Budget 2024: Here's What Technology Leaders Have To Say

Finance Minister Nirmala Sitharaman highlighted various areas of focus in technology and digitalisation while presenting the final Union Budget of 2024, and earmarked funds and reiterated packages introduced in the Interim Budget.

Here’s what various technology sector leaders have to say about the announcements made in the first budget of Prime Minister Narendra Modi's new coalition government.

Sanchit Vir Gogia, Chief Analyst, Founder and CEO

“The Indian technology sector is at a cusp of massive change and it will require concerted government efforts to maximise the potential possible here on. The proposed budget has done exceptionally well to focus and fine balance between research innovation and some of the focus industries like e-commerce, agriculture and space tech. However, what needs to be done a lot more to provide avenues, finances and other support systems to foster the Indian software ecosystem and the skills required thereby encouraging to develop in India, for the world.

Another area that deserves attention and focus is helping and eating startups to list in India and not foreign exchanges. This can be achieved by building policies that encourage and provide clear benefit of listing in the country domestically.

A lot more focus on artificial intelligence and other forward-looking technologies must also be laid to ensure India can truly compete on global platforms. Given the recent focus on semiconductor and related industries and was hoping to hear more on that account. Some other things that the budget did well was to focus on reduction in duties for mobile components and IT based system for Property records and tech platform for IBC.”

Ashish Tandon, Founder and CEO

"We at Indusface commend the government for recognising the critical role of technology and innovation in driving economic growth. The budget's emphasis on the development of digital public infrastructure applications across various sectors such as credit, e-commerce, education, health, law and justice, logistics, MSME services delivery, and urban governance demonstrates a forward-thinking approach. However, while these initiatives are promising, we believe that a more pronounced focus on cybersecurity is essential. As digital transformation accelerates, robust cybersecurity measures are crucial to safeguard our nation's digital infrastructure. We urge the government to allocate dedicated resources and policies to bolster our cybersecurity framework, ensuring that our technological advancements are secure and resilient."

Amit Khatri, Co-Founder

"Youth and participation of women in the workforce hold the key to India’s success. To this end, the focus on extensive training and skill development initiatives demonstrates a clear commitment to boosting employability and productivity. By linking job creation in manufacturing to first-time workers and offering EPFO incentives, the government is paving the way for a robust manufacturing ecosystem. 

The establishment of e-commerce export hubs in a public-private partnership model is another significant step taken by the government and will significantly empower MSMEs and traditional artisans to compete internationally. It will open opportunities for Indian players to boost their reach globally while enhancing the ease of doing business and accessing new markets.

Lastly, I feel the abolition of the angel tax will undoubtedly boost funding in the startup ecosystem, fuelling innovation and growth. This move, along with incentives for job creation in the manufacturing sector and support for MSMEs, will not only stimulate valuable employment opportunities for millions of young people but also ensure economic resilience."

Rajeev Singh, Managing Director, India and South Asia

“The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has adopted a strategic approach for fostering economic growth while bolstering India’s technology landscape. The planned upgrade of 1,000 Industrial Training Institutes through a hub-and-spoke model, along with the alignment of course content to industry needs, reflects a proactive strategy to address the skills gap in the workforce and prepare students for the evolving job market. Such an emphasis on skill development and education bodes well for not only the emerging workforce but also interactive technology companies.

By integrating interactive learning tools into these upgraded institutions, tech companies can contribute to creating an engaging and effective learning environment that fosters skill acquisition and prepares students for future challenges. This alignment between government initiatives and private sector capabilities is crucial for driving educational transformation in India.” 

Deepak NG, MD

At Dassault Systèmes, we welcome the government’s forward-looking initiatives outlined in today’s Union Budget for the infrastructure sector. Recognised as one of the nine key budget priorities for achieving Viksit Bharat, the infrastructure sector is poised for significant growth.

The government’s allocation of Rs. 11,11,111 crore (3.4% of GDP) for capital expenditure is set to advance the globalisation of Indian infrastructure. Additionally, the provision of Rs. 1.5 lakh crore in long-term interest-free loans for state governments will bolster state-level infrastructure investments.

These initiatives align perfectly with Dassault Systèmes' mission to transform the infrastructure sector through cutting-edge technology such as virtual twins. We are eager to support and collaborate with all the key players in driving these transformative efforts.

Pankaj Jathar, CEO

“The budget announcement has laid a strong foundation for advancing education, skilling, and employment opportunities and is truly commendable. The allocation of Rs. 2 lakh crore for the five employment and skilling schemes, along with Rs. 1.48 lakh crore for education, employment, and skilling, underscores the government's dedication to the country’s youth and its commitment to propel growth. The new centrally sponsored scheme aimed at skilling 20 lakh youth over five years will significantly contribute to fostering a skilled workforce. This significant step is the need of the hour to bridge the gap between education and the skills essential to equip the youth to be industry-ready. These initiatives will help us maximise our education and skilling efforts, propelling the next phase of growth for the Indian economy.”

Ashish Saraf, VP and Country Director

"The budget's commitment to skilling 20 lakh youth over the next five years through centrally sponsored schemes and the provision of skilling loans will pave the way for cultivating a strong and future-ready workforce. These measures will create pathways for youth to gain essential skills, enhancing employability. We also welcome the focus towards inclusive and holistic growth through a number of other announcements including employment-linked skilling schemes, internship opportunities to students in 500 top companies as well as the allocation of over Rs. 3 lakh crore to advance women's roles.

Another key aspect of the budget is the establishment of the Powering Innovation, R&D Anusandhan National Research Fund. This will indeed provide a boost to private sector-driven research and innovation leading to development of cutting-edge technologies in the country. We commend these visionary steps and are committed to supporting India in nurturing a highly skilled workforce and deep-tech innovations by leveraging our local and global expertise and experience."

Satyabrata Satapathy, CEO

"The budget 2024-25 is a significant step forward for the deep tech sector in India. By increasing allocations towards research and development, and providing incentives for innovation, the government has demonstrated its commitment to fostering a robust ecosystem for emerging technologies. This budget not only recognises the critical role that deep tech plays in driving economic growth but also sets the stage for startups like BonV Aero to push the boundaries of innovation in areas such as drone technology and smart manufacturing. We are particularly encouraged by the support for infrastructure development and skill enhancement, which are crucial for scaling our operations and staying competitive on a global stage. Overall, these measures will help us accelerate our mission of delivering cutting-edge solutions and contributing to India's technological advancement."

Srini Chinamilli, Co-founder and CEO

"This year's budget is forward-looking and aimed at making India self-reliant while equipping our youth with the skills necessary for employment. The government has announced various plans to tailor courses in collaboration with industry, fostering strong industry-academia partnerships to enhance skill development. Its plan for freshers and internships will also help the new and potential employees. With the government support, this effort will further boost emerging sectors like semiconductors, addressing the skill gap effectively.

Additionally, investments in research, including funding for the Anusandhan National Research Foundation, will significantly boost advancements in cutting-edge technologies. Through these steady and strategic investments, we are paving the way for India to emerge as a global superpower.”

Srividya Kannan, Founder and CEO

“The announcement of 1 crore youth gaining internships in the top 500 firms aims to offer real-world experience and corporate exposure, essential for developing a skilled workforce. With emerging technologies like generative AI transforming industries, this initiative will help close the gap between job requirements and skills.

The Finance Minister also highlighted the need for increased technology adoption to enhance the ease of doing business, improve data and statistical records, and enable informed decision-making. This focus on technology as an enabler is set to enhance our workforce's capabilities, making them more adaptable to rapid global market changes.

By prioritising skilling and technology adoption, the government seeks to boost the economy's production capabilities. The vision of a digitalised India is poised to propel our growth story forward, ensuring our workforce remains competitive and ready to meet future challenges.”

Arnab Ghosh, Managing Director, Corporate Fitout

“Digitisation of urban land records and other digital reforms is an initiative in the right direction. It will promote transparency in real estate-related transactions and approvals, which in turn will attract FDIs.”

Akshay Sarma, Chief Financial Officer

“The budget announcements mark a continuous effort to help India achieve its economic dream of reaching a $5 trillion economy by 2024-25. Addressing key challenges in the startup ecosystem, the abolition of the Angel Tax for all investors will boost startups and attract diverse investments. Simplifying FDI and promoting the Indian rupee for international investments enhance India's global economic standing. These steps create a better environment for businesses, foster innovation, and advance India's global financial position. Continued focus on sector-specific challenges in the NBFC space and digital economy remains essential for comprehensive economic development and financial inclusion.”

CP Khandelwal, Joint Managing Director

“We congratulate the government on the Union Budget and are heartened to see the robust support for MSMEs and manufacturing sector. The credit guarantee scheme for MSMEs in the manufacturing sector with coverage up to Rs 100 crore is a game-changer. This initiative will spur innovation and growth, providing critical support to homegrown enterprises and elevating India's position in the global manufacturing landscape.

The government's decision to reduce the basic customs duty on mobile phones, PCBs, and chargers to 15% marks a pivotal moment for our technology sector. This strategic move recognises the significant maturation of the Indian mobile industry in recent years and is set to attract global value chains to our shores, enabling large-scale manufacturing operations.”

Krishna Bansal, MD and CEO

“As India progresses on its development path, we appreciate the forward-thinking approach reflected in the Union Budget 2024. With a focus on digital infrastructure and technological innovation, the budget completely aligns with Q1 Tech’s mission to provide secure and efficient IT solutions and services. The focus on cybersecurity and digital literacy will empower businesses to operate more efficiently, fostering a growing economy.

We are optimistic about the initiatives highlighted and are working towards addressing the immediate economic challenges while laying a strong foundation for long-term growth. With the strength of IT and digitisation, we aim to leverage these opportunities as much as possible and propel the nation towards a technologically advanced economic landscape.”

Ruchin Kumar, Vice President, South Asia

"Over the past decade, technology has played a crucial role in boosting productivity and reducing economic inequality by improving access to market resources, education, health, and services. The government aims to further enhance this by accelerating the adoption of digital technologies.

To improve data governance, the budget highlights the use of various sectoral databases established under the digital India mission, supported by advanced technology tools. This approach will be crucial for critical sectors such as BFSI (banking, financial services, and insurance), e-governance, retail, telecom, and healthcare. Robust data protection and compliance with evolving regulations will ensure the secure and efficient implementation of digital infrastructure across these sectors."