Union Budget 2024: Expectations on Cybersecurity, AI and Innovation

Finance Minister Nirmala Sitharaman is soon going to launch the Union Budget or Interim Budget 2024. As the Lok Sabha elections are around the corner, the expectations are on the rise. From a common man to an industrialist, everyone is looking forward to this budget. From the perspective of the IT industry, IT Channel partner Associations and IT industry leaders shared their expectations from this budget.

With the new age of technology, Cybersecurity, Artificial Intelligence, and data protection have taken center stage. Expectations are on the rise towards the boost in investment in these segments of information technology in the upcoming Union Budget 2024.

Furthermore, Make in India an initiative launched by the government of India requires push which leads to helping emerging Original Equipment Manufacturers or OEMs to easily procure the required assistance and tools to boost their business.

Infotech Software Dealer Association (ISODA), President, Vinod Kumar, spoke on his views regarding Interim Budget 2024 -

"From the perspective of the IT industry, the expectations are that the upcoming budget 2024 will focus on major issues related to Data Protection, Digital infrastructure, and cyber security. We are hoping that the union budget will encourage investments in R&D and innovation. There is also a huge need for enhancing skills in the areas of IOT, AI, and cyber security. The Budget should also encourage IT exports by means of tax reforms. With the introduction of the data protection bill, there will be a lot of advancements in regulations related to data privacy in line with global standards to protect the privacy of the consumer. With the awareness increasing on the importance of cyber security, there are also expectations of budget increases in promoting best practices and also securing and strengthening the infra of the nation as a whole."

Some associations have shown their concern about how the Union Budget doesn't allocate any special section for the IT manufacturers

FITAG President, Alok Ghelani has shown his disbelief in the budget, he stated, " We have observed for past several years Union budget neither provides any assistance nor pays much attention to the IT industry specifically. The hardware industry is also considered a part of IT, yet there is no specialized budget allocated for the OEMs of Gujarat or even other states of India. 30.000+ entrepreneurs are associated with this industry there should be a budget focused on the growth of their business which will lead to growth in the IT industry."

Cybersecurity should be highlighted and needs a boost in this upcoming budget, stated Industry leaders

Rohan Vaidya, Area Vice President, India & SAARC, CyberArk shared his views on the upcoming Union Budget. He stated, "India's 2024 Union Budget is anticipated to prioritize cybersecurity, recognizing it as a critical success factor for building digital resilience at the national level. I look forward to robust allocations that fortify digital defenses, safeguard critical assets, and propel secure identity management. As a cybersecurity company, we advocate for investments in cutting-edge technologies to combat evolving threats. The budget may also include specific provisions for AI applications in key sectors like healthcare, agriculture, manufacturing, and finance. The budget holds the key to reinforcing the nation's cyber resilience, and CyberArk is committed to being an integral part of this endeavor."