Budget 2023 expectations of Tech czars: What they really want from Modi govt

Union Budget 2023: In recent years, technology has played a crucial role in India's economic growth. As digitalization and the concept of Digital India is on a rapid rise, it has had a significant and lasting impact. The Union Budget 2023 will be live tomorrow and as always, the technology sector is expected to get some attention. While we are in as much darkness as you when it comes to knowing what lies in store ahead of Budget 2023, industry leaders have certain expectations from Budget 2023 for the technology sector.

Union Budget 2023: What industry leaders say

1. “The 2023 budget will be crucial for the IT industry as many headwinds globally impact one of India’s largest employers. In the past decade, Indian IT startups have preferred to have their corporate headquarters in the US or Singapore due to those countries' favourable tax and compliance environments. If this year’s budget addresses this by providing more lenient and flexible compliance to startups, it will attract more investments and ensure that homegrown IT startups remain in India.” says Vinod Nair, Global VP of Sales and General Manager Noventiq India.

2. “Focusing on this year's significant stories is essential as we cautiously enter 2023. The widespread vaccination effort, which immunised over 100 crore people, was a significant victory for the Indian government. We anxiously await the government's announcement of funds for the initiatives we want it to prioritise this year. Spending more money on vaccinations is one of the goals, especially across the board in the healthcare system. India must have the right tools since the fight against COVID-19 is far from over.” says Jesal Doshi, Deputy CEO, B Medical Systems.

3. “India's economy is rapidly advancing and will play a significant role in boosting the global economy. The country's technology industry will attempt to identify the cybersecurity investment necessary for the tech sector as the government is scheduled to propose its budget for FY2023–24 in a few weeks. “says Raj Sivaraju, President of APAC, Arete.

4. “Technology Clusters in tier 1 cities in India; while IT talents are in every corner in India they are forced to move to tier 1 cities. Govt. must come-up with a special budget for booming IT infrastructure in tier 2, or Tier 3 cities as well to take-off the load from big cities. Measures to address the skills gap in the IT industry and support for training and upskilling of workers. Tax incentives for companies that invest in research and development. This year's budget may also include measures to address concerns around data privacy and security, as well as efforts to increase the adoption of digital technologies in various sectors.” says Priya Ranjan Panigrahy, CEO and Founder of CEPTES Software.

5. “While speaking about cybersecurity threats as malware, spoofing, phishing or third-party data breaches one should implement the minimum cybersecurity requirement as per their scenario, corporates should pay enough attention to latest cyber security tools, security employees’ training and education, controlling physical access to their digital data, in-time updates for the software; making proper backups of the information, and securing the internet connection.” says Sujit Patel, Founder and CEO, SCS Tech.

6. “In the upcoming union budget, I hope to see a strong mandate for financial inclusion and assistance from the government of India for start-ups attempting to bring in credit for all transcending language, literacy, location, livelihood like FlexPay. Relaxation in norms and assistance with liquidity to lending NBFC fintechs who are attempting to offer credit to the under-served and unserved would be a welcome move. I also hope that non-prime lending could be brought under priority sector so that NBFCs can truly work to bring credit to all.” says Anil Pinapala, CEO & Founder of Vivifi India Finance.

7. “Speculation is running high about the government’s plans to further bolster India’s economy. From expanding digital infrastructure to fostering innovation and investing in emerging technologies, the potential implications of the budget for the tech industry are far-reaching," says Amit Khatri, Co-Founder, Noise.