Budget 2024: What are the expectations of Tech Sector from Budget 2024
With Budget 2024 set to be announced today, February 1, industry experts have shared their expectations for the tech sector. Know what are the expectations of Tech Sector from Budget 2024 including for sectors such as gaming, cybersecurity, smartphone manufacturing and esports.
Budget 2024: Finance Minister Nirmala Sitharaman will present the Interim budget 2024-25 today, February 1. It has been announced that the full budget for the upcoming fiscal year will only be presented after the general elections in the presence of the new government. Industry experts expect important reforms and initiatives in various technology-related fields, especially in artificial intelligence (AI), which has been one of the most rapidly growing fields that has the potential to revolutionize the way we live and work. Check out what experts from the tech sector expect from Budget 2024.
Budget 2024: Expectations of tech sector
1. Regarding tech and cybersecurity, Amit Jaju, Senior Managing Director, Ankura Consulting Group (India) says, “For the 2024 budget, it's imperative that the Indian government prioritizes substantial investments in cyber defense, artificial intelligence (AI), and defense technology research and development. With the escalating number of cyber attacks targeting both business and government infrastructures, allocating funds for these areas is not just a necessity but a strategic imperative. Additionally, enhancing cyber insurance limits is crucial to provide a robust safety net against the financial impacts of cyber threats. Equally important is the creation of a dynamic talent ecosystem, equipped with advanced skills to effectively combat cybercrime. This budget should reflect a clear vision towards fortifying our digital infrastructure and nurturing a skilled workforce, thereby bolstering India's resilience against the evolving landscape of cyber threats.”
Also Read: Tech Budget 2024 Live Updates
2. The Make-in-India initiative has been extremely successful for India with the world's top smartphone companies such as Apple and Samsung setting up manufacturing plants in the country. Ravi Kunwar, Vice President (India & APAC), HMD Global says, “As we anticipate the Interim Union Budget 2024, HMD Global holds optimistic expectations for the Indian smartphone market. Foreseeing an extension or enhancement to the Production Linked Incentive (PLI) policy, we aim to fortify local production and encourage an indigenous components supply chain. The budget's positive impact on operations, particularly in local manufacturing, is anticipated, though precise planning hinges on final announcements. Our wish-list emphasizes more incentives for local production, encouragement for components manufacturing within India, and support for exports. In the face of potential changes, we stand ready to make necessary adjustments, anticipating a budget that builds upon existing policies for stability and growth. HMD Global remains committed to contributing to India's self-reliance and the global success of its smartphone industry.”
3. Ankit Mehta, CEO, ideaForge says, ““Our expectations for the upcoming Budget 2024-25 is centered around policy measures and fiscal incentives to establish India as a global drone hub by 2030. The foundation laid by the existing Drone Rules and Production-Linked Incentive Scheme is promising, and we look forward to further enhancements in regulatory frameworks and their execution to fuel innovation and industry growth. Continued support for research and development, along with incentives for technological collaborations, will be instrumental in propelling India's drone manufacturing capabilities to new heights. Moreover, we hope to see the Government's commitment to nurturing this budding drone industry as drones are anticipated to play a vital role in facilitating security and governance infrastructure.”
4. Sanjoy Bhattacharya, Director of Sales & Marketing, IT Business, ViewSonic India says, “As we eagerly anticipate the unveiling of the Union Budget for 2024, we applaud the government's ongoing commitment to the "Make in India" initiative, fostering the growth of indigenous manufacturing capabilities. We hope the forthcoming budget will further strengthen this program, providing incentives and support for the domestic production of high-quality electronics, including monitors. In alignment with the government's focus on Production-Linked Incentive (PLI) schemes, we anticipate continued encouragement for the electronics sector. Additionally, third-party manufacturers should receive incentives and benefits through Production Linked Incentives (PLI). To foster innovation and R&D in the electronics industry, we look forward to policies that incentivize technology advancements, product design, and sustainable practices. Support in these areas will contribute to the development of cutting-edge technologies meeting the 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 forecasted to grow more in the coming years. The segment with an estimated CAGR of 32% saw state governments like Bihar who have recently taken initiatives to introduce esports to students while others have organised Esports tournaments. Esports' growing recognition culminates in its inclusion at major global events like the Asian Games. We expect that the government will leverage this momentum by allocating budget and outlining strategic plans for esports development. These plans should encompass infrastructure improvements, training initiatives, and awareness programs, paving the way for a strong and vibrant esports ecosystem in India.”