The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has garnered positive reactions from leaders in India’s technology sector. The budget’s focus on skill development, support for MSMEs, and reduction in customs duties for mobile technology has been widely praised. Industry leaders see these measures as crucial steps towards fostering innovation, boosting manufacturing, and positioning India at the forefront of the global digital revolution.
itel India: Embracing Affordability and Innovation
Mr. Arijeet Talapatra, CEO, itel India has said: “We commend the government on the Union Budget and are encouraged by the strong backing for the mobile technology sector. The Indian mobile phone industry has seen a remarkable transformation with a threefold increase in domestic production and a hundredfold surge in exports over the past few years. This clearly indicates how the mobile industry in India has matured throughout the years and the reduction to 15% in BCD is a step in the right direction.
A reduction in the Basic Customs Duty (BCD) mobile PCBAs to 15% will not only enhance affordability for our consumers but also drive innovation within the sector. This reduction will bolster the competitiveness of our industry on a global scale, enabling us to deliver cutting-edge technology at more accessible price points. It is imperative that we create a conducive environment for the technological sector to thrive, ensuring that India remains at the forefront of the digital revolution. This move will attract further investments, spur local manufacturing, and ultimately contribute to the economic prosperity of our nation.”
BenQ India: Empowering Education Through Technology
Mr. Rajeev Singh, Managing Director, BenQ India and South Asia mentions “The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has adopted a strategic approach for fostering economic growth while bolstering India’s technology landscape. The planned upgrade of 1,000 Industrial Training Institutes (ITIs) through a hub-and-spoke model, along with the alignment of course content to industry needs, reflects a proactive strategy to address the skills gap in the workforce and prepare students for the evolving job market. Such an emphasis on skill development and education bodes well for not only the emerging workforce but also interactive technology companies.
For display and interactive tech companies which provide interactive flat panels and other technological solutions for educational institutions, this budget presents significant opportunities. The focus on upgrading ITIs and enhancing skill development aligns with the mission to support educational advancements through technology. By integrating interactive learning tools into these upgraded institutions, tech companies can contribute to creating an engaging and effective learning environment that fosters skill acquisition and prepares students for future challenges. This alignment between government initiatives and private sector capabilities is crucial for driving educational transformation in India.”
Amazfit: Boosting MSMEs and Manufacturing
CP Khandelwal, Joint Managing Director – HTech, CEO – PR innovations & PSAV Global – Establishing Amazfit and HONOR in India.: “We congratulate the government on the Union Budget and are heartened to see the robust support for MSMEs and manufacturing sector. The credit guarantee scheme for MSMEs in the manufacturing sector, with coverage up to Rs 100 crore, is a game-changer. This initiative will spur innovation and growth, providing critical support to homegrown enterprises and elevating India’s position in the global manufacturing landscape.
The government’s decision to reduce the Basic Customs Duty on mobile phones, PCBs, and chargers to 15% marks a pivotal moment for our technology sector. This strategic move recognizes the significant maturation of the Indian mobile industry in recent years and is set to attract global value chains to our shores, enabling large-scale manufacturing operations.
These measures collectively ensure a more resilient and innovative ecosystem, benefiting both the industry and consumers. This budget has not only addressed current challenges but also lays the groundwork for a prosperous and self-reliant India in the years to come.”
Workforce Skilling and Technology Adoption
Srividya Kannan, Founder and CEO commented: “In its detailed roadmap for ‘Vikisit Bharat,’ the budget emphasized the urgent need to focus on upskilling the workforce through centrally sponsored schemes. The government aims to create employment for about 4.1 crore youth over the next five years, with an allocation of ₹2 lakh crore announced by the finance minister.
Additionally, ₹1.48 crore has been proposed for skilling our citizens. This initiative aims to skill 20 lakh youth over the next five years, with 1,000 industrial training institutes being upgraded to meet industry skill requirements. This investment underscores the government’s commitment to making the workforce industry-ready and globally competitive.
These efforts will be complemented by the private sector, providing crucial internship opportunities. The announcement of 1 crore youth gaining internships in the top 500 firms aims to offer real-world experience and corporate exposure, essential for developing a skilled workforce. With emerging technologies like Generative AI transforming industries, this initiative will help close the gap between job requirements and skills.
The Finance Minister also highlighted the need for increased technology adoption to enhance the ease of doing business, improve data and statistical records, and enable informed decision-making. This focus on technology as an enabler is set to enhance our workforce’s capabilities, making them more adaptable to rapid global market changes.
By prioritizing skilling and technology adoption, the government seeks to boost the economy’s production capabilities. The vision of a Digitalized India is poised to propel our growth story forward, ensuring our workforce remains competitive and ready to meet future challenges. This holistic approach will drive economic growth and ensure our youth contribute meaningfully to the nation’s development.”
In conclusion, the Union Budget 2024 has received widespread approval from the technology sector. Leaders across various segments of the industry have praised the government’s focus on skill development, support for MSMEs, and initiatives to boost manufacturing and innovation. As India continues its journey towards becoming a global tech powerhouse, these budget measures are seen as crucial steps in the right direction.”
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