, especially in local manufacturing, is expected, although the exact planning depends on the final announcements. We would like to emphasize more incentives for local production, encouraging the manufacture of components in India and supporting exports. In the face of possible changes, we are ready to make the necessary changes in anticipation of the budget, which is based on the existing existing policies that promote stability and growth HMD Global remains committed to promoting India’s self-reliance and the global success of the smartphone industry.
3. Ankit Mehta, CEO, ideaForge says, “Our expectations for the upcoming Budget 2024-25 focus on policy measures and fiscal incentives to make India a global drone hub by 2030. Current drone regulations and production -Linked Incentive Scheme are promising , and we look forward to further improvements in the regulatory framework and its implementation to drive innovation and industry growth. Continued support for R&D and incentives for technological collaboration will be important in taking India’s drone manufacturing capabilities to new heights. Additionally, we hope to see the government’s commitment to nurturing this budding drone industry, as drones are expected to to play an important role in facilitating security and governance infrastructure.
4. Sanjoy Bhattacharya, Vice President, Sales & Marketing, IT Business, ViewSonic India, says, “As we eagerly await the announcement of the Union Budget 2024, we welcome the government’s continued commitment to the ‘Make in India’ initiative to drive growth in domestic manufacturing capacity. We hope that the future budget to further strengthen this program by providing incentives and support for domestic production of high-quality electronics, including displays. We expect continued incentives for the electronics sector as the government focuses on Production Linked Incentives (PLI). In addition, third-party manufacturers should receive incentives and benefits through Production Linked Incentives (PLI). To promote innovation and research and development in the electronics industry, we look forward to policies that encourage technological development, product design and sustainable practices. Support in these areas will contribute to the development of cutting-edge technologies that meet global standards.”
5. Chetan ‘Kronten’ Chandgude, Founder, GodLike Esports says, “In terms of viewership and revenue, the eSports industry is growing at an impressive percentage and is projected to grow further in the coming years. The segment, with an estimated CAGR of 32%, saw state governments like Bihar, which are have recently taken initiatives to introduce eSports to students, while others have organized Esports tournaments. The growing recognition of Esports is culminating in its participation in major global events such as the Asian Games. We expect the government to capitalize on this momentum by allocating the budget and outlining strategic plans for the development of esports. These plans should include infrastructure improvements, educational initiatives and awareness programs that will pave the way for a strong and vibrant esports ecosystem in India.
