Who Said What on Union Budget 2023
Mr. Avneet Singh Marwah, Director and CEO, Super Plastronics Pvt Ltd, a Kodak brand Licensee, said, “This is a remarkable and well-planned budget. We welcome the move of government to reduce the custom duty on open cell to 2.5 percent. This will really help the domestic TV manufacturing industry to scale up and compete with the global brands. This decision was awaited for a long time and this time, I am happy that the government has really considered our recommendations. Additionally, the idea of presumptive taxation for MSMEs and professions will really help is encouraging the sentiment of the market in the country. The revisions in the income tax slabs will really help the middle class and develop their living standards which is obviously going to benefit the market because we will witness growing sales of televisions and other products in the upcoming months. The focus of India government on the development of AI development centres will definitely revolutionise the industry and help in making it more tech-enabled.”
“Budget 2023: Doubling down on digital, knowledge-based inclusive development for future well-being”
“The political will to invest in people and research for technology-driven growth is clear. The announcement of three centers of Artificial Intelligence and 100 labs for 5G apps to nurture R&D in India with the vision to Make AI in India and Make AI work for India will further strengthen India’s position vis-à-vis global counterparts. The 30 Skill India international centers focused on emerging technologies, with a strong focus on, on-the-job training, will contribute to the country’s expanding knowledge capital, positioning India as a strong digital contender.
The reduction of compliances to improve ease of doing business, the 33% hike in capital expenditure, along with the continuation of interest-free loans to state government will catalyse economic growth providing job opportunities. Budget 2023 is a progressive step towards building a stronger digital and green India.” –Mr S Durgaprasad, Co-Founder, Director and Group CEO, Bahwan CyberTek Group
Akash Sinha, Co-founder & CEO, Cashfree Payments, said, “The Finance Minister has presented a distinctive set of measures in the Union Budget 2023-24 with a streamlined focus on rapid, holistic and inclusive economic growth. It is a well-crafted statement of intent, drawn from the success and learnings from the past with the potential to further enhance India’s growth prospects. Realising the crucial potential of digital infrastructure in the financial sector, the hon’ble FM has announced measures to increase the scope of DigiLocker services for individuals and MSMEs. This will certainly aid in enhancing the accessibility of financial services with higher convenience and simplified processes with robust security. It is also encouraging to see that the hon’ble FM has given due attention to compliance in the financial sector. A simplified KYC process, adopting a ‘risk-based’ approach as opposed to a ‘one size fits all’ outlook will ensure accurate and sophisticated verification as well as in-turn regulated operations in the financial services space. Highlighting the growth of digital payments and fiscal support for digital public infrastructure is also appreciable” as this further contributes to India’s digitisation efforts.”
Vikas Jain, Co-Founder, PLAY Design Labs, said, “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.”
Sanmeet Singh Kochhar, VP – India & MENA, HMD Global, said, “We welcome the promising Union Budget 2023 announced by honourable FM today. While the budget is futuristic with elements like Data Governance Policy, Centres of Excellence on AI, Green Growth, the conventional thrust areas of infrastructure have also received a big boost, which will directly impact device manufacturing in India. Mobile phone production in India has witnessed a phenomenal increase in recent years owing to policy support. The announcement to further reduce custom duty is another great step in this direction. The set-up of 100 labs to develop 5G in the country will better network connectivity in the nook and corner of the country and further help more sectors and communities to access the benefits of 5G networks. The focus on green growth as a priority aligns with HMD Global’s commitment to sustainability, and gives greater impetus to cleaner, greener tech for a better tomorrow.”
Mr. Nikhil Mathur, Managing Director India & Head of Data Partnership & Innovation-APAC at GfK: “The budget for 2023-24 has struck the right chords and is balanced. The massive push for capital investment and spending augurs well across industries as it shall lead to increased job creation. With the new tax slabs, there is an expectation of increased disposable income and consumer purchasing power which will have a positive impact on the retail sector. The reduction in customs duties for mobile phone manufacturing inputs and television along with the continuation of existing import sops will build more momentum in domestic manufacturing capacity. Going forward, we expect companies in the consumer tech sector to benefit from the progressive measures announced today. Overall, a budget focused on delivery.”
Ramanujam Komanduri, Country Manager, Pure Storage India, said, “The Union Budget presented by the Hon’ble Finance Minister is growth-oriented and inclusive. The impetus for the ‘Digital India’ vision is clear from budgetary allocations across sectors like infrastructure, skill development, sustainability, MSME, and entrepreneurship. This budget provides numerous growth opportunities for the technology industry by bringing digital solutions and innovation in legacy sectors like infrastructure, manufacturing, education, railways, healthcare, financial services, and regulatory bodies to turn India into a technology-driven, knowledge-based economy. Also commendable is a clear intent and investment in making India a net zero carbon emission country by 2070 through National Green Hydrogen Mission. Overall, the budget 2023 promises to sustain and catalyze India’s economic and digital growth with a strong role played by technology.”
Mr. Dilip Modi, Founder, Spice Money, said, “We are delighted to see the government’s continued focus on the rural sector in this year’s Budget as well. MSME’s are the backbone for the growth of India’s economy. Initiatives such as offering relief to MSMEs by returning 95 percent of the forfeited amount, revamping of the credit guarantee scheme, reducing the cost of credit by 1 percent and enabling MSMEs to avail the benefit of presumptive taxation as well as allowing expenditure deduction on payments made undoubtedly showcase the government’s vision for the growth and development of the sector. Furthermore, setting up DigiLocker will ensure a faster and secure way of storing and sharing documents thereby enabling quick turnaround and cost reduction for the sector. Initiatives such as setting up the Agriculture Accelerator Fund and building an open source, open standard and interoperable digital public infrastructure will create a platform for existing agri-startups as well as upcoming ventures to provide innovative and tech-led facilities to farmers that will help in revamping the sector and encouraging aspiring entrepreneurs thereby driving next level growth for the sector. The government’s vision of a technology-driven and knowledge-based economy will play an instrumental role in creating a conducive environment for startups across the spectrum, especially those with a rural focus. The proposal of providing income tax benefits as well as providing the benefit of carry forward of losses will support the startup ecosystem to flourish further and create numerous opportunities in the coming future. The government’s focus on further enhancing domestic tourism under the Vibrant Villages Programme, creation of jobs and entrepreneurship opportunities under ‘Dekho Apna Desh’ initiative and proposal of public-private partnerships will help in the economic development of underserved citizens and identifying and utilising the untapped potential existing across the length and breadth of the country. The unprecedented growth of India’s economy fuelled by digital payment initiatives like UPI is a testimony that we are on the right track to become a 5 trillion economy. We look forward to seeing India’s next phase reaping the benefits of the initiatives announced during the Budget session and partnering with the government to drive financial inclusion for the last mile.”
Arvind Bali, CEO, Telecom Sector Skill Council, said, “The government’s focus on the skill development of India’s potential youth talent through initiatives like NEP, PMKVY 4.0 for skilling in niche new-age technologies like 5G, AI, 3D printing, drones, coding, mechatronics, robotics, and IoT draws further impetus to the ongoing efforts. Blue and grey-collar job demand in India grew by up to four-fold in 2022. Annual demand in telecommunications and 5G have increased by 33.7 per cent in September 2022. There was a demand for 1.3 million workers in FY22-23 which is growing each year and. New use-cases including cloud computing, robots, and the Internet of Things (IoT) are also seeing a sharp rise in hiring. We believe the initiatives will be beneficial to close country’s growing demand supply gap of technical talent workforce. With the government’s push to establish 30 Skill India international centres, 100 premier labs for developing applications to use 5G services, and centres of excellence for AI, India has the potential to deliver talent not only across domestic markets but also to the international market. The initiative like the Eklavya Model Residential Schools (EMRS) is also a progressive move by the government to uplift the tribal population and empower the students to take up new job opportunities.”
A. Gururaj, MD, Optiemus Electronics Ltd., said, “This year’s budget is a strong effort to consolidate the Indian economy in post-pandemic dynamics, raising the personal tax exemption limit will certainly boost consumption and the electronics industry will surely benefit from it. Continuing the import duty cuts on Camera Lens and batteries for mobile manufacturing is a welcome step and this will continue to fuel the remarkable growth India has witnessed in domestic manufacturing.”
Matthew Foxton, India Regional President & Executive Vice-President, Branding & Communications, IDEMIA, said, “I am pleased to see the focus in Union Budget to strengthen the Digital ecosystem, India’s digital advancements in this decade have been remarkable, especially the integration of digital infrastructure and identity framework. Establishing a strong national identity system is crucial as it boosts security, drives economic growth, and strengthens social unity. The adoption of a unified KYC process, utilizing Digilocker and Aadhaar as the primary means of identity verification, is a positive step forward and will increase financial accessibility for marginalized communities.”
Dr. Prateek Kanakia, Chairman and Founder, TheGreenBillions, said, “This budget should be labelled as the first Green Budget as the businesses can now adopt a greener approach and cultivate sustainable solutions practices with the allocation of ₹35,000 for priority capital investment towards energy transition. Launching the national green hydrogen mission is a significant step in moving towards clean & green energy. Further, municipal solid waste can play an important role in achieving a hydrogen production capacity of 5 metric million tonnes by 2030. Given India’s G20 presidency, this budget is a watershed moment in India’s fight towards climate change.”
Rimjhim Ray Vice President – of Marketing, MyOperator, said, “The triple policies of backing 5G, giving custom relief to smartphones, and special schemes for MSMEs will accelerate the smartphone and mobile apps adoption for the smallest of businesses. This incentivizes larger tech players to build mobile-first software for India’s next billion. SMBs will literally leapfrog the digital divide with smartphone and business app access. We are looking at the era of a million smart businesses emerging from India.”
Somesh Kumar, Partner & Leader- Power, EY India, said, “Electrifying mobility is one of the most important aspects of mitigating climate change and promoting green growth, a key focus area of the current budget. We have close to 2 million EVs on the road and more than 50% of the vehicles are expected to be electrified by 2030 (varying across segments). One of the biggest components of EVs is the battery and the budget provides for custom duty exemption on capital goods import required for manufacturing Lithium Ion battery cells. This is one of the most capital intensive areas in the entire value chain and should go a long way in improving the viability of batteries and electric mobility sector.”
Dr. Nirmal Gehlot, Founder and CEO, Utkarsh Classes, said, “The Union Budget is progressive and has addressed many key issues the education sector faces, especially with the impact of the Covid-19 pandemic. As the pandemic wanes, we are thrilled the budget has focussed on upskilling and job creation, supporting businesses with the proposal to set up 30 Skill India international centres. It will help create more jobs and upskill aspirants looking for opportunities in the Indian government. The proposal to enhance teachers’ training via integrated curriculum transaction and continuous professional development will help in better education outcomes and result in overall development. The National Digital Library is an excellent idea that will ensure the best books are available for students and children across the country.”
Mr. Gaurav Kapoor, Chief Finance Officer, Baazi Games, said, “We welcome the Amrit Kaal Union Budget 2023 with an optimistic perspective. The new income tax regime will result in stimulating local demand and consumption in the economy. The rise of India’s position from an importer to an exporter of mobile phones in India augurs well for the online gaming sector. Moreover, the announcement of setting up 100 labs for developing 5G services apps for smart classrooms, healthcare, and others will open up a new range of opportunities and potential employment. Simplifying the KYC system process will further help in realizing ‘Digital India’ and will enable a seamless experience for consumers. Lastly, the ‘Make in India’ vision will further get a boost with a focus on “Make AI in India and Make AI work for India”, online gaming companies can develop new AI-based advancements that can provide a first-of-its-kind experience to users.”
Gurjodhpal Singh, CEO, Tide India, said, “The budget 2023 lays down a slew of measures to boost the holistic growth and development of the entire MSME community, including the launch of a unified Skill India Digital Platform. This will help in enabling demand-based skilling, facilitating access to entrepreneurial schemes, and linking with employers, including MSMEs. Simultaneously with an infusion of Rs 9,000 crore into the corpus, the credit guarantee scheme will prove beneficial for MSMEs that are still recovering from the effects of the pandemic. While the scheme had a rough start, lending to MSMEs by banks has surged significantly in the past two years and the scheme has helped alleviate stress in the sector. Increasing presumptive taxation limits for MSMEs and certain professionals with a turnover of up to Rs 3 crore and Rs 75 lakh, respectively is another critical relief for MSMEs. This will help make tax filing simpler for small businesses as they will be relieved from the tedious task of maintaining books of accounts and their income will be calculated on a presumptive basis, depending on the turnover. I believe all these measures collectively will act as a catalyst to boost the Indian economy.”
Subodh Garg, CFO, Cashify, said, “The Indian government’s latest budget announcement showcases its determination to build a sustainable future for the country. The budget prioritizes green growth by targeting a reduction in the carbon intensity of the economy and creating large-scale job opportunities in green industries. This represents a major opportunity for re-commerce players, such as Cashify, that are founded on the principles of the circular economy. The budget also recognizes the growing importance of the smartphone industry in India, where production has increased significantly in the past fiscal year. 5G technology was a major focus in the budget, with projections indicating that up to 45% of devices sold in 2023 will be 5G-enabled. The announcement of a reduced custom duty for spare parts provides a welcome relief for the refurbished device industry. Since the launch of the Startup India initiative in 2016, the government has taken numerous steps to establish India as a hub for startups. Today, India is home to the third-largest startup ecosystem in the world and ranks second in innovation and quality among middle-income countries. The extension of the period of carry forward of losses on change of shareholding of start-ups from 7 years of incorporation to 10 years is another measure that will help foster the growth of the startup industry and drive innovation in the country. Despite expectations for a revision of the taxing policy on ESOP/Capital gains taxes, the budget did not bring any amendments in this area, which was seen as a disappointment by some.”
Paavan Nanda, Co-Founder, WinZO games, said, “It’s heartening to witness TDS for Online Gaming finding significant mention in this year’s Union budget presented by the Hon’ble Minister. The proposed changes lend clarity to the Gaming companies, while creating an airtight accounting system for the exchequer. Aligning it with a player’s Net Winnings in a Financial Year seems like a just provision for the 500MM online gamers in India. Recognising and carving out a separate clause in the act for ‘Online Gaming’ as against gambling or betting is in line with Meity’s recent draft amendment to IT rules for Online Gaming, and is a testimony to the government’s genuine intent to nurture the burgeoning sector. The single most important aspect that the sector awaits clarity on and something that would decide its fate is the outcome from GoM on the GST. We are hopeful that the outcome would retain the current 18% tax slab on gross gaming commissions, and promise to overachieve the $10Trillion economy goal by our Hon’ble Prime Minister well before 2030.”
Deepak Visweswaraiah, Vice President, Platform Engineering, and Site Managing Director, Pegasystems, India, “The Union Budget for 2023 sets the stage for a growth-friendly strategy with a vision of a technology-driven and knowledge-based economy in the post-pandemic world. As the budget focuses on seven pillars of growth with a three-pronged approach to facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to the development and job creation, and stabilizing the macroeconomic environment, we are well-positioned to tackle difficulties and prosper in the new normal. This year’s budget provides us with a forward-looking blueprint for India’s resilience, competence, and innovation. The Centre emphasizes on ensuring the community’s overall progress through technology and digitalization. By offering new-age courses in 3D Printing, drones, coding, Robotics, AI, etc, through Kaushal Vikas Yojana or developing 30 Skill India International centers, India could further strengthen its position as the ultimate destination of top talent. I am pleased with the Centre’s measures for Make AI for India and Make AI Work for India, intended to encourage innovation in AI. The establishment of three Centres of Excellence for Artificial Intelligence at prestigious educational institutions coupled with leading industry players partnering to conduct research and develop cutting-edge applications would unleash the potential of the Indian economy. As a result, India will be able to create an effective AI ecosystem as well as nurture skilled AI professionals. This is also a significant step in promoting financial inclusion in India, allowing industries across sectors to become more accessible to a broader segment of the population. Innovation is at the core of this year’s budget as the government takes its digital India initiative to the next level with the deployment of 5G services and a new program to promote R&D in pharma. In addition, the Data Governance Policy will be launched this year to enhance startup and academic research and innovation. Thus, we are indeed on a highway to building an open, digital, and inclusive India in the coming years.”
Rajnish Gupta, India and Sub-Continent Lead, Zebra Technologies APAC, said, “In this Union Budget, the government has set the tone to unleash both human and digital potential for the country’s socio-economic development. This is reflected from all the 7 key priorities including reaching the last mile, infrastructure and investment, youth power, inclusive development, unleashing the potential, green growth, and financial sector. The government has shown a clear objective of raising the infrastructure development in the country as it plans to raise its capital expenditure by 33% to INR 10 trillion ($122.29 billion) in the next fiscal year. This will provide the much-needed impetus to the existing infrastructure schemes like Gatishakti, Bharatmala, Parvatmala, Sagarmala amongst others. Apart from this, with the announcement of PM Kausal Vikas Yojana 4.0, the government has set a clear agenda to make the Indian youth ready for next generation technologies. The initiative to train 47 lakh youths digitally on industry 4.0 technologies like AI, IoT, drone and 3D printing etc. will make them ready for the industry-specific roles. This will be key for the logistics sector as organizations have started deploying technologies to automate warehouse, supply-chain, and workforce management.”
Mahankali Srinivas Rao (MSR), CEO, T-Hub said, “The Union budget’s elaborate focus on building a digital economy and technology-enabled development is extremely encouraging. As mentioned during the budget start-ups have emerged as growth drivers for our economy showcasing the immense potential of India’s start-up ecosystem. It’s evident from the government’s decision to extend the date of incorporation for income tax benefits from 31.03.2023 to 31.03.2024, which will empower the start-up sector, foster entrepreneurship significantly, and give rise to a new generation of founders. We thank the Govt. for extending the benefit of carrying forward losses on change of shareholding to 10 years of incorporation from 7 years, this will help start-ups adjust initial losses. Furthermore, government’s decision to set up Agriculture Accelerator Fund will encourage Agri-tech start-ups by young entrepreneurs in rural areas, this will bring innovative and affordable solutions for challenges faced by farmers and transform the traditional agricultural sector. Initiatives like National Data Governance Policy, Skill India Digital Platform, and upskilling policies announced will address the industry-academia widening gap and nurture entrepreneurship at the grassroots level. We are also happy to note that the government had allocated Rs 283.5 crore for the Startup India Seed Fund Scheme and the budgetary allocations for the Fund of Funds for Start-ups stood at Rs 1,000 crore, this will help in nurturing innovation and encouraging private investments in the start-up ecosystem. The government has taken a series of steps to promote start-ups in the country, the budget highlights special incentives Under the Startup India initiative, Fund of Funds for Start-ups (FFS) scheme, Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Start-ups (CGSS) encouraging capital at various stages of the business cycle of start-ups. These initiatives will serve as a successful catalyst for the country’s economic growth. We are excited for India’s economic growth this year and looking forward to start-ups playing a pivotal role.”
Mr. Gautam Kumar, COO & Co-founder, FarEye, said, “We were hoping for budget announcements that focus on the improvement of logistics infrastructure across the country and are happy to see the government’s continued push to build a more robust logistics ecosystem in the country. The move to invest Rs. 75000 crores with focus on prioritising 100 transport infrastructure projects that will develop last and first-mile connectivity for ports, coal, steel, and other sectors is a welcome step. Improving last and first-mile connectivity will have a direct impact on bringing down the logistics costs for industries and ultimately will help them become more competitive in the international market. Also notable is the government’s effort for promoting coastal shipping as an energy-efficient and low-cost mode of freight transport. If India is to bring down its logistics cost from 16% of the GDP to 9%, it must continue to strengthen its logistics infrastructure.”
Balaji Rao, Area Vice President, India & SAARC, Commvault, said, “The budget 2023 has been laid down with a future-ready outlook and highly compliments nation’s objective of innovative, technology-driven and knowledge-based economy. The increased impetus on data generation and management while ensuring privacy, security, and trust is a powerful move. The India Datasets program and the proposed National Data Governance Policy will empower academia, researchers, and start-ups with access to a large repository of India-specific dataset and is an indispensable move by the government to further propel the Digital India vision. Furthermore, the government is pushing the agenda of upskilling to prepare for a resilient future. The framework outlined to upskill the youth with 30 Skill India International centres, will bridge the persisting digital gap and unlock a massive pipeline of jobs and entrepreneurial opportunities. The initiatives for telecom services and modernization of agri sector through Digital Public Infrastructure will be critical in modernizing and broadening the scope of data generation, management, and protection. The cumulative effect of all the initiatives will eventually generate enormous amounts of data that will intensify the need for reliable, unified data management and protection solutions. The budget 2023 is a foundation for India@100 and will strengthen our digital ecosystem, drive transformation, and fortify India as a leading digitalized nation.”
Alok Dubey, Chief Financial Officer, Acer India, said, “The Union Budget unveiled today echoes the government’s objective of “Digital Development” for the country. It places a high value on technology and innovation as a whole. Realizing the vision of “Make AI in India and Make AI Work for India” is projected to strengthen the country’s standing in the technology industry globally and generate numerous possibilities for the youth. The mention of lowering the minimum TDS threshold and clarifying taxability linked to online gaming is an encouraging step towards gaming industry in India, and it is expected to open up more prospects in the following year. This year’s budget also has prioritised sustainability; this is a step toward a green future that allows businesses and SMEs to enter the market with green products and services; this is a commendable and promising move. Overall, the Union Budget 2023 is promising and represents a significant step toward digital transformation and a holistic sustainable growth.”
Anil Chawla, India MD, Verint, said, “From agriculture to youth, the government has taken concrete steps in every segment to facelift the country’s socio-economic status. With organizations increasingly investing in next-generation technologies like AI and ML to elevate customer experience, visions like ‘Make AI in India’ and ‘Make AI for India’ will be critical to elevate operations in the customer engagement industry amongst others. This will help in creating a talent pool, doing R&D or developing products that will work for both Indian and global organizations in their CX journey. Apart from this, with the PM Kausal Vikas Yojana 4.0, the government has set the agenda clear to make the Indian youth ready for next-generation technologies. The initiative to skill 47 lakh youths digitally on AI amongst other next-generation technologies will make them ready for industry-specific roles and this will also help organizations to bridge the engagement capacity gap. As an organisation with 100% AI-enabled solutions, including technical services support, cloud operations, development services, and R&D, India is our second largest revenue-generating market in the APAC region. Enabling an environment to research and develop further on Artificial intelligence will help the overall services sector grow by leaps. At present all our services are being offered from India.”
Nitin Varma, Managing Director, India & SAARC, CrowdStrike, said, “The 2023 Union Budget holds immense promise for technology development and skilling. Today, developing new skills is essential for various industries with new and emerging technologies. In particular, cybersecurity is a field that is constantly evolving and requires regular upskilling through advanced training programs. In the recent years, we have seen a significant rise in cyberattacks, however, many organizations are struggling with skill gap and resource crunch. It is encouraging to see that infrastructure and investment as well as youth power are main priorities as these are closely aligned with dynamic industry needs. Investments in infrastructure will have a large multiplier impact on growth and employment, leading to ramping up the virtuous cycle of investment and job creation. The government’s decision to formulate the National Education Policy, focused on skilling will facilitate job creation at scale. The digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform for enabling demand-based formal skilling. The proposed Pradhan Mantri Kaushal Vikas Yojana 4.0 meant for skilling youth shall entail new age courses for Industry 4.0 like coding, AI, robotics, soft skills etc. It is a great incentive keeping in mind the importance of skilling, upskilling and reskilling in the present scenario. Another emerging technology today is Artificial Intelligence. The three proposed centres of excellence for Artificial Intelligence too is a good opportunity for industry players to partner in interdisciplinary research, develop cutting-edge applications and scalable problem solutions. These initiatives will pave the way for building a workforce that will be skilled and ahead of the curve in their respective industry.”
Puneet Gupta, vice president & managing director, NetApp India/SAARC, said, “The announcements made by the Hon’ble Finance Minister Nirmala Sitharaman have given us a lot to be excited about. The mission of Amrit Kaal has put us in a strong position to truly call this a digital budget, given its large focus on technology and digital. From the government’s announcement of setting up of 100 5G labs and the development of 3 Centers of Excellence for AI, all of these will go a long way in unleashing the digital potential of the country. In a world that is driven by data and AI, we see numerous and infinite opportunities ahead of us. It will be a privilege for us at NetApp to play our role in building a truly digital nation which is the future of tomorrow.”
Dewang Neralla, CEO, NTT DATA Payment Services India, said, “The ‘Saptarshi’ Budget has laid stronger fiscal support for building digital public infrastructure in 2023-24, which will give further impetus to India’s financial technology stack, including UPI and other digital payment solutions. UPI has witnessed a great boost in recent years by registering a growth of 76 per cent in transactions and 91 per cent in value terms which shows, India is outpacing digital payments in the world and the industry is enhancing its contribution towards nation-building. The inclusion of digital payment systems in Prime Minister Vishwakarma Kaushal Samman is a major step towards strengthening the ‘Digital India’ initiative. The first budget in ‘Amrit Kaal’ combines both growth and consumption. Simplification of KYC methods for digital payments and increased options to keep personal and financial documents in digi-lockers will strengthen the entire digital payments ecosystem. Focus on benefits for individual taxpayers will help in creating increased disposable income, consumptions, savings, etc. all adding to the growth of digital transactions.”
Ms. Midhula Devabhaktuni, Co-founder and CMO of Mivi, said, “Budget 2023 envisions a futuristic India that will be more green and sustainable. The Green Growth initiative highlights the efficient use of energy across various economic sectors. These green growth efforts will help in reducing the carbon intensity of the economy and providing for large-scale green job opportunities, something that we are emulating for our new resource set-ups in Hyderabad. Additionally, the new initiatives for Make AI in India and Make AI work for India will aid in the development of cutting-edge applications and scalable solutions that will help create more employment, opportunities in India.”
Mr Arijeet Talapatra, CEO at TRANSSION India, said, “The Union Budget allocation towards the development of electronics manufacturing clusters and implementation of the National Policy on Electronics, along with the reduction of customs duty on certain components, is a major step forward for the industry. This will provide a much-needed boost and help us compete at a global level, leading to increased domestic manufacturing and exports of smartphones. This is a move towards democratizing technology aligned with itel’s vision and transitioning towards a smartphone & digital economy.”
Mr. Rajeev Singh, Managing Director, BenQ India, said, “The Union Budget 2023 is a reflection of a nation’s priorities and aspirations, and it provided a roadmap for its economic growth and development backed by technology. This year’s budget encourages domestic value addition in the manufacturing of mobile phones and televisions by reducing customs duties on specific parts and inputs, thus boosting the economy further. India has made significant advancements over recent years in the domain of technology development and integration across various industries. The budget will help drive both the government and private sector companies to further promote the growth of technology-based businesses and digital infrastructure. The country has also seen growth in sectors such as software development, IT services, and e-commerce, as well as advancements in areas such as artificial intelligence, machine learning, and the Internet of Things (IoT). The rise of Indian start-ups and the increasing availability of venture capital funding has and will continue to contribute to the country’s technological growth.”
Mr Sudhindra Holla, Director, India & SAARC, Axis Communications, said, “The Union Budget for this year focuses on inclusive economic growth in order to strengthen India’s status as a global digital powerhouse. We are optimistic about the government’s saptarishi, or seven pillars, with a renewed emphasis on green growth. We are delighted with the Centre’s focus on tourism and investment in transportation infrastructure projects as this indicates an increase in demand for safety and surveillance solutions. We are aligned to further action India’s vision to transform our cities into ‘sustainable cities of tomorrow’. This will serve as a stepping stone in revitalising Smart Cities planning and urban development. The budget 2023 has a future-ready outlook and compliments the nation’s unmatched growth for digital economy, innovation, and inclusive development.”
Snehashish Bhattacharjee, Global CEO at Denave, said, “It is a progressive budget that scores well on many fronts including enhancing infrastructure, inclusive development across sectors and technology. With slew of initiatives to drive agriculture growth, meeting green goals, boosting startups and MSMEs through tax incentives, massive infrastructure push (physical and digital), driving domestic consumption through tourism impetus, and focus on making India self-reliant on the AI led technology front will help put India as a growth engine to the world. These measures will have a cascading effect across the economy that will spur economic activity & job creation and boost domestic demand to beat the global uncertainty.”
