As the nation eagerly anticipates the upcoming budget, leading tech companies are sharing their expectations and insights on what it might hold for the industry. We reached out to top executives to gather their thoughts on the potential impact of new policies and investments.
“As we anticipate the Union Budget 2024, it is imperative that the forthcoming policies demonstrate a robust commitment to advancing our digital infrastructure and fostering innovation hubs across the nation. We strongly advocate for increased funding in emerging technologies like artificial intelligence, surveillance technologies, and drone innovations, as these domains are critical for maintaining our technological leadership and ensuring national security.
Additionally, revised tax policies should be strategically designed to bolster ‘Make in India’ initiatives, thereby enhancing domestic manufacturing capabilities and driving technological advancements. Furthermore, it is essential to allocate risk capital to startups within these sectors to strengthen India’s global competitiveness and promote sustained innovation.” – Joseph Sudheer Reddy Thumma, MD & CEO, Magellanic Cloud
“With the Union Budget due to be announced, India’s IT sector anticipates transformative measures aimed at fostering digital innovation, infrastructure, and AI-driven advancements. Key priorities include bolstering investments in digital infrastructure to support IoT, smart city initiatives, and automation powered by artificial intelligence.
Tax incentives for technology investments and increased funding for research and development are critical to sustain India’s leadership in the global technology landscape. Moreover, policies that promote the integration of AI, sustainable practices, and ESG frameworks within the IT sector are essential for aligning technological progress with sustainable development goals and advancing the Digital India mission.
We are optimistic about initiatives that promote innovation, skill enhancement, and the adoption of next gen technologies, including AI. These efforts not only strengthen the IT ecosystem but also significantly contribute to India’s economic growth and enhance its global competitiveness.” – Krishna Prasad Vyakaranam, Chief Technology Officer at Motivity Labs
“In the upcoming Union Budget, we envision measures that will propel innovation in the drone industry, aligning with the Government’s Atmanirbhar Bharat initiative. Key priorities include robust incentives for R&D to advance drone applications in agriculture, surveillance, logistics, and public safety. Collaborative initiatives for skill development and manufacturing schemes are pivotal for sectoral growth, along with streamlined certification processes for safe operations.
We hope the budget focuses on strategic investments in drone infrastructure, seamless integration into smart city projects, and tax incentives for startups to promote sustainable practices. Facilitating increased FDI in drone technology will expand manufacturing capabilities and technological leadership. By reducing import duties on essential components and lowering GST, India can lead the global drone market, foster job creation, and achieve technological self-reliance.” – Arjun Naik, Chief Operating Officer, Magellanic Cloud
“We hope that the upcoming Union Budget builds upon the government’s initiatives like the ‘Smart Cities Mission’, ‘Make in India’, ‘Digital India’, and ‘Aatmanirbhar Bharat’, by allocating resources towards e-surveillance and drone technology. Specifically, we hope to see incentives for the adoption of AI-powered surveillance systems and drone-based solutions in urban planning, public safety, and national security. The security of our nation is of paramount importance, and e-surveillance plays a critical role in ensuring the safety of our citizens and borders. With robust e-surveillance infrastructure, we can better prevent and respond to threats, maintaining the sovereignty and integrity of our nation. We believe that investments in e-surveillance will yield long-term benefits for national security, public safety, and economic growth, aligning with the vision of an ‘Aatmanirbhar Bharat’.” – Joseph Sudheer Reddy Thumma, MD & CEO, Magellanic Cloud
“The Interim Budget announced earlier, continued on what the government has followed in the previous 10 years. The focus was on fiscal prudence, growth support, support for Infra, and ease of doing business. If all goes well and as per plan these should create jobs and keep us on target to become a $5 trillion economy soon.
Looking ahead at the full budget for 2024, my wish would be for the Government to continue on the above, however, sort out niggles on unnecessary tax litigation, give relief for the middle class, simplify laws around tax on capital gains, make the new tax regime compelling and sunset the old, catalyze growth in the IT sector with investments and clarification around Labour laws, SEBI, FEMA, GST, Customs, Company’s and the Income Tax Acts and others to further ease of doing business.
Policy measures that incentivize research and development in emerging technologies will be pivotal in positioning India as a global innovation hub. Streamlining tax structures tailored to the IT sector will not only attract increased investments but also accelerate industry growth.” – Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies
“The transformative AI initiatives announced by Finance Minister Nirmala Sitharaman in last year’s Union Budget, have firmly positioned India on the global technology map. As we approach the Union Budget 2024-25, we eagerly anticipate continued investments in AI and technology infrastructure further boosting the country’s global standing in the deep tech sector.
Focusing on advanced data governance and intelligent data systems will be crucial to safeguard information that strengthens AI advancements. We are confident that the Government will foster innovation through R&D investments in emerging technologies such as AI/ML, IoT, Blockchain, and cloud computing. With this, India can accelerate towards achieving the Government’s vision of a Viksit Bharat, unlocking unprecedented technological and economic potential.” – Puneet Gupta, Managing Director, NetApp India/SAARC
“As we embark on a new fiscal year, we are optimistic about the government’s potential measures to boost growth and innovation in the home automation and smart home electrical sector. With the India Consumer Electronics Market valued at USD 80.8 Billion in 2024 and projected to reach USD 149.1 Billion by 2033, the sector is poised for substantial growth. We anticipate this will boost robust advancements in smart home technologies, resulting in modernizing our electrical infrastructure. These advancements will elevate consumer living standards and also position India competitively in the global smart home industry. The Indian real estate sector has undergone a significant transformation in recent years, with a spotlight on the flourishing luxury housing segment. This surge in demand for premium properties underscores the increasing appetite for high-end electrical products. Therefore, we are hopeful that the upcoming budget will include measures to promote the integration of smart innovation in luxury real estate developments, further driving demand for advanced electrical products. Significant investments in energy transformation initiatives are expected, which is crucial for achieving India’s ambitious goal of net-zero carbon emissions by 2070. This will accelerate the adoption of energy-efficient solutions powered by cutting-edge technology and automation. Additionally, policy measures and tax incentives can significantly boost domestic manufacturing and promote sustainable practices within the consumer durables and fast-moving electrical goods (FMEG) sectors. This is essential for forging a greener, more sustainable future. Expenditures in Industry 4.0-specific skill-development initiatives are anticipated as well, promoting widespread employment and propelling national economic expansion.” – Kishan Jain, Director at Goldmedal Electricals
