Business Leaders Enthusiastic About Interim Budget's Rs 1 Lakh Cr Youth Corpus, Praise Focus on East India
Finance Minister Nirmala Sithraman’s announcement of Rs 1 lakh crore corpus dedicated to the development of the tech-savvy youth of the country was highly appreciated by business leaders across India after the Interim Budget was announced for FY24-25.
Speaking on the topic, Bodhisattwa Sanghapriya, Founder and CEO of IG Drones, told BW Businessworld that the corpus is a 'truly game-changing' initiative. He commended the budget, offering his approval for its notable focus on research, innovation and development.
The CEO of IG Drones highlighted the transformative impact of the budget allocation, especially for those engaged in cutting-edge technologies. “The Rs 1 lakh crore fund is poised to catalyse innovation and development, positioning India as a self-sufficient hub for technology. India will be self-reliant through indigenous technology and no longer will rely on other countries to borrow technology.”
The budget, presented on Friday, also placed strong emphasis on the slogan ‘Jai Jawan (youth), Jai Kisan (farmer), Jai Vigyan (science) and Jai Anusandhan (research)’.
"In a typical election year, one expects more populist decisions in the budget. However, it appears that the incumbent government is exuding confidence in their victory, allowing them to adopt a slightly longer-term perspective. I reiterate once again, the allocation of a Rs 1 lakh crore corpus with a 50-year interest-free loan is a remarkable initiative. The corpus, designed to provide long-term financing or refinancing with extended tenors and minimal interest rates, coupled with the strong emphasis on 'anusandhan' (research), is commendable," said Partha Neog, CEO and Co-founder at Vantage Circle.
During the Interim Budget FY24-25, another significant announcement was regarding a new Deep Tech scheme which will look to encourage innovation in relation to defense.
“We welcome 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,” said Debashis Chatterjee, MD & CEO, LTIMindtree.
“The Interim Budget 2024 is reflective of the India's sustained focus on Atma Nirbhar Bharat (Self Reliant India). The long-term financing and re-financing scheme with a corpus of Rs 1,00,000 crore 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.”- Sindhu Gangadharan, SVP and MD, SAP Labs India; Vice Chairperson, nasscom
Focus On East
Historically, the eastern regions of India have often struggled to assert themselves in the national picture, with many states facing developmental challenges. Nevertheless, the Interim Budget had strong words coming from the Finance Minister, especially towards prioritising the eastern parts, signaling a notable shift in focus by the incumbent government.
Speaking on developments in East India and the commentary on it during Sitharaman’s budget speech, IG Drones CEO Sanghapriya, highlighted the prolonged neglect that the eastern regions of India, especially the Northeast, have faced over the years. He acknowledged that for a significant period, successive Indian governments have overlooked the East.
“Over the past decade, there has been a concerted and vigorous effort by the government to usher in a transformative era of infrastructure development, particularly in the East Zone and specifically in the Northeast Zone. Collaborative initiatives with friendly nations, exemplified by our partnership with Japan, underscore a proactive approach to accelerate infrastructure projects in the eastern and northeastern regions,” Sanghapriya said.
“It's noteworthy that these efforts extend beyond infrastructure alone; the government is actively introducing a multitude of schemes designed to comprehensively tackle educational and entrepreneurial challenges in the eastern and northeastern parts of the country,” he added.
Speaking with BW Businessworld, Vantage Circle’s Neog, who leads the company out of Guwahati, said that the specific budgetary allocations weren't explicitly outlined, but there was a noteworthy emphasis on the 'Look East' approach.
“The tangible impact of this strategic focus is already evident in the ongoing infrastructure development, exemplified by the initiation of flights to Singapore from Guwahati. Looking ahead, I am optimistic that in the next few years, we can anticipate similar connections to destinations such as Vietnam and Thailand. This expansion is not just about flights; it is a precursor to essential local infrastructure developments. As indicated by the emergence of high-end hotels and the growth of IT infrastructure, these developments serve as lead indicators of a deliberate and promising focus on the region,” Neog said.
