Budget 2024: Post Budget Reactions from Tech Experts

Today, on February 1, Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in Parliament. Notably, this interim budget precedes a comprehensive budget set to be revealed after the conclusion of general elections by the new government. The Finance Minister unveiled a series of noteworthy technological reforms, delivering the budget in a paperless format using a digital tablet in a red 'bahi khata' adorned with the national emblem. Despite heightened expectations from industry experts regarding artificial intelligence (AI) announcements, none materialized. Explore the views of tech experts from top technology companies.

Pallavi Singh Marwah, Senior VP of SPPL Super Plastronics Pvt. Ltd (SPPL)

“I applaud the ease of securing a 34cr loan for entrepreneurs. The 43% women enrollment in STEM courses and Allocating 1/3 seats in government reflects a commitment to equal representation. Women setting up their businesses will lead to job creation for the same gender and recent studies have shown that empowering women economically leads to increased GDP and poverty reduction, benefiting families and communities. Overcoming various challenges and barriers as a woman entrepreneur in India is not an easy feat and with encouragement from the government, this will provide a boost, especially to those from economically weaker backgrounds. Increased women entrepreneurship is also a step towards global collaborations and will provide India with an additional platform to expand networks and access global markets. ”

Srividya Kannan, Founder and CEO Avaali Solutions

“The Interim Union Budget India 2024 unwraps a portfolio of measures that exude optimism for the future. The projected path to economic resurgence, coupled with a commitment to inclusive growth and innovation, sets the stage for India to continue its journey as a beacon of progress in the global arena.

Two noteworthy announcements, brimming with potential for transformative impact: the continued robust expansion of the Skill India Mission and a laudable push toward enhancing female enrollment in higher education. The former, an ambitious endeavour to upskill the youth workforce, has already begun painting a success story of empowerment and employability. Meanwhile, the latter underpins a strategic move toward inclusivity and gender parity, recognizing that the true strength of the nation lies in equipping all its citizens to contribute to the economic and social fabric with equal fervour.

The allocation of interest-free loans to stimulate innovation is not just a fiscal transaction but an investment in the unbridled ingenuity of Indian minds. By easing the financial burden on entrepreneurs and start-ups, the government fosters an environment where bold, forward-thinking ventures can flourish without the stranglehold of interest payments. This will ultimately bolster India's reputation as a hub for innovation and drive the indigenous tech ecosystem forward. With an already burgeoning talent pool, focused investment in innovations, including in the technology sector, will likely yield significant returns, catalyzing the development and adoption of innovative solutions across industries. Given the rising complexity of working with banks, it will be interesting to see how these are being implemented, with a focus on ease of adoption.”

Pinkesh Kotecha, MD & Chairman Ishan Technologies

“While the Interim Budget provides a wide overview of FY24-25, we applaud the government's emphasis on empowering the youth through upskilling and reskilling initiatives. The establishment of additional IITs, IIITs, and IIMs is a promising stride toward creating a skilled talent pool in the IT sector, addressing a critical need in the industry especially in the era of Artificial Intelligence.

As an MSME in the IT sector, Ishan Technologies appreciates the government's recognition of the importance of timely finances, relevant technologies, and training for the growth and global competitiveness of MSMEs. The orientation of the regulatory environment to facilitate the growth of MSMEs is a crucial element of the policy mix, and we look forward to the positive impact it will have on the MSME ecosystem.

As we look forward to the budget announcement in July, we anticipate a focused commitment to bolstering cybersecurity measures. We believe that additional allocation and specific policies in this crucial area will play a pivotal role in fortifying India's digital infrastructure and enhancing overall cybersecurity, aligning with the nation's vision for a secure and resilient digital future.”

Lt. Gen. Dr. S.P. Kochhar, Director General, Cellular Operators Association of India (COAI)

"The Interim Budget presented by the Finance Minister today reemphasized the government’s economic policies and the commitment to sustained growth, improving productivity and creating opportunities with a focus on skilling and reskilling.

In a significant gain for the telecom sector just before the interim budget, the current customs duty exemption granted to vessels engaged in laying submarine cables in India - which lapses on 31st March 2024 - was extended up to 30th September 2024. Telecom companies depend heavily on submarine cables for the high-speed transfer of data around the globe and this step will help in following the compliances.

The announcement of a corpus of ₹1 lakh crore for the technology sector is a positive measure as access to capital is a critical factor to support innovation and growth. The long-term, interest-free or low interest rate loans and focus on deep tech will further encourage the private sector to scale up research and innovation.

We are hopeful that in the post-election full budget, the industry’s suggestions to reduce regulatory levies like License Fee, deferring USOF contribution till the existing funds are exhausted, exemption of Basic Customs Duty (BCD) on Telecom equipment, waiving of GST on regulatory payments and refund of ITC, among others, will be considered and addressed by the Government during the course of the year.”

Rishi Agrawal, CEO and Co-Founder, Teamlease RegTech

“A good interim budget which presents a disciplined approach in government spending without compromising capital investment in core sectors. The Finance Minister has done well by not giving in to a pre-electoral splurge. Government's revenue has exceeded expectations. Indirect tax reform clearly is paying off. It has helped widen the tax net and bring significant efficiencies in the economy. The budget has done well to focus on energy security, mass transportation and rural housing. It was heartening to hear frequent use of words such as technology and innovation. Digital Public Infrastructure (DPI) has been a game changer in adding wings to India's dreams. It was good to hear the finance minister talk about DPI as a new factor of production instrumental in formalising the economy. From an ease of doing business perspective, the industry expected some fund allocation on leveraging DPI to enable cashless, presence-less and paper-less compliance. The country needs to double down in building and implementing more use cases with DPI. There was also an expectation of greater focus on policy reform towards a more rationalised, digitised and decriminalised employer compliance in the post pandemic new world order. It will enable India to become Viksit by 2047.”

Akshay Hegde, Co-Founder, ShakeDeal

"Coming from the supply chain sector, we express our gratitude to the Finance Minister for outlining the aspirations for our industry. The creation of commodity-specific economic rail corridors in the eastern region will enhance accessibility, fostering the growth of the country's supply chain. This, coupled with the reduction in India's logistics cost from 12% of GDP, is poised to benefit the manufacturing sector. Additionally, initiatives like the biomanufacturing scheme and the Compressed Biogas (CBG) blending mandate align with the nation's green vision.

The budget also underscores the government's support for startups through tax benefits, and we eagerly anticipate witnessing these initiatives unfold in alignment with the broader vision for comprehensive GDP, governance, development, and performance."

Santhosh Reddy, CTO and Co-Founder,ShakeDeal

"The supply chain industry stands to gain from the technologically proficient youth in India, constituting a formidable force in the upcoming years. This affirmative move is expected to facilitate the influx of new talents and ideas, offering advantages to various sectors. Moreover, we believe that the allocation of ₹1 lakh crore for long-term, interest-free loans to foster innovation will fortify the nation's technological environment. We are eager to witness the evolution of supply chain processes through imminent technological innovations spurred by government backing."

Manas Mehrotra, Founder, 315Work Avenue

Continuing its focus on infrastructure development and enhanced capital expenditure, the Interim Budget 2024 had few indirect measures to support the growth of coworking sector, which has witnessed tremendous growth in recent times. The establishment of a corpus of Rs 1 lakh crore with a 50-year interest free loan will give massive push to businesses and private sector. This will indirectly lead to the growth of coworking sector as it will encourage private sectors to scale up research and innovation significantly in sunrise domains. A significant push to infrastructure will help in faster establishment of coworking spaces in non-metro cities as well. While these are few indirect measures, the budget could have done much more to give a boost to the sector. Taking into consideration the popularity of hybrid working, we have a few expectations around GST and taxation that can further accelerate growth of this industry. Overall, the coworking sector, is expecting continued improvement in the ease of doing business which will play an important role in the growth of coworking industry in the near future. Going forward, we hope that the government looks at addressing regulatory concerns and encouraging more coworking firms to open-up through a series of both financial and non-financial incentives and ensure faster economic growth.

Darshil Shah, Founder and Director,TreadBinary

"The Budget exhibited a well-balanced and truly promoted development of the startup ecosystem, the youth and the country. The implementation of PM Mudra Yojana, the Startup India, and the Startup Credit Guarantee schemes signifies a concerted effort to facilitate the youth a seamless initiation of entrepreneurial journey.

As aptly stated, innovation is the foundation of development and this is going to be a golden era for the tech savvy youth, the corpus of Rs 1L Crore plan providing long-term financing with low/nil interest rates will give an immense boost to Research and Innovation, in turn can give rise to programmes that combine the dynamism of youth with cutting edge technology, fostering the emergence of more startup and entrepreneurs."

Sandeep Agrawal,Director and Co-founder, TeamLease Regtech

"While the interim budget had no notable announcements, it shed some light on what the government has in store for its subsequent tenure. Considerable focus is now being put towards accelerating the growth and development of the Economy, with ‘Amrit Kaal’ and ‘Vikshit Bharat’ giving us an insight into the roadmap. We are delighted to see that the government is redoubling its commitment to developing remote and underdeveloped areas. Improving the efficiency, efficacy, and effectiveness of present mechanisms and state infrastructure is also squarely on the agenda. Affordable housing, clean energy, improved healthcare & food security, and ‘atma nirbharta’ are all focus areas to eliminate multidimensional poverty and create opportunities for the people.

The Hon’ble Finance Minister also presented the policy outlook currently in the works for the development of MSMEs by means of technology, research & development, and financial assistance. The vision of allowing MSMEs to compete globally is a commendable one. Over the past decade, we have significantly gained in the ease of doing business with indirect tax reforms as well as the introduction of technology to facilitate the delivery of services. DPI has been an instrumental tool in the formalisation of the economy and giving the underbanked and unbanked access to credit and financial services. The government has rightly identified that there is a new world order, and it is up to us to take advantage of our Amrit Kaal to create a developed nation by 2047."

Rohan Vaidya, Area Vice President, India & SAARC, CyberArk

“We commend the Indian government's foresight and commitment to fortifying our nation's digital defenses. The substantial increase in allocation for cybersecurity projects, from Rs 400 crore to a robust Rs 750 crore in 2024-2025, is a testament to the recognition of the escalating cyberthreats and the importance of combating them. This additional investment, led by the Ministry of Electronics and Information Technology (MeitY), is an important step in protecting critical systems. Knowledge and skills will contribute to the success of increasing cybersecurity awareness. As we move forward, CyberArk stands ready to leverage our expertise and technological prowess to contribute meaningfully to the success of the government’s cybersecurity initiatives. Together, we can build a robust defense against cyber adversaries, ensuring the security and integrity of our nation's digital infrastructure.”

Kaushal Sampat, Founder, Rubix Data Sciences

"In the midst of an election year, India's interim budget for 2024 has defied fears of fiscal recklessness, maintaining a commendable level of prudence. Despite the political climate, the government has opted for a lower borrowing number for the next year, signalling a commitment to fiscal responsibility. This budget stands out for its focus on infrastructure, capital expenditure, and fostering entrepreneurship—a clear continuation of a decade-long trajectory of GDP, to borrow the Finance Minister’s acronym for “Governance, Development, and Performance.

If India is to reach the ambitious target of $7 trillion GDP by 2030, it is important to focus on infrastructure development, energy security, skill development and emphasis on innovation and entrepreneurship. The budget touches on all these aspects. Capex outlay has increased by 11.1%, there have been announcements on solar energy and electric vehicle infrastructure, and skill development is also being given importance.

The allocation of a significant 1 lakh crore for a 50-year loan dedicated to innovation, research, and development underlines the government's recognition of the pivotal role these elements play in India's journey to becoming a developed economy.

The budget speech not only highlighted government achievements but also provided a roadmap for the future, emphasizing macroeconomic stability, robust investments, and a thriving economy. With a fiscal deficit estimate below budgeted levels, a clear focus on reducing it further in the coming years, and targeted support for farmers, job creation, and infrastructure, India's interim budget for 2024 lays the foundation for sustained growth and development".

Namratha Swamy, COO, Mobile Premier League

“It is very encouraging to see that this year’s budget places a significant emphasis on empowering the youth. The online gaming industry has consistently played a pivotal role in providing opportunities for our talented young individuals. The initiatives announced by the Hon’ble Finance Minister are poised to make a huge impact in cultivating a skilled workforce in the AVGC sector. This will not only pave the way for the next tech revolution from within India but also help realise our vision of making India 'Viksit Bharat' by 2047.”

Viswanath PS, MD & CEO, Randstad India

“The interim budget 2024 is a tough balancing act carried out by the Government, reinforcing its steadfast strategy of inclusive growth, embodying the core principles of 'Sabka Saath, Sabka Vikas’, its commitment towards the poor, farmers, youth, and women, while maintaining its vision of making India a Viksit Bharat by 2047.

The emphasis on inclusion in education, income generation, and employment opportunities are great moves in the positive direction towards building a skilled talent pool that attracts global stakeholders to India. Moreover, the focus on building ‘Nari Shakti’ by the government is commendable and will truly reflect in India’s boardrooms in the forthcoming years.

While no direct announcements have been made in the context of job creation, the increased outlays in railways, focus on developing port infrastructure, and planned investments in the aviation sector are likely to boost employment. Moreover, the budget focuses on developing the country’s private sector R&D capabilities, and all these measures will bring sustainable economic growth and open the doors of employment generation in the country in the long term.

Additionally, the need for skilled professionals has grown significantly. Hence, the focus on further developing India’s educational infrastructure will make us future-ready in the context of talent supply, and hence more employment opportunities. Moreover, the announcements made to foster entrepreneurship and self-reliance, especially directed toward women will serve as a solid foundation for the youth to innovate and incubate indigenous businesses, ensuring that they are not merely perceived as job seekers but also as job creators.

While the budget announcements reflected a well-rounded approach toward strengthening the root of the country’s economy, we anticipate more clarity around extremely relevant avenues like the ever-expanding gig economy and specifics around employment generation challenges in the forthcoming budget.

All in all, the government’s initiatives and approach, as reflected in the interim budget set a strong foundation for the country to transition into a ‘developed economy’ over the next few decades and emerge as a premier talent and employment hub at a global level.”

Richa Singh, Co-Founder and CEO, Happinetz

Indian technology exports have indeed gained global attention, predominantly centered around services and maintenance projects. The advent of technology products and not just servicing from India in last few years have been a surprise trend but not nearly enough to contribute significantly higher than software services as of now. The 50 yr interest free loan will give a shot in the arm to companies who want to create innovative and unique make in India technology products. Also the landscape of technology needs five decades and government of India with this new announcement has established their intent to build India as a new technology haven.

Sachin Panicker, Chief AI Officer, Fulcrum Digital

"Finance Minister Nirmala Sitharaman's sixth consecutive budget presentation sets a decisive course for India's future, rooted in the vision of 'Viksit Bharat' by 2047. The government's emphasis on GDP - Governance, Development, and Performance, lays a sturdy framework for sustainable growth. With a focus on empowering youth and fostering innovation, the budget outlines a roadmap for unprecedented development over the next five years.

In addition, initiatives like the Skill India Mission, training, upskilling and reskilling 1.4 crore youth and establishing new educational institutions, reflect a commitment to human capital development and digital empowerment.

At Fulcrum Digital, we stand ready to leverage deep technology and the power of our youth to continue to create opportunities for India at a global level. As a global enterprise AI organization, we are committed to contributing to India's growth story, and fostering innovation for heightened development."

Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC

“The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government's focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a 'Viksit Bharat' by 2047.”

Debashis Chatterjee, MD & CEO, LTIMindtree

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. As we strive towards achieving the goal of "Viksit Bharat" by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India's future.”

Sunil Sharma, Vice President- Sales, Sophos India & SAARC

“We at Sophos are in complete alignment with the vision presented by the Honorable Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions. The government's steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry, and promises to address cybersecurity threats that may endanger the rapidly digitizing nation.

The intersection of democracy, demography, and diversity, encapsulated by the ideology of "Sabka Prayas," emerges as the key force that will unlock India's true potential in the technology sector. Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government's dedication towards realizing its Atmanirbhar Bharat vision.

Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future.”

Saket Gaurav, CMD, Elista

We appreciate the Government of India's commitment to fostering unprecedented growth through MSME training initiatives and impactful GST reforms in the Interim Budget 2024, realizing 'One Nation, One Market, One Tax.' The focus on upskilling youth aligns with our dedication to empower them though our latest manufacturing facility in Andhra Pradesh. However, for sectoral growth and universal Smart TV accessibility, re-evaluating the 28% tax on Smart TVs above 43 inches is crucial. Recognizing these devices as essential household appliances, not luxuries, lowering taxes can boost sales and contribute to the nation's economic prosperity.

We are optimistic that these measures will reduce compliance burdens and logistics costs, fostering an environment conducive to innovation and economic progress. Aligned with the government's vision for industrial development, we anticipate a positive ripple effect across sectors, benefiting industries and companies.

Ankit Kumar, CEO, Skye Air Mobility

“The India Budget 2024 heralds a powerful catalyst for our nation’s economic advancement. By extending concessional tax rates for new manufacturing units, fostering innovation receives a significant impetus. The strategic emphasis on training for MSMEs not only enhances competitiveness but also nurtures a vibrant entrepreneurial ecosystem, propelling Bharat towards global leadership. The unwavering commitment to realizing a ‘Vikshit Bharat’ by 2047, coupled with the remarkable success of the Skill India Mission in elevating average income by 50%, underscores the profound impact of these initiatives on the nation’s growth trajectory. This budget’s unwavering focus on growth, inclusivity, and productivity not only aligns with our aspirations but also lays the groundwork for a flourishing Indian economy, poised to seize opportunities and surmount challenges on the global stage.”

Saurabh Rai, CEO, ARAHAS Technologies

"The Indian Government's forward-looking Interim Budget for FY 2024-25 marks a transformative moment, aligning perfectly with mission and values. The introduction of 'Kartavya Kaal'—a call to duty for the private sector to significantly boost research and innovation—resonates deeply with our ethos. We're poised to lead in pioneering sustainable solutions across sunrise sectors, leveraging this budget as a springboard towards a greener, more innovative India. This budget not only fosters a circular economy and sustainable development but also emphasizes India's role on the global stage through initiatives like the India-Middle East-Europe Economic Corridor. It's a clarion call for us to harness technology and innovation, ensuring India's vibrant future. We're committed to contributing to 'Innovation India,' driving transformative changes that will benefit our society and economy."

Amandeep Panwar, Co-Founder & Director, BharatRohan

"As an advocate for sustainable agriculture and technological advancement, I want to express my profound appreciation for the recent Financial Budget announcement by the Government of India. This budget represents a resolute commitment to empowering youth, fostering sustainability, and promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.

The 20 lakh crore INR allocation for targeted agricultural credit and the launch of the Agriculture Accelerator Fund are commendable. They ensure vital financial support for farmers to adopt new technologies and improve their farming practices, while also being equally promising for driving rural innovation and supporting agritech startups.

I believe this budget announcement demonstrates a promising path forward for Indian agriculture and technology-driven agritech initiatives. It reflects a shared vision of fostering sustainable and technologically advanced farming practices to secure a prosperous future for our nation's agricultural landscape."

Prasoon Chauhan, Founder & CEO, JustHomz

The Finance Minister's emphasis on new-age technology and data bodes well for the startup sector. The allocation of a Rs 1 trillion corpus, coupled with a 50-year low or interest-free loan provision, signifies a monumental stride in scaling up the startup industry. As a startup company, we applaud these initiatives, recognizing their potential to fuel growth, nurture entrepreneurship, and pave the way for groundbreaking advancements. This budgetary support also aligns with our commitment to innovation, ensuring a dynamic landscape for startups to thrive and contribute significantly to India's economic trajectory.

Partha Pratim Das Mahapatra, Founder and CEO, EzeRx

The Interim Budget of 2024 marks a significant boon for the healthcare industry, particularly benefiting the rural areas where the need is greatest. The government's strategic initiatives, notably Mission Indradhanush, exemplify a transformative commitment to immunize against measles, polio, hepatitis B, tetanus, diphtheria, TB, and pertussis, empowering women and securing a brighter future for children.

The visionary establishment of additional medical colleges resonates well with our youthful nation, addressing the aspirations of many prospective doctors who currently seek education abroad. This strategic move not only empowers the youth but also contributes to the radiant future of India.

A powerful step forward involves extending cervical cancer vaccination to adolescents aged 9-14, a crucial move in combatting a significant healthcare challenge. This visionary approach aims to tackle cervical cancer effectively.

The government's focus on child and maternal health through the implementation of a comprehensive childcare plan, as part of the POSHAN 2.0 scheme, is commendable. The Saksham Anganwadi and Poshan 2.0, collectively referred to as Poshan 2.0, constitute an Integrated Nutrition Support Programme targeting malnutrition among children, adolescent girls, pregnant women, and lactating mothers.

While lauding the positive strides in the Interim Budget of 2024, anticipation builds for the forthcoming Union Budget, expected to further catalyze the nation's growth. We express gratitude to the government for its proactive measures in the preventive healthcare domain. Additionally, we anticipate informative insights shedding light on the non-invasive device genre.

Gopichand P. Hinduja, Chairman, The Hinduja Group

“A Runway for the Vikasit Bharat Flight to take off Interim Budget is both a time for reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelt out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY 25 and down to 4.5% in FY 26.

The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of 60bn $ further. The banking and power sector reforms coupled with further impetus on digital infrastructure are imperatives to Vikasit Bharat with improved sovereign rating. Overall, stability and continuity with judicious acceleration are the wheels deployed through this interim budget for taking off this flight. Now, it’s over to July 2024.”

Harshit Jain, Co-Founder and CEO, OnePlay

“By focusing on initiatives like Skill India, the budget reflects the government's dedication to make our youth skilled and inculcate a sense of entrepreneurship, closely resonating with the values we share at OnePlay. With this, the budget presents not just an opportunity to contribute to technological progress but also a means to attract a fresh wave of talented individuals while also ensuring skills development. As we move forward, let's focus on empowering the youth in entrepreneurship, scaling up research in the sunrise sectors, and building the necessary physical, economic and digital infrastructure for a developed India by 2047."

Asish Saraf, VP and Country Director, Thales - India

"We welcome the Research and Innovation focused steps outlined in the Budget. The allocation of INR one-lakh crore corpus, backed by a fifty-year interest-free loan, is a game-changer. As underscored, this will provide long-term financial support, offering low or nil interest rates to catalyse private sector participation in research and innovation across sunrise domains. This golden era for our tech-savvy youth will undoubtedly spur breakthroughs and drive progress. For Thales, R&D is collaborative by definition, and we work hand-in-hand with start-ups, industry partners and the academic research community to provide our customers with the most advanced solutions possible. We look forward to leveraging our global tech expertise, continue with our R&T efforts in India, and support in fostering the innovation ecosystem in the country collectively with the local teams, talent and industry.”

Nischal Shetty, CoFounder, Shardeum

Golden Era for the youth! Shardeum

“In this transformative era, where the confluence of youth and technology holds boundless potential, the Hon’ble Finance Minister’s establishment of a Rs. 1 Lakh crore corpus with 50-year interest free loan is a welcome move. India’s youth have a keen knack for exploring new-age and innovative technologies such as Web3 and blockchain and this announcement by the government will be pivotal in facilitating more research and development on such innovative technologies. It will fuel growth of more Web3 professionals in the country thereby redefining India’s growth trajectory on the global stage. Harnessing the youth’s energy and embracing technological advancements, will pave the way for a future where creativity, entrepreneurship, and digital prowess converge to shape a thriving and resilient nation. The interim budget has truly unlocked the potential of web3 and blockchain industry that will further drive economic growth and ensure a ‘golden era’ for the tech-savvy youth.”

Sanjay Lodha, CMD of Netweb Technologies

The government is set to catalyze a substantial boost in Research and Development within the private sector, earmarking a massive corpus of 1 lakh crore for funding human resources. This significant allocation is poised to be a game changer, not only facilitating the acquisition of highly trained manpower but also stimulating the development of new courses, thereby bolstering the education sector. The infusion of funds is expected to usher in a transformative era, particularly benefiting the technology sector.

This strategic investment is set to have a profound impact on the tech industry. With a dedicated focus on R&D, the private sector is poised to witness a surge in innovation and technological advancements. The infusion of capital will not only empower the sector to attract and retain top-tier talent but will also provide the impetus for the creation of cutting-edge courses that align with the demands of a rapidly evolving technological landscape.

The integration of modern technologies such as supercomputers and artificial intelligence (AI) is anticipated to see a notable uptick. The enhanced funding will encourage both learning and practical implementation of these technologies, fostering a conducive environment for experimentation and growth. This, in turn, will have a ripple effect on the broader economy, as the government and private sector alike leverage advanced technologies to drive efficiency, innovation, and overall progress.”

Sandeep Kumar, Founder and CEO, Baatu Tech

"This interim budget proposes a promising approach that is likely to be beneficial for the country's economic development. We see these budgetary provisions as a catalyst for further innovation and growth and are thrilled to witness the unfolding of new opportunities for India on the global stage. The infusion of funds into capital expenditure, with a target of Rs. 11.1 lakh crore for FY25, is an encouraging signal for the tech sector's expansion. Supportive measures such as Fund of Funds, Startup India, and Startup Credit Guarantee Schemes align seamlessly with the government's mission to boost the startup ecosystem. The government’s decision on the provision of Rs 1 lakh crore corpus with a 50-year interest-free loan underscores a commitment to encourage Atma Nirbharta. This will empower our tech-savvy youth to lead the charge towards self-reliance and foster the growth of new startup founders. This budget sets the stage for a dynamic and thriving ecosystem where technology not only advances but also contributes significantly to the nation's progress."

Sanjeev Chabbra, Managing Director & CEO, Beetel Teletech Ltd.

"The budgetary focus on the three identified economic railway corridor programs through PM Gati Shakti is a significant stride toward enhancing multi-modal connectivity, laying a strong foundation for positioning India as a global electronics manufacturing hub. The allocation of a one lakh crore corpus, combined with the reduction in corporate tax rates from 30 percent to 22 percent for existing domestic companies, underscores a forward-looking approach. These initiatives are poised to unlock immense potential, propelling India's technology and electronic manufacturing landscape to new heights. The budget reflects a commitment to fostering innovation, competitiveness, and a brighter future for our nation in the realm of technology."

Kapil Bardeja, the CEO & Co-Founder, Vehant Technologies

“This budget is promising for the Aviation sector as it strategically aligns with the nation's developmental goals. Resources are allocated for the expansion of airports and for the development of new ones , under the UDAN scheme , which creates demand for cutting-edge security solutions. The infusion of funds into deep-tech technologies for defense purposes and other sunrise sectors shall strengthen national security by contributing to the R & D pool of private companies, and further offer opportunities for innovative security solutions providers to contribute to Atma Nirbhar Bharat .

The emphasis on research and innovation, supported by a substantial corpus of 1 Lakh crore for 50 year interest free loans, is encouraging for participation from the private sector and scalability in the Deeptech sector including security solutions. As the aviation sector continues to grow, security becomes crucial, and requires investments in advanced technologies. The budget's comprehensive approach towards infrastructure development and self-sufficiency places the security industry at the forefront to contribute in making India safer and technologically robust, Mr. Bardeja added.

Varun Tangri, CEO and founder, QueueBuster POS

“Entering India's Interim Union Budget 2024, the spotlight on infrastructure and road development marks a pivotal moment for the Retail and Retail Technology industry. With an injection of 11 Lakh crore and the PM GatiShakti project, we witness a strategic push for economic corridors, opening doors for three new corridors that will strengthen and expand organised retail in newer cities.

Acknowledging the retail sector's key role in India's economy, the budget commits to launching new retail destinations, aligning seamlessly with our vision. Globally, our country has secured its place as the fourth-largest retail destination, driven by a surge in demand for lifestyle products. As India targets the third-largest consumer market by 2030, strategic investments in infrastructure promise substantial growth.

In a noteworthy move, the budget raises the presumptive taxation threshold for retail businesses to Rs 3 crore, offering valuable support to SMEs in the sector. These initiatives will surely be instrumental in positioning India as the world's largest retail destination in the coming decades.”

Sudeep Kulkarni, Founder, Game Theory

“In my view, Budget 2024 is all about supporting our young innovators. Setting up a Rs. 1 lakh crore fund with a 50-year interest-free loan is a positive step. It means long-term support for tech-savvy ideas. With this help for startups, our future looks brighter than ever. Embracing the 'First develop India' ethos, the government aims to forge bilateral treaties with foreign partners, prioritizing India's growth. With a development policy centered on social and geographical inclusion, we're charting a path towards a more equitable and prosperous future for all.”

Radhika Kalia, Managing Director, RLG Systems India Private Limited

The Interim Budget 2024 offers a mixed bag in terms of steps aimed at fostering a circular economy and building sustainability. While the budget shows focus on infrastructure and renewable energy which indirectly would support the sustainability sector, direct measures towards forging a circular economy seem underrepresented. Yes, the budget's emphasis on digital infrastructure and renewable energy initiatives like solar energy would provide direction to sustainability initiatives, albeit indirectly, by promoting environmentally-friendly practices and technologies. Nevertheless, for a sector like ours dedicated to principles of sustainability and circular economy, direct and targeted support is warranted to ensure that the efforts invested result in significant outcomes. So while the indirect support for a greener economy is appreciated, a more focused approach and direct support for recycling and e-waste management is required for concrete progress.

Lt. Gen. AK Bhatt, Director General, Indian Space Association

"We commend the government's allocation of the Rs 1 lakh crore corpus in the interim budget 2024 for long-term financing of technological research. This move will be beneficial for startups in the rapidly expanding space sector, providing them with support to innovate and conduct further research across various domains of space technology.

Additionally, the new scheme being launched for boosting deep-tech for the defense sector will be transformative. This initiative holds significant promise for DefSpace startups, which can play a substantial role in enhancing the ecosystem due to the integral relationship between space and defense industries.

However, we are sanguine that the post-election full budget will include support for a liberal FDI policy for space, inclusion of space grade components in PLI, reduction of GST for satellites, launch vehicles and ground equipment manufacturing and provide tax holidays and lower import duty for space sector firms."

Avneet Singh Marwah, CEO of SPPL

“The government's budget announcement, slated for June or July, reflects a strong sense of confidence but primarily revisits past policies over the last five years. With a specific focus on providing benefits to 80 crore people, including essentials like wheat, and an additional commitment to constructing 2 crore houses, the government aims to make strides in consumerism. The housing initiative, in particular, is anticipated to boost the sales of consumer durables in the rural sector, so it’s a good move by the government. Other than that, there has been nothing in this budget. We are now waiting to see what will happen after the election and how the administration presents new policies.

It seems to be part of a broader continuity strategy, with a clear eye on the upcoming election. The government seems inclined to defer major policy decisions until post-election, possibly to avoid making U-turns later. This approach leaves industries, especially those expecting relief for the middle class and changes in tax structures, eagerly awaiting July for potential policy unveilings.”

Krishna Vij, Business Head, TeamLease Digital

"The interim budget outlines a transformative course for India's tech-savvy youth, strategically supporting sunrise domains such as artificial intelligence, cybersecurity , quantum computing , robotics etc.. This targeted approach underscores a commitment to fostering innovation and progress. By prioritizing the synergy of youth and technology, the budget envisions tailored programs empowering young innovators in cutting-edge fields. The call for increased private sector involvement in research and development opens avenues for collaboration and advancements in critical sectors. This initiative effectively addresses key challenges, including limited capital access and the need for mentorship, unlocking the immense potential of India's burgeoning tech talent. If effectively implemented, this budget sets the path for a bright future with more tech progress marking a significant stride toward a digitally empowered India."

Munira Loliwala, AVP - Strategy and Growth, TeamLease Digital

“With the National Skill India Mission touching more than 1.4 Cr youth lives through training and 55 Lac reskilled & upskilled, Budget 2024-25 is a move towards making India VIKSIT by 2027. With the projections of generating 55 lac employment opportunities in India in the near future as proposed in the Budget, more job demand and hiring is expected to rise in Tier II and Tier III Cities. Continued efforts to enable an inclusive & sustainable development journey, investments by the government in Research & Innovation, Green Energy, EV and Energy Security will seek Talent technically qualified to manage development, operations, installations and Maintenance job roles. Rise in Corpus with long term financing or refinancing options with almost NIL or low Interest rates to boost R&I in sunrise sectors such as defence, semiconductors and similar will strengthen the Job Markets and create more hiring demand for fresher talent. We also expect a larger boost in overall manufacturing & make in India policies & incentives in the full budget (July) that will lead to a further thickening of their hiring intake this year as compared to previous. The initiative to provide adequate & timely finances, technology support and training will enable bridge the Tech Talent skill gap of 21.1%.”

Imran Kagalwala, Co-Founder, UNIX India

"As a manufacturing firm, we take note of the Budget's visionary strategy, aiming to drive India towards 'Viksit Bharat' by 2047. The emphasis on modern infrastructure development aligns with our growth objectives, and we appreciate the Budget's targeted support for MSMEs. The dedication to inclusive growth and upliftment of weaker sections is recognized as part of a comprehensive approach to national progress and development.

While acknowledging these aspects, we also reflect on areas that could further contribute to the sustained growth of our industry. More pronounced incentives for innovation, R&D, and export-oriented measures would have added valuable dimensions to the Budget. As we move forward post-budget, we remain hopeful for future policy measures to address these aspects and strengthen the foundation for manufacturing excellence in India."

Anand Dubey, CEO, Indkal Technologies

"We applaud the Finance Minister for the astute measures taken in the budget to enhance the financial sector's size, capacity, skills, and regulatory framework. These initiatives are pivotal in fortifying the foundation of our economy. Additionally, the commitment to ensuring energy security for businesses across sectors is commendable, providing a robust foundation for sustained economic growth. We look forward to leveraging these enhancements to further contribute to the nation's progress and prosperity."

Saurabh Saxena, Regional Vice President, India, OpenText

“It is noteworthy that the funding by the government for cybersecurity has nearly doubled. The allocation for cybersecurity projects from Rs 400 crore in 2023–2024 to a considerable Rs 750 crore in 2024–2025 is an indication that the growing cyber risks have been acknowledged. This financial commitment is especially timely given the alarming rise in cyberthreats, with notable incidents in 2023. We welcome this progressive move and are ready to collaborate closely with government initiatives. The increased budget not only reflects the evolving threat landscape but also underscores the need for innovative and advanced solutions to counteract sophisticated cyberthreats. We remain dedicated to playing a pivotal role in enhancing the resilience of our nation's digital ecosystem.”

Krishna Bodanapu, Executive Vice Chairman & Managing Director, Cyient

“On the whole, the Union Finance Minister has delivered another compelling budget that balances social needs along with economic needs, which accelerates growth and provides impetus to sunrise industries and societal imperatives. We are steering toward a dynamic future. With the Union Budget 2024 announcement today, a commitment has been made to elevate the e-vehicle ecosystem with greater adoption of e-buses for public transport, and improving manufacturing and charging infrastructure is an optimistic step toward a sustainable future. The government's efforts to enhance the railway and aviation infrastructure are expected to positively impact ER&D Industry and manufacturing industry. Furthermore, the government’s focus on promoting green energy will significantly boost green manufacturing."

Atul Soneja, Chief Operating Officer, Tech Mahindra

“The Interim Budget 2024 embodies the "Amrit Kaal" path to inclusive growth, sustainable development and next-generation reforms, signifying a major step towards encouraging investments and job creation. The government's focus on the four essential pillars of growth, namely Garib (Poor), Mahilayen (Women), Yuva (Youth), and Annadata (Farmer), along with initiatives like the announcement of a corpus of INR 1 lakh crore with 50-year interest-free loans for the private sector to scale up research in sunrise domains will help India further consolidate its position globally as a Tech Powerhouse driven by skilled tech workforce and innovation."

Karthikeyan Natarajan, Executive Director and Chief Executive Officer, Cyient

"It is good the Government is continuing to take the lead with innovation to spur the growth of the technology sector and provide jobs aimed at further development. The announcement of the new scheme, aimed at strengthening deep-tech solutions for defence, signifies a strategic step toward a more secure and technologically advanced future. The government’s commitment to supporting Research and Innovation is a boost to the ER&D industry. This will also catalyze industry growth and support youth in establishing start-ups and help youth who are seeking opportunities in the technology industry. Also, the interest-free investment will significantly enhance the ecosystem of our tech start-ups, particularly in emerging fields like 5G, Generative AI, Agritech, and health tech. The allocation of the ₹1 lakh crore fund, available for 50 years without interest for long-term financing or refinancing, aims to stimulate private sector expansion in Research & Development within emerging domains. This initiative is a positive development for the industry, positioning India as a leader in innovation and skill development.”

Ashok Rajpal, Managing Director, Ambrane India

"The Skill India Mission has achieved commendable milestones, training 1.4 crore youth, upskilling and reskilling 54 lakh, and establishing 3000 new ITIs, marking a transformative era for our workforce. These accomplishments are promising, particularly for India's manufacturing industry, aligning with our goal to cultivate a skilled workforce for a robust $300 million electronics sector. The Finance Minister rightly emphasizes the expansion of India's global opportunities driven by innovation and entrepreneurship. While positive strides are acknowledged, further emphasis on incentives for innovation, R&D, and export-oriented measures would contribute to our industry's sustained growth. Additionally, anticipated adjustments in import duty on electronics raw materials and higher dumping duty on imported electronics products could fortify our domestic market further. Addressing these considerations will be vital for ensuring a resilient and globally competitive electronics industry."

Mahesh Krishnamoorthy, Managing Director, Core Integra

"The presented budget is indeed an interim one, prompting anticipation for the formal budget scheduled to be unveiled by the new Government in July 2024. It is heartening to observe the strides India has taken over the past decade. The Government's continued commitment, as outlined in the budget, towards fostering ease of doing business, skill development, employment generation, and strengthening the entrepreneurship and startup ecosystem is commendable.

In a positive development, the budget overview remains rational and aligned with the ongoing initiatives, even in the backdrop of it being an election year. The forthcoming annual budget later this year will unveil whether the new Government opts to maintain the current interim budget structure or introduces new measures, particularly concerning the implementation of the New Wage Code."

Aparna Acharekar, Co-Founder, coto

"At coto, we are pleased with the Union Budget 2024's emphasis on women's welfare and empowerment, which closely aligns with coto's vision and mission. The introduction of strong policies in the favour of women across socio-economic groups undeniably leads to long-term economic growth. The startup ecosystem is also gradually witnessing a rise in women entrepreneurs and their ownership stakes within organizations.

We also share the strong belief that this is a golden era for tech-savvy youth. We hope that more women will be inspired by this to enroll in science courses and pursue STEM-related employment. This not only promises a stronger representation of women in traditionally male-dominated fields but also offers them greater opportunities for financial independence through these careers. An increased presence of women in scientific professions can contribute to addressing pressing issues pertaining to mental health, which are highly relevant in today's world."

Girish Rowjee, Co-founder and CEO, greytHR

"Envisioning a 'Viksit Bharat' by 2047, the Union Budget 2024 reflects the steadfast dedication to 'sabka sath, sabka vikas.' The introduction of a 1-lakh crore corpus with a 50-year interest-free period to catalyze private sector research and development marks a groundbreaking move. This significant investment is set to drive innovation and technological progress, especially in emerging fields, by relieving the financial burden of high interest rates. By encouraging businesses to undertake prolonged research projects, it nurtures a culture of ongoing advancement. The resolute commitment to Micro, Small, and Medium Enterprises (MSMEs) is evident in the emphasis on providing training for global competitiveness. This equips MSMEs with essential skills, strengthening the economic backbone, contributing to job creation, and enhancing economic resilience. Beyond the financial aspects, this budget symbolizes the collective effort to shape a resilient and future-ready India."

Sharan Maini, Director, Veira Group

"As India charts its course towards 'Viksit Bharat' by 2047, the budget's unwavering emphasis on 'Atma Nirbharta' in resource allocation holds the promise of a substantial boost for the electronics industry. The Skill, India Mission's commitment to nurturing a skilled workforce lays a robust foundation for global competitiveness. While we acknowledge the government's focus on technology and innovation, our concern persists regarding our dependence on semiconductor and display fab imports, which we had hoped would be specifically addressed in this budget.

Nevertheless, the comprehensive attention given to technology and innovation is encouraging, presenting an opportunity to strengthen our manufacturing capabilities. To align the industry with national aspirations, a holistic approach that tackles import dependencies and reinforces domestic technological capabilities becomes imperative for sustained growth and competitiveness in the dynamic global electronics landscape."

Prof Arvind Sahay, Director at MDI Gurgaon

The Budget 2024 initiatives by the Indian government in education are commendable on three counts and have a couple of misses:

First is fiscal rectitude, which has figures of 5.1% vs 5.8%. This bodes well for inflation, credit ratings and exchange rate stability.

Second, with a significant allocation of Rs. 1.12 lakh crore, including Rs. 44,095 crore for Higher Education, there's a clear focus on developing a skilled workforce. The notable 28% increase in female enrollment in higher education over the past decade is a testament to our strides towards inclusivity. Furthermore, the impressive accomplishments of the Skill India Mission, which has trained 1.4 crore youth and upskilled 54 lakh individuals, play a crucial role in bridging skill gaps and fostering growth. Additionally, the enrollment of 43% of females in STEM courses reflects our progress in promoting gender inclusivity. These initiatives promise a brighter future for India's youth and signify a positive trajectory for our nation's development.

Third, the increase in caped means that infrastructure will continue to develop at a fast clip. The recent evidence of better execution means that we will see visible change in improved infrastructure.

The first downside is that there is a missed opportunity to rationalise taxes. Indian rates are already high comparatively. The aim has to be to make India the place to invest in not just because of China +1, and local demand but also because it is a great tax destination. The fiscal headroom allows this. The second miss is a lack of sufficient increase in investment in R&D. A developed nation requires the central government leading from the front in R&D.

Aneef Tas, CEO, Endefo

"With the interim budget promoting the India-Middle East corridor, there will be a boom in infrastructure. This initiative will enhance the business prospects of exporting goods to the Middle East and Europe 40% faster. It will not only connect India with commercial hubs but also make the nation stand out. 'Made in India' goods will become the next sought-after market. India will no longer be just the tech backend; instead, this initiative will increase the entrepreneurial drive of the nation, making it a product-oriented country.

Speaking of entrepreneurship, the challenges faced by startups in raising investments are evident, with Indian startups experiencing a significant drop in funding over the past year. However, this initiative is poised to boost foreign investment in India. Made-in-India products, especially consumer durable products, will get a whole new global exposure."

Sunil Sapra, Co-Founder and Chief Growth Officer, Eventus

“Amid India's transformative economic journey, the allocation of a ₹1 trillion corpus for technology research becomes a strategic enabler. This significant investment underscores the government's commitment to innovation, which is crucial for achieving our collective vision of a $5 trillion economy by 2027. A new scheme fortifying deep tech technologies for defence purposes and self-reliance highlights the importance of technological advancements in national security and economic self-sufficiency. The government's focus on empowering the MSME sector is evident, with commitments to timely finances, relevant technologies, and training. This will bolster a robust financial ecosystem supporting MSME growth.

Budget 2024, characterized as a 'Golden Era For Tech-Savvy Youth,' resonates profoundly with the essence of Eventus Security. We are enthusiastic about actively contributing to this transformative journey, collaborating with the government to realize our shared technological aspirations.”

Pravin Dubey, Founder, Webclixs

"The government's decision to extend tax benefits for startups and attract investments from sovereign wealth and pension funds until March 2025 is a welcome move for the startup ecosystem. The tax exemption extension is a positive gesture, providing much-needed relief. The allocation of Rs 1 lakh crore towards the sunrise segment, with nominal or zero interest rates, is a strategic boost for small businesses, fostering growth and innovation. The announcement of 50-year interest-free loans marks a golden era for the tech-savvy youth, facilitating long-term sustainability. This post-budget development reflects the government's commitment to nurturing entrepreneurship and fostering a conducive environment for startups to flourish, promising a resilient and dynamic future for the Indian startup ecosystem."

Yogesh Agrawal, CEO and Co-Founder, CONSISTENT INFOSYSTEMS PRIVATE LIMITED

“Government of India’s Production-Linked Incentive (PLI) scheme for large-scale electronics manufacturing received a major boost in Interim Budget 2024 with a nearly 1.5x increase, increasing its outlay to Rs 6,200 crore for 2024-2025. This will enhance confidence in rest of the remaining manufacturers who haven’t availed the benefits of the PLI Scheme. However, despite expectations, the Interim Budget did not announce any further expansion of the PLI scheme that aims to encourage setting up of manufacturing facilities in the country as well as creation of jobs in line with the government’s vision of Make in India and Aatmanirbhar Bharat.”

Rajamanohar Somasundaram (Raj), Founder & CEO - Aquaconnect

"We are pleased to see that the government has identified gaps in seafood production, technology intervention, financing, post-harvest infrastructure, traceability, and sustainability and is actively addressing them through policy intervention and budgetary allocation. We welcome the new sub-scheme under the PMMSY that has been announced with an investment of Rs. 6,000 crore to support the activities of fish vendors, fishermen, and micro and small enterprises. This investment aims to improve value chain efficiencies and expand the market, contributing significantly to the promotion of domestic market consumption. The establishment of aquaparks will play an important role in promoting the development of value-added seafood products in India. This will ultimately enhance the value realization of Indian seafood and act as a catalyst for generating employment opportunities among coastal communities.

We have been witnessing a consistent effort to improve the fisheries sector in consecutive budgets. This is an encouraging trend, and we hope to see it continue for the betterment of fishermen, aquaculture farmers, and other stakeholders in the seafood value chain."

Agendra Kumar, Managing Director, Esri India

“The 2024 Interim Budget has placed a robust emphasis on fostering innovation and embracing cutting-edge technologies to realize the ambitious goal of 'Viksit Bharat by 2047.' It rightly underscores the pivotal role that technology plays in shaping our economic landscape. A notable strategic move is the allocation of a 1-lakh crore corpus through a 50-year interest-free loan, aimed at incentivizing the private sector to elevate their investments in Research and Development (R&D) and propel digital innovation. Financial backing provided to start-ups is also poised to make the ecosystem flourish and contribute significantly to the overall economic landscape. This forward-looking budget not only fuels the growth of the IT sector but also actively supports a comprehensive skills development ecosystem, ensuring the creation of a workforce that is geared for the future. As technology continues its rapid advancement, the 2024 interim budget emerges as a catalyst, steering the IT sector, including the robust geospatial sector toward sustainable excellence and global competitiveness. The visionary initiatives outlined in this budget position India on the trajectory of becoming a technological powerhouse, laying the foundation for a prosperous and globally influential nation.”