This article will discuss what the upcoming union budget 2023–24 can bring for the tech sector
Tech sector and Union Budget 2023-24: The announcement of the Union Budget 2023-24 by our finance minister Nirmala Sitharaman may just be a few weeks away from now and tech giants are eagerly waiting to see the position of technology in the upcoming union budget 2023-24.
There is a hope of dominance of the tech sector in the upcoming union budget because, with mass layoffs all around and the effects of the COVID-19 pandemic slowly receding, the country’s tech sector has gone through a tough 2022 when compared with the massive boom it saw in 2020 and 2021. As India is moving toward becoming a center for digital capacity, Industry professionals offer their perspectives on the expectations of the technology and tech sector from the Budget 2023–24. The Indian tech sector will have several achievements to add to its hat in 2022, despite the huge layoffs. The Indian tech sector has been eagerly servicing the “good change” while also preparing for the new ones, from rising acceptance of digital services and surging demand in new-age technologies like artificial intelligence (AI), etc. to the debut of 5G services.
The “digital” is currently what is driving growth in both home and foreign markets. Here are some industry expectations for the forthcoming Union Budget, given that major trends and needs mostly center around electronics, manufacturing, artificial intelligence, e-commerce, ed-tech, fintech, etc. Since investments in technology are considered to have a multiplier effect on the economy, the importance of investing in the right research and development (R&D), becomes imperative. According to Deloitte, India’s technology industry will have an extraordinary performance in 2021–2022. PN Sudarshan, Partner, Technology, Media & Telecommunications Industry Leader, Deloitte India, acknowledges this along with the difficulties and recommends that the government include set deadlines for the conclusion of Advance Pricing Agreements (APA) in Budget 2023 as this will increase the bandwidth of APA teams.
