On February 1 the PM Narendra Modi-led Indian government will present its second interim budget. Union Finance Minister Nirmala Sitharaman, who has presented the budget for the past five years, will seek Parliament’s approval for the government’s expenditure for the first four months of this fiscal year.
Read what stakeholders from digital marketing firms and tech companies expect from the 2024 Union Budget.
Amit Khatri, Co-Founder, Noise
India’s resilient economy, fueled by entrepreneurship and proactive governance, is set to reach $5 trillion by 2024. With a projected annual growth rate of 6.3 percent, India’s ascent to become the third-largest global economy by 2027 is on the horizon.
As we anticipate the upcoming Union budget, a robust regulatory framework fortifying the startup ecosystem, and streamlined funds allocation, alongside strategic efforts in technological advancements, are crucial. A dedicated push to boost R&D and technological opportunities within the country will be pivotal in shaping India’s economic landscape and enhancing global investment.
Initiatives like the PLI scheme have been instrumental in boosting ‘Make in India’ efforts, and we believe the upcoming budget holds the utmost importance in further shaping India’s electronic manufacturing space. We hope for continued support from the government with the push for localizing components as well, fostering an environment that encourages homegrown brands to lead India on the global stage, further accelerating growth and enhancing international prominence.”
Amit Tripathi, Managing Director, icogz
Data and applications of Data in Business is one of the key drivers of innovation and growth in today’s digital economy. Data Science can help companies use data to make better decisions, to improve customer engagement, and to gain competitive advantage. It also has the power to help us to solve some of society’s greatest challenges—in health, education, the environment, and security.
But for it to realise its potential as a source of human and economic capital, development and adoption of data sciences in all sectors – along with the accompanying digital and physical enablers and human capital – will require a supportive policy and regulatory environment. It will also take a culture of trust and responsible use of data to ensure that the power of (artificial) intelligence can be harnessed for the common good.
The government must play the role of an enabler and set the pace for implementing the highway on which India can become a super power in the world of Data sciences. For the same, some submissions on the expectations from the budget this year.
First, I expect the government to continue its focus on initiatives promoting cybersecurity, data privacy, and responsible AI development. Initiatives like the Data Protection Data Privacy (DPDP) Bill that aims to strengthen data privacy and initiates new laws around deep fakes are highly appreciated. I hope to see sustained investments in cybersecurity infrastructure and human capital development. With cyber threats only increasing each year, educating and equipping Indian businesses and government entities about the risks as well as providing them with access to modern cybersecurity solutions and highly skilled security professionals is of utmost importance for the Indian economy.
Second, I expect the government to increase the allocation for research and development in data sciences and analysis. India has the potential to become a global hub for technology and talent. However, we lag behind other countries in terms of R&D spending and output. The current R&D spending in India is only 0.7 percent of GDP, compared to 2.8 percent in the US and 4.2 percent in Israel. I urge the government to increase the R&D spending to at least 1.5 percent of GDP with a clear roadmap. I also request the government to fund more educational and training programs to build expertise in the responsible use of AI and cybersecurity spaces.
Third, I expect the government to provide incentives and support for the adoption of data sciences and analysis by the business sector. Data sciences and analysis can help businesses improve their productivity, efficiency, and profitability. However, many businesses in India lack the awareness, resources, or skills to leverage data for their benefit. I suggest the government provide tax benefits, subsidies, or grants for businesses that invest in data sciences and analysis. I also recommend the government to create a platform or a network that can facilitate the collaboration and knowledge sharing among businesses, academia, and government on data sciences and analysis
Union budget expectation from Prady, CEO, NP Digital India
As we look ahead to the Union Budget 2024-25, the digital marketing industry is hoping for plans that recognize its important role in our post-pandemic recovery. The pandemic showed us how crucial digital technologies, like AI, are for businesses to stay strong. To build on this, we’re asking the government to focus on making digital advertising and marketing more popular in smaller towns and areas beyond the big cities. The upcoming budget is a decisive factor in shaping a transformative future for businesses in the digital landscape.
Bharat Patel, Chairman and Director of Yudiz Solutions Ltd.
The upcoming budget should be a decisive pivot towards the future. We need targeted further advance investments AI, gaming, AR/VR, and blockchain – technologies poised to reshape our landscape. The gaming industry’s explosive growth demands we seize the moment and inject resources into esports infrastructure. This isn’t just about entertainment; it’s about building digital playgrounds that cultivate skill, teamwork, and global connections.
AR/VR is no longer a novelty; it’s a potent tool for education and training. We need initiatives that empower immersive learning experiences, equipping our workforce with the skills for the metaverse age. Let’s not get left behind in the AI revolution – generative AI solutions hold immense potential, from personalized healthcare to next-gen creative tools. Establishing an R&D sector dedicated to exploring these frontiers is an investment in our collective ingenuity.
Blockchain remains a grey area, but the winds of change are blowing. We need clear regulatory frameworks and targeted investments to unlock its potential for secure, transparent transactions. Imagine a robust fintech ecosystem powered by blockchain – it could redefine financial inclusion and unleash a wave of innovation. This budget must be the catalyst for India’s leap into the digital era. Let’s invest in the talent, the infrastructure, and the vision to unlock our nation’s true potential.