HomeBudget 2024Union Budget 2024 Expectations: Telecom Sector Rally for Tech-Focused Budget Boost in 2024

Union Budget 2024 Expectations: Telecom Sector Rally for Tech-Focused Budget Boost in 2024

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As the curtain rises on India’s 2024 budget the telecom industry is not merely expecting financial allocations; it’s envisioning a strategic roadmap for growth and innovation.

Here’s a breakdown of their perspectives:

Sanjeev Chhabra, Managing Director & CEO, Beetel Teletech Ltd

As India prepares for the 2024 budget announcement, the technology industry has high hopes that the government will introduce policies to further boost growth and innovation. With emerging technologies like artificial intelligence, blockchain, and 5G transforming businesses and society, the industry hopes to see increased investment in digital infrastructure, skills development, and research.

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Additionally, the industry hopes to see an expansion of the Production Linked Incentive (PLI) scheme into more technology sectors. The PLI scheme has already bolstered manufacturing and exports in electronics, telecom, and solar equipment. Further expansion of it can provide a big impetus to domestic technology manufacturing and reduce dependence on imports.

Other policy interventions in areas like data protection & cybersecurity could also provide an impetus. Incentives to encourage R&D spending, public-private partnerships in deep tech areas, and reforms to promote foreign investment in technology sectors are key expectations. However, balancing these demands with fiscal prudence will be key. The industry hopes the budget strikes the right chord in providing an impetus to technology adoption while exercising financial responsibility.

Chandrika Behl, Managing Director, Exhibition India Group

As India prepares for the Interim Budget, I hope the government continues its push towards technology-led growth. The PLI scheme, which has catalyzed domestic manufacturing and exports in sectors like electronics, automobiles, and pharma, can further propel India’s self-reliance and competitiveness.

The Smart Cities Mission has also shown tangible progress, with projects improving urban mobility, infrastructure, and governance. However, further amendments making technology deployment integral across all facets of the Mission will maximize its impact. Regulations around emerging technologies like AI, drones, and EVs also need to evolve with the industry.

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Additionally, policies encouraging R&D and innovation, tax incentives for tech startups, and global collaboration are crucial. The budget must balance short-term growth needs with long-term technological capacity building. I look forward to the Interim Budget with optimism and believe the Government will present a growth-oriented Budget to propel the industry towards becoming a global technology leader and a $5 trillion economy.

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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.
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