Interim Budget 2024: Nurturing Tech Prowess - A Billion Dreams Take Flight
In a groundbreaking move that echoes the government's commitment to fostering innovation and propelling India to new heights in the digital age, Finance Minister Nirmala Sitharaman presented the 2024 budget with a strong focus on technology. With an unprecedented allocation of 1 lakh crore coupled with interest-free loans for 50 years, the budget promises to revolutionise the tech landscape, offering financial support, entrepreneurship incentives, and a commitment to shaping a digitally self-reliant nation.
Amidst the resounding echoes of optimism from industry leaders, this article dives deep into the transformative potential of technology in 2024.
Top Pillars of Tech Surge 2024:
Aatma Nirbhar Bharat: Tech's Golden Dawn
Amit Jaju, Senior Managing Director, Ankura Consulting Group appreciates today's budget. Finance Minister Nirmala Sitharaman highlighted the vital role of technology and innovation in India's journey to self-reliance. The 1 lakh crore corpus, paired with 50-year interest-free loans, signals a golden era for our tech-savvy youth, fostering entrepreneurship and cutting-edge research, he adds. This budget accelerates our path to Aatma Nirbhar Bharat, fortifies defence capabilities through deep-tech advancements, and sets India on a trajectory for digital leadership.
Empowering the Youth and Women in Tech
Rajan Navani, Chairman of CII's India@75 Council, lauds the budget's dual focus on technology and innovation, as well as women and youth empowerment. The budget signifies a golden era for the tech-savvy youth, particularly with Prime Minister Mudra Yojana, exemplifying the government's commitment to nurturing entrepreneurial aspirations.
Innovation in MSMEs
Vidit Aatrey, Founder of Meesho, sheds light on the comprehensive set of measures for the MSME sector, emphasizing its pivotal role and the government's commitment to fostering growth and global competitiveness. According to Aatrey, the Government's renewed focus on MSMEs underscores its commitment to timely support, advanced technologies, and essential training. With a strategic emphasis on growth and global competitiveness, the comprehensive measures announced this year aim to strengthen the MSME ecosystem, fostering innovation and resilience. This commitment enhances India's global standing in the sector.
Startups and the 'First Develop India Ethos’
Sudeep Kulkarni, Founder of Game Theory, also applauds the budget for supporting young innovators. He believes that Budget 2024 prioritises young innovators for tech-savvy ideas. This long-term support for startups, coupled with the 'First Develop India' ethos, signifies a brighter future. The government's focus on forging bilateral treaties with foreign partners aligns with India's growth agenda, charting a path towards inclusivity and prosperity for all.
Digital Public Infrastructure: Transforming the Landscape
Teamlease RegTech's CEO, Rishi Agrawal, praises the disciplined approach of the interim budget, avoiding pre-electoral splurges. The focus on energy security, mass transportation, and rural housing is commendable. The budget's emphasis on technology and innovation, particularly Digital Public Infrastructure (DPI), is noted as a game-changer. Agrawal suggests doubling down on leveraging DPI for cashless, presence-less, and paper-less compliance, expecting policy reforms for rationalized, digitised and decriminalised employer compliance in the post-pandemic era, contributing to India's development towards Viksit by 2047.
Learning-Linked Apprenticeship Programs
AR Ramesh, CEO of TeamLease Degree Apprenticeship, underscores the importance of upskilling and reskilling in the face of changing job landscapes due to AI. He advocates for embracing learning-linked apprenticeship programs to develop skills and create sustainable entry-level talent. Ramesh emphasizes the urgency for companies to invest in these programs to align with government schemes, preparing the workforce for the evolving technological demands.
Legal Perspectives on Technological Advancements
Nilesh Tribhuvann, Founder & Managing Partner of White & Brief, Advocates and Solicitors, acknowledges the promising nod towards the power of innovation and research in emerging domains. As a law firm navigating legal landscapes, Tribhuvan recognises the potential impact of technology-driven programs on the legal sector. He sees the new scheme to strengthen deep-tech technologies for defence purposes as aligning seamlessly with the vision of fostering 'atmanirbharta' or self-reliance, particularly enhancing India's capabilities in defence technology.
The Cybersecurity Boost
Rohan Vaidya, Area Vice President, India and SAARC, CyberArk, commends the Indian government's foresight and dedication to strengthening the nation's digital defences. The significant boost in allocation for cybersecurity projects, from Rs 400 crore to a robust Rs 750 crore in 2024-2025, attests to the acknowledgement of escalating cyber threats and their critical mitigation. He thinks that this increased investment, spearheaded by the Ministry of Electronics and Information Technology (MeitY), marks a crucial stride in safeguarding critical systems. The enhancement of knowledge and skills will play a pivotal role in elevating cybersecurity awareness and preparedness.
