Expectation Union Budget 2024 - Digital Development, Tax benefits

As the new government is formed in India, Now the most awaited event is the Union Budget 2024. From industry leaders to the common man, everyone is eagerly waiting for the budget announcements. There are a lot of expectations from this upcoming budget.

Taxpayers want to know whether they will get some new benefits or rebates from our finance minister. To understand the budget in a better way government has also launched the "Union Budget Mobile App" to make it easily available to the general public.

Technology or the IT sector is also anticipating a lot of new offerings from this government. With India growing rapidly digitally, govt. is expected to strengthen the cybersecurity sector to safeguard the tremendous amount of data, focusing on strengthening the women in India, tax benefits for developers, and more.

Recently, tech leaders from across the sectors shared their views with DQ Channels. Infovision, Zeta, Avinya Industrial & Logistics Parks, and Routematic, shared their views on the upcoming Union Budget 2024.

Uma Shankar Patro, Senior VP of finance, at InfoVision, shared his expectations from the Union Budget 2024

"Looking ahead to Budget 2024-25, InfoVision anticipates transformative policies that will elevate India's digital ecosystem. We are hopeful for initiatives that bolster technological infrastructure across sectors, emphasizing investments in AI/ML, Data Analytics, 5G, Telemedicine, and cybersecurity. Strengthening digital literacy and accessibility nationwide is crucial, alongside incentives for R&D to foster innovation hubs and nurture entrepreneurial spirit. Moreover, we expect targeted support for SMEs and startups, promoting inclusive growth and job creation. Embracing sustainability, we look forward to incentives for green tech initiatives that align with global standards, positioning India as a leader in the digital age."

Ramki Gaddipati, CEO of APAC, and Global CTO, Zeta talked about incentives for banks to participate in the technology ecosystem

India already boasts of some of the most impressive Digital Public Infrastructure (DPI) and payment rails today including ground-breaking new protocols such as Credit Line on UPI. As a provider of next-generation banking solutions to large financial institutions, we hope that the Union Budget 24-25 will introduce further imperatives and incentives for banks and the associated technology ecosystem to create even more financial inclusion for the underserved Indians."

Abhijit Verma, Founder & MD, Avinya Industrial & Logistics Parks emphasizes infrastructure development in this Union Budget 2024

“The government's continued focus on India’s logistics and warehousing sector is crucial for India’s economic growth. We are optimistic that the government will prioritize infrastructure development in the upcoming budget, while also introducing various policies and schemes such as PLI, streamlined processes for land registration, ease of doing business reforms, reduced operational costs, and tax benefits for developers. One can expect increased capital expenditure to enhance logistics and supply chain efficiency through investments in multimodal transportation and warehousing infrastructure, facilitating growth in emerging smaller regions and rural areas. Furthermore, the Budget must emphasize sustainability development to reduce the carbon footprint. As such, the government can look into providing incentives for green projects and the use of renewable energy sources. These efforts, along with Make in India initiatives and enhanced international trade relations, will play a pivotal role in establishing India's position as a global logistics leader."

Kavitha Ramachandragowda, Co-Founder and Executive Director, Routematic shared her thoughts about strengthening women entrepreneurs this budget 2024

"As we look forward to the upcoming Union Budget, it is crucial to focus on empowering women entrepreneurs and encouraging women and girls to pursue STEM careers. The tech industry thrives on diversity and innovation, and women's active participation is vital for the industry’s growth and achieving India's $30 trillion economy goal by 2047. Prioritizing skill development for young women and offering vocational programs post-class 12 can open numerous doors for their professional development. The previous budget highlighted positive developments such as a 28% increase in female enrolment in higher education and 43% in STEM courses, the highest globally. The 'Lakhpati Didi' initiative's target was increased from 2 to 3 crores, and the Mudra Yojana disbursed over 30 crore loans, primarily to women entrepreneurs, promoting financial inclusion. We hope the upcoming budget continues to build on these successes, focusing on more such women-centric schemes to support women entrepreneurs and foster a conducive environment for young women to grow professionally and thrive in India's workforce."

Conclusion

The forthcoming Union budget 2024 is expected to address these diverse needs, promoting growth, innovation, and sustainability across sectors, and positioning India for continued economic and technological advancement. There are high hopes from the NDA-led coalition government across the industry. Let's wait and watch what this budget has in store for the technology sector. 

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