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The technology and AI sector has welcomed Union Finance Minister Nirmala Sitharaman’s proposed budget for having a focus on job creation, internships, and significant investments in AI research, workforce training, and upskilling, which are viewed as critical for maintaining India’s position as a global technology leader.
Read the complete reaction from the technology industry in detail:
Bharath Aitha, Vice President of Marketing at eInfochips (An Arrow Company)
We commend the government’s renewed commitment to fortifying India’s technology sector, as demonstrated in the recent budget. This budget aligns with our expectations, notably by emphasizing enhancing public-private partnerships and bridging the gap between academia and industry. The focus on job creation and internships across various technologies is particularly encouraging.
The budget’s dedication to significant investments in training and upskilling the workforce in key areas is praiseworthy and essential for sustaining momentum and securing India’s stature as a global technology leader.
At eInfochips, we are optimistic about these developments and are ready to harness these opportunities to advance our pioneering technology solutions. For instance, the allocation towards AI research grants could greatly accelerate advancements in fields such as computer vision and natural language processing—where eInfochips holds significant expertise. We look forward to collaborating with government bodies and academic institutions to maximize the impact of these grants, aiming to enhance India’s capabilities as a global hub for AI innovation.
Sarvagya Mishra, Co-founder & Director, Superbot
Superbot praises the government’s commitment to driving innovation and digital transformation by allocating 5% of the Universal Services Obligation Fund to telecoms technology R&D. The rebranding of this fund to Digital Bharat Nidhi emphasizes the importance of a digital-first strategy in generating economic growth. We are delighted by the Jan Vishwas Bill 2.0 and the incentives for governments to implement Business Reform Action Plans and embrace digitization.
These steps are expected to greatly improve the ease of doing business and have a profound positive influence on the IT sector, hence improving India’s digital economy. Superbot wholeheartedly supports these progressive policies and is committed to participating in and benefiting from these revolutionary efforts. Angel Tax abolishment will also attract the right set of investors to boost digitization in the growing tech startups
VV Subramaniam, Founder & CEO, SmartGate by Happy Visitor
This year’s budget reiterated the government’s focus on technology in propelling inclusive growth and fostering economic resilience. Over the past decade, the country has made strides in harnessing technology to elevate productivity and diminish inequality in almost all sectors. As reinforced in the budget, The Modi 3.0 Government will continue sustaining investments in digital infrastructure to democratize access to essential services, offering benefits across all levels of society.
As we look ahead, the SmartGate app by Happy Visitors remains dedicated to backing the government’s drive for digitalization, aligning with India’s ‘Viksit Bharat’ vision. The 2024 budget underscores innovation and research, reinforcing our country’s commitment to fostering inventiveness and technological progress. This strategically approach will undoubtedly open up new and greater prospects, positioning India as a global innovation leader.
Puneet Chandok, President, Microsoft India & South Asia
The Union Budget and Economic Survey’s emphasis on technological innovation and digitization sets India on the fast track to becoming an ‘AI-first nation,’ opening new opportunities for collective and inclusive progress from commerce to communities.
Leveraging a digitized economy and an AI-ready workforce aligns well with the budget’s priorities towards employment & skilling, innovation, research & development, and productivity & resilience in agriculture. With a diffusion rate surpassing that of any previous technology, India leads the world in AI skill penetration and talent concentration rates. This progress is remarkable, with human capital, businesses, and public sector organizations rapidly adopting new technologies.
Aligned with the ‘India AI Mission’ and ‘Viksit Bharat 2047,’ our commitment includes partnerships with the Government of India, various industries, and diverse communities for skilling, training, and development initiatives. This involves equipping 2 million people with AI skills by 2025.
We are also transforming agriculture in India working with our partners to implement modernized, AI-driven Agri-Tech solutions to help farmers manage their farms and production and overcome challenges. At Microsoft, we are committed to ensuring AI serves 1 billion citizens in India by 2030. Together, we are building a future-ready unstoppable India, where AI drives innovation, inclusivity, and progress for all.
Punit Sindhwani, Founder & CEO, PAXCOM
This is a landmark budget for the Indian technology sector! The focus on innovation and research through the Anusandhan National Research Fund is a game-changer. It will provide much-needed support for developing homegrown solutions and accelerating our journey towards technological independence.
The government’s commitment to digitalization resonates deeply with Paxcom’s mission. We’ve seen firsthand how technology empowers businesses of all sizes. The ₹1 lakh crore pool for private sector research is a strong push for collaborative innovation, which will fuel the growth of the e-commerce sector I serve.
Overall, it is a highly encouraging budget that strengthens the foundation for a truly digital India. Paxcom is fully committed to playing its part in this exciting journey.