As the unveiling of the Union Budget 2024 approaches, anticipation is building across various sectors in India. Each year, the budget sets the stage for economic policies and resource allocations that significantly impact the country’s growth trajectory. This year, there is a heightened focus on how the budget will address key areas such as technological innovation, infrastructure development, and social welfare
Industry expectations
Vijay Navaluri, Co-founder & Chief Customer Officer, Supervity, highlights the AI sector’s optimism for policies that will further stimulate growth and innovation. He underscores the importance of the government’s continued support for AI and related technologies to drive the industry forward. Navaluri expects the budget to prioritize investments in AI, particularly i .
He also anticipates the implementation of Public-Private Partnership (PPP) models and the establishment of regulatory bodies to ensure ethical AI usage. Financial incentives and tax deductions for AI startups, along with increased funding for R&D, are expected to boost innovation and the growth of the AI ecosystem in India.
He calls for government investment in AI research and development, skill development programs, and public-private partnerships to foster innovation while safeguarding ethical standards
Pankaj Arora, Co-founder, Whilter.ai, expresses hope that the Union Budget 2024 will continue to foster a conducive environment for technological innovation. He emphasizes that startups are the backbone of innovation, driving economic growth and creating jobs. Arora suggests the government should simplify regulatory processes, provide tax incentives, and ensure better access to funding for early-stage ventures. Additionally, he stresses the need for clear and enforceable ethical guidelines for generative AI to ensure responsible development and deployment.
Gautam Madhavan, Founder and CEO, Mad Influence, looks forward to policies that will bolster the digital economy. He notes that previous budgets have focused on digital literacy and expanding internet access, with initiatives like the BharatNet project aiming to connect 2.5 lakh gram panchayats by optical fiber. Madhavan believes that expanding internet infrastructure and promoting digital literacy, especially in rural areas, will enable more individuals to participate in the digital economy. He says these measures will drive growth in the influencer marketing industry and contribute to broader economic development.
Karan Verma, Co-Founder and Director, FAAD Network, is optimistic about the Union Budget 2024, expecting measures that will empower angel investors and early-stage startups. He hopes the government will introduce policies that reduce the tax burden on investments and provide greater incentives for venture capitalists. Enhanced tax exemptions and simplified compliance requirements will attract more domestic and international investors, thereby increasing the flow of capital into the startup ecosystem. Verma believes that specific allocations for sectors like fintech, ed-tech, and health tech can drive technological advancements and create new opportunities for startups. He emphasizes that the budget’s focus on infrastructure and ease of doing business will be instrumental in nurturing a robust entrepreneurial landscape in India.
Nemesisa Ujjain, VP & Head of The Circle FC, anticipates measures such as enhanced tax incentives for early-stage investments, simplified compliance processes, and increased funding for digital infrastructure and skill development programs. As the world faces an economic slowdown, policies supporting the ease of doing business and regulatory transparency will be pivotal in driving the Indian entrepreneurial ecosystem forward and gaining a competitive advantage as a global hub for innovation. ..
The Union Budget 2024 holds significant promise for advancing India’s technological and economic landscape. By prioritizing sectors such as AI, the digital economy, and early-stage investments, the budget can pave the way for sustainable growth and innovation. Industry leaders emphasize the need for supportive policies, infrastructure investment, and a streamlined regulatory framework.
These measures are essential for fostering innovation, creating jobs, and ensuring inclusive development. As India looks forward to the Union Budget 2024, the emphasis on technological advancement and startup support is expected to shape a dynamic and resilient economic future.