“The tech industry worldwide has seen many ups and downs in 2022 with a recession looming over the industry. Thankfully, India’s tech industry has not been significantly impacted by what is happening overseas. So right now, all the eyes are set on the upcoming Union Budget 2023-24 to be presented by Union Finance Minister Nirmala Sitharaman. We, on behalf of the tech industry, have our own expectations from this year’s budget. The growth of the IT and ITeS industry in India has been stupendous and we are happy with the Union government’s push in ensuring that the country is taking the digital leap. It is because of such a leap that since 2016, the number of startups in India has grown 90 times. From increased adoption of digital services and surging demand in new-age technologies like AI to the launch of 5G services, the Indian tech sector has been riding the wave.
I believe that currently, the tech industry’s #1 struggle is a lack of skilled workforce, especially with emerging technologies. The government needs to focus on skill development at the school and university levels so that the new batch of students joining the workforce can be prepared and updated to the technologies and standards of the industry. While the government is focusing on empowering the country with digitalization it should also look into the security measures. The recent demonstration of a cyberattack against AIIMS Delhi and its struggle to come out of it is one example of where the cybersecurity measures stand, as we make digital progress. Therefore, the government should, in the budget not just announce schemes, policies and set aside an amount for digital development, but also for cybercrimes. The digital infrastructure, especially with 5G being made available for Enterprises and individuals in certain tier 1 cities is receiving the attention of everyone. But there is an utmost need to improve and even standardize the digital infrastructure that will help SMEs/SMBs. The infrastructure should now just be limited to tier 1 cities but must be expanded to tier 2 and tier 3 cities where there is a majority of the workforce available. These are currently the pain points that need to be addressed in the budget which will boost India’s tech vertical and those depending on it positively,” Rajendra Chitale, CFO, Crayon Software Experts India.
“The Union Budget presentation is the most anticipated activity to take place right before the end of the financial year. The tech vertical has been thriving in India, especially over the last three years. Digital transformation has been taking place at warp speed due to the circumstances that cropped up post-pandemic. We are looking forward to this year’s Union Budget being presented by Union Finance Minister Mrs Niramala Sitharaman on February 1, 2023. The government aims of achieving a $5 trillion GDP by 2025 considering that India is one of the world’s fastest-growing economies and I believe that the Indian tech sector will be a valuable contributor to this growth momentum. There are, naturally, expectations by the tech industry too from the budget.
There is a dire need for the government to form the right industry-friendly policies concerning data sharing, privacy and security. Fighting cybercriminals and formulating the right law against them is of dire need today as there is a looming threat against data privacy and security. Apart from policies, there needs to be expertise and think tanks set up and funds dedicated for the training of the staff in every major government department from the union to the states, to strengthen the cyber cells. The 5G will advance technology by multifold and its tools by multifold, but unfortunately, our infrastructure is not capable of handling a full-fledged advancement including tier-1 cities. The government needs to ensure that the budget needs are set aside and estimated deadlines need to be set to ensure that the overall infrastructure matches the current tech advancement and the future. But a better focus needs to be given to ensure that Tier 2 & 3 cities, towns and even rural areas have better infrastructure that will support the tech advancement and help them match the growth as that of a Tier 1 city. Smart city projects need to be finished and newer cities need to be added to the list that will help us revolutionize the tech industry and the associated verticals. Hopefully, this budget will help us formulate and reach a new milestone,” Prashanth GJ, CEO at TechnoBind Solutions.