One of the greatest announcements was made in this year’s Union Budget by Finance Minister Nirmala Sitharaman. The 2023 budget session was keenly awaited as a worldwide recession and slower economic development were on the horizon. Undeniably, the Finance Minister did not dissapoint by making a number of important statements. She began by saying, “This is the first budget under Amrit kaal; it hopes to build on the framework established by the prior budget and the blueprint prepared for India at 100.”
Here are some pre-budget expectations made by the leaders for the union-budget 2023-24:
1. Mr Vinod Nair, Global VP of Sales and General Manager Noventiq India:
In recent budgets, India’s government has shown itself to be both imaginative and effective when it comes to deploying policies and incentives which will continue to attract innovators and incentivise them to draw on India’s spectacular talent pools. Of course, these have mostly been life-support measures to help those companies which took a hit during the COVID-19 pandemic, but, this year, we can expect more positive incentives, aimed at encouraging foreign investment, and creating a business-friendly environment which will propel the startup ecosystem on to new heights.
Many companies in India, even those who are not categorised as IT companies, are struggling to find the right balance for employees who are working remotely. One of the policies that would be welcomed with open arms would be a working from home allowance, essentially allowing employers to mitigate the costs of recruiting and running a predominantly remote workforce. We also anticipate that incentives may be on the cards in the form of tax breaks and grants for implementing platforms and tools to level up those working from home.
2. Mr Vikas Jain, Co-Founder, PLAY Design Labs
A very sensible budget presentation and the FM has been considerate to the common man and industry alike. There is massive commitment of job creation and infrastructure spending which is very well received for India. Modification to the income tax slabs is a delight for the citizens and should encourage more citizens to declare their income statement. Most the industry is well taken care of and focus on strengthening manufacturing is evident. We hope to see some focus and action on the “cost of capital” in future budgets and themes. Backing manufacturing by incentivizing R&D/Design could have been a great addition and we remain hopeful for outlay for design in the forthcoming edition.
3. Mr Jesal Doshi, Deputy CEO, B Medical Systems
The #Budget2023-24 acknowledges and supports the healthcare sector. To show how seriously the administration is taking its stated objective of allocating 2.5% of GDP for health by 2025, the budget allocation for FY24 will be crucial. The budget also stated that specific facilities at a few ICMR Labs will be made available for research by academics from public and private medical colleges as well as R&D teams from the private sector to promote joint research and innovation. We believe initiatives like these will strengthen the healthcare industry and further foster a culture of sustainable innovation in India.
4. Aakrit Vaish, CEO and Cofounder at Haptik
With the implementation of 5G, the government has made it their mission to establish a Center of Excellence in Artificial Intelligence. The application and use of AI technologies have revolutionized a wide range of areas including e-commerce, retail, healthcare, BFSI (banking financial services & insurance), real estate, education and travel. By creating this hub for technological innovation we can continue to propel our nation forward into new heights! The budget presents a comprehensive analysis of the potential uses of Artificial Intelligence (AI) to bolster India’s economy, and outlines numerous applications for this revolutionary technology. 100 laboratories will be established in engineering colleges across the nation so as to generate AI-based 5G services; likewise, three Centres of Excellence for Artificial Intelligence are slated to open up at top educational institutions. This government-led initiative has the potential to create a thriving AI ecosystem and cultivate an abundance of talented professionals in this field.
5. Mr. Vineet Agarwal, MD at Transport Corporation of India Ltd.This “Saptarishi” guiding-priorities based Union budget is holistic, optimistic and it beautifully fleshes out the ambitious schemes announced by the government to boost all critical segments. For the Logistics Sector, a committed focus on all tenets under NLP, will definitely lead the country from recovery to resurgence.
The increased Capital Outlay for critical Infra projects under the “Inclusive Development” priority will further boost sectoral development. The steep investment increment in digitization and automation to develop smart warehousing, and an announcement of 100 critical transport infra projects for steel, ports, rail and road will strengthen the much-needed multimodal connectivity. Provisions like coastal shipping with Viability Gap Funding (VGF) for people & freight movement will further facilitate seamless cargo movement while reducing logistics costs.
The Government’s Green Growth Priority outlines a relentless sustainability vision. ‘National Green Hydrogen Mission’ targets the transition from fuels to green energy. This movement will enable a smooth shift toward the Net Zero Carbon Emission goal. Moreover, the PM Gati Shakti Vishwavidhyalaya facilitates the “Youth Power Priority”, emphasizing on upskilling and creating opportunities for industry partnership.
Overall, the 2023 budget outlines a very futuristic glide-path for improving the supply chain ecosystem in India. It will further enhance the export of networked products, thereby indicating a world-class infrastructure and synergy across the logistics value chain.”
6. Mr. Sujit Patel, Founder and CEO, SCS Tech
As the nation advances to the next level of technology and with the introduction of 5G, the government has expansive plans to establish a Centre of Excellence in Artificial Intelligence. India will transition to a digital society and for that, it becomes important to focus on digital transformation and cyber security solutions. The budget report evaluates how AI will be used to boost India’s economy, along with proposals for numerous fields where AI can be deployed. Not only this will increase the effectiveness and productivity of the industry but also optimize the process to complete the tasks.
Additionally, this will create new jobs and avenues for numerous start-ups and businesses to provide solutions in industries like utilities, education, health, agriculture, and smart cities.