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The Union Budget 2024 is around the corner, and the tech industry is eagerly waiting for the government's fiscal policies to support their growth. The industry leaders have shared their hopes and recommendations for the government's fiscal policies. The tech industry is looking forward to the government's support in various forms, from gaming and artificial intelligence to semiconductors and wearables.
Rajan Navani, Founder and CEO of JetSynthesys, places a spotlight on the video gaming and esports sector. He underscores the pivotal role of government support, urging initiatives that prioritize talent development across various dimensions of the industry. Navani advocates for recognizing the sector as an intellectual property (IP) and product-oriented domain, emphasizing incentives for entrepreneurship and employment. Additionally, he calls for an acceleration of AI initiatives in education to enhance India's global gaming expertise.
Varun Gupta, co-founder of BOULT, anticipates critical policy reforms. His wishlist includes reduced Goods and Services Tax (GST) rates on electronics and tax incentives for startups. Gupta emphasizes the necessity for policies fostering early-stage entrepreneurship and extending production-linked incentives beyond the smartphone sector.
Dr. Gopichand Katragadda from The Institution of Engineering and Technology stresses the need for enhanced policies and funding to support India's technology startup ecosystem. Budget 2024 highlights identify specific areas for research and development (R&D) funding, including sustainable public transportation, AI in defense, and the health tech industry for rural areas. Katragadda also highlights the importance of strategic investments in the semiconductor ecosystem and manufacturing.
Amit Prasad, Founder and CEO of SatNav, envisions the budget emphasizing digital infrastructure, R&D incentives, and the nurturing of innovation hubs. He calls for augmented funding in critical areas such as cybersecurity, Artificial Intelligence (AI), Internet of Things (IoT), and 5G technologies. Prasad emphasizes the need for revised tax policies to stimulate IT exports, streamlined regulations for startups, and an increased focus on digital education initiatives.
Sanjay Gupta, Chairperson of IESA, advocates for focused support in reducing major entry barriers in the semiconductor industry. These barriers include high costs associated with employees, Electronic Design Automation (EDA), fabrication, and validation. Gupta emphasizes the need to provide risk capital to startups in this sector to enhance global competitiveness.
As India awaits the unveiling of its 2024 budget, the technology sector stands at the forefront of expectations. The diverse array of demands, from gaming industry incentives to semiconductor growth initiatives, reflects the multifaceted nature of India's tech landscape. The forthcoming budget has the potential to propel technological advancements, foster innovation, and solidify India's position as a key player in the global tech arena.
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