“The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to,” opined Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC. The Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors, added Gupta.
“In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well,” he added.
Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. NetApp is aligned with the government’s focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a ‘Viksit Bharat’ by 2047, concluded Gupta.
“We at Sophos are in complete alignment with the vision presented by the Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India,” remarked Sunil Sharma, Vice President- Sales, Sophos India & SAARC. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions.
The government’s steadfast commitment to increasing the cybersecurity budget from Rs 400 crores to Rs 750 crores within a year is a noteworthy development within the industry. THis promises to address cybersecurity threats that may endanger the rapidly digitizing nation, added Sharma. The intersection of democracy, demography, and diversity, encapsulated by the ideology of “Sabka Prayas,” emerges as the key force that will unlock India’s true potential in the technology sector.
“Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government’s dedication towards realizing its Atmanirbhar Bharat vision. Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future,” concluded Sharma.
“The Interim Budget 2024 is reflective of the India’s sustained focus on Atmanirbhar Bharat ,” proclaims Sindhu Gangadharan, SVP and MD, SAP Labs India. The long-term financing and re-financing scheme with a corpus of Rs 100,000 Cr with a 50-year interest free loan to promote R&D in the private sector in sunrise domains, as well dedicated initiatives to promote DeepTech/R&D in the defence sector underscore the commitment to position India as a global leader in the world of technology. The focus on skilling, upskilling, and reskilling of youth will ensure an industry-ready workforce to navigate the headwinds of a volatile marketplace, feels Gangadharan.
Additionally, the extension of tax exemptions for eligible startups, granting newly incorporated ventures until March 2025 to claim tax benefits for three out of their first 10 years, is a progressive and encouraging move. By incentivizing entrepreneurship, Gangadharan adds the government is actively promoting the creation of a robust startup ecosystem, which is crucial for driving economic development.
India has showcased a robust and resilient growth story driven by perseverance, ingenuity, and vision. The 2024 interim budget is an action-oriented one, with the mantra of reforming, performing and transforming India. It is a budget of confidence. It promises to continue to empower the four vulnerable sections of society- the poor, the youth, farmers and women folk in order to realise India’s potential, feels Arundhati Bhattacharya Chairperson & CEO, Salesforce India.
“The continued focus on increased capital investments will result in generation of employment opportunities and thereby growth of the economy. MSMEs are an integral part of our economy – locally and globally. As of October 2023, 1.14 lakh startups were recognized by the government under the Startup India initiative and reported the creation of more than 12 lakh jobs,” adds Bhattacharya.
The next-generation reforms focused on timely and adequate finances, relevant technologies and appropriate training for the MSME’s to grow and also compete globally will facilitate sustaining high and more resource-efficient economic growth creating opportunities for all. India is the talent basket of the world and has one of the youngest populations globally; we have a humongous opportunity to unlock the potential of the country’s young workforce. I am personally pleased with the 43% increase in enrolment of women in STEM courses, the highest in the world, adds Bhattacharya.
“What’s more, our country’s population is massive and tremendously diverse – which gives us access to some of the richest data sets for AI and innovation. India is showcasing multiple solutions through innovation and entrepreneurship of its people. Technology, youth and innovation continues to be the cornerstone of the Government’s strategy. Creation of a corpus of rupees one lakh crore with a fifty-year interest free loan is a welcome move combining the power of our youth and technology for driving more innovation,” she concludes.
The budget underscores a vision for India as a developed nation, putting infrastructure, sustainability, and youth empowerment at the forefront. The government’s focus on the country’s exponential growth is evident from the initiatives specifically announced for infrastructure development and scaling up research & innovation, feels Aalok Kumar, Corporate Officer & Sr. VP – Head of the Global Smart City Business, NEC Corporation, and President & CEO, NEC Corporation India.
“At NEC, we applaud the strong focus on infrastructure and green growth, aligning with our vision for a connected India. Initiatives in green projects, EV manufacturing and tourism development signal positive steps towards a sustainable and inclusive future,” adds Kumar. The focus on youth empowerment, exemplified by the 50-year loan scheme, resonates with our commitment to future generations.
Debashis Chatterjee, MD & CEO, LTIMindtree welcomes the interim budget’s focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry’s growth. “The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders,” he opines.
As we strive towards achieving the goal of “Viksit Bharat” by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India’s future, adds Chatterjee.
“We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core,” remarks Manoj Nair, Head of India GDC, Fujitsu India.
As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively, Nair adds.
Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives.
This is an exciting time for the country’s green industrial and economic transition. “At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!” concludes Nair.
