With the Union Budget 2024 all set to be announced on 23 July 2025, industry leaders and stakeholders from various sectors have expressed their expectations and hopes for policies that will drive technological advancement and economic growth in India. The overarching theme among these leaders is the need for increased digital adoption, support for emerging technologies, and the creation of a conducive business environment. Industry leaders are hopeful that Union Budget 2024 will lay the groundwork for a prosperous future, leveraging technology to achieve sustainable and inclusive development
Recognizing the Role of the IT Sector in Union Budget 2024
Arundhati Bhattacharya, Chairperson and CEO, Salesforce India, emphasized the transformative power of the technology industry, stating, “The technology industry has gone through a transformation in the last year. As a leader in the technology industry, I’m expecting the budget to recognise the role of the IT sector in creating well-paying jobs while increasing efficiency and productivity. The depth of IT talent in India is well recognized but we need to deepen the play with proper skipping initiatives and increasing ease of doing business while exploring ways in which IT can be used for further job creation such as improving citizen services, addressing the needs of our large population, and helping in improving standards of living.”
Bhattacharya further highlighted the impact of AI, “AI is omnipresent today, and collectively we are about to unleash Artificial Intelligence delivering a huge amount of positive impact for all industries and we need to align with the potential impact on lives. Building the right skills within the working-age population will be crucial to sustain the growth momentum and equitable wealth distribution. While there are several resources available for upskilling, standardising these through certifications and publicising them extensively, especially in tier 3, tier 4, and rural areas is critical.”
She also called for increased technology adoption in local industries, “Encouraging technology adoption in local industries, which is currently lacking, can help drive global competitiveness and greatly improve productivity. Over the years, the Government itself has demonstrated the immense power of technology adoption through the success of platforms such as CoWIN, UIDAI, UPI, Digiyatra etc. The government must showcase its successes to encourage the proliferation of cutting-edge technology in local industry.”
Supporting Cybersecurity and Innovation
Julian Wheatland, CEO, Progility Technologies, emphasized the need for increased investment in cybersecurity. “As India prepares for the upcoming Union Budget 2024-25, Progility Technologies’ expectations ahead of the Budget are centred on the company’s critical role in reviving the discussion on India’s growth trajectory. The key areas that the budget should focus on are increased utilisation of technology, digital adoption, digital skill development, job creation, IT services and products, and tax breaks on maintenance contracts to improve the business environment in the country. The budget must support investment in cybersecurity startups that focus on innovative technologies such as secure communications, encryption, and data protocols that offer multiple benefits. This budget should focus on newer ventures to drive innovation in threat detection and defence, improve cybersecurity skills, stimulate job creation, and promote economic growth through technological entrepreneurship. By strategically allocating resources in the form of grants, tax incentives, and funding programs, governments and organisations can strengthen their cybersecurity defences against evolving digital threats,” he said.
Union Budget 2024 Lays Groundwork for Economic Growth
Rishi Agarwal, Co-founder and CEO of TeamLease RegTech, outlined the long-term vision for economic growth: “The Union Budget 2025 will shape the next 5 years and lay down the groundwork for our $10 trillion GDP goal. Taking things forward from 2023, we can expect ease of compliance to stay on top of the finance minister’s priorities. Emerging areas, including the gig workers and AI will be on the agenda. In her previous budget speech, the Finance Minister alluded to leveraging PAN as a common business identifier and the introduction of Entity DigiLocker, propelling EoDB. I expect to see more announcements about its implementation. These reforms will lay down the plumbing for Digital Public Infrastructure (DPI) for corporates in the long run. We also saw the successful passage of the Jan Vishwas Act through the legislative process last year. This points towards the positive intent of the government to remove the entrenched hostility and deep-rooted criminality within the business regulatory framework. Now, I expect further action at the union and state levels toward decriminalising India’s employer compliance ecosystem. There also needs to be an enhanced focus on renewable energy infrastructure, infrastructure development, and domestic manufacturing. In the first year of its third term, the government has an incredible opportunity to lay the agenda by signaling regulatory reform for economic development and job creation.”
Recognizing the Coworking Sector in Union Budget 2024
Rishi Das, Co-founder of IndiQube, calling for the recognition of the coworking sector, said: “There is a need to recognize the coworking sector as a separate industry. This acknowledgment would pave the way for tailored policies that address the unique needs of the sector. A formal industry status would also facilitate better regulatory frameworks and support systems. Tax incentives for establishing coworking spaces in tier II and tier III towns could significantly drive economic growth in these regions.”
Also read: What COAI Expects from Union Budget 2024
“By offering financial relief, the government can encourage coworking providers to expand into less saturated markets, thereby boosting local economies, creating jobs, and fostering entrepreneurial ecosystems in smaller cities. Extending these tax incentives to the broader private sector is also crucial. Moreover, offering incentives for green buildings and on the use of renewable energy would promote sustainable development. Incentivizing green practices would not only reduce the carbon footprint but also set new standards for sustainable business operations in real estate. Ensuring the availability of institutional finance at competitive rates is another vital aspect. Affordable financing options would enable coworking operators to scale efficiently and invest in infrastructure, technology, and community-building initiatives. By addressing these points, we can create a robust framework that supports the growth and sustainability of the coworking sector in India, ultimately contributing to a dynamic and inclusive economy.”
Boosting the Refurbished Smartphone Industry
Yug Bhatia, CEO and founder of controlZ, advocated for a robust policy framework for the refurbished smartphone industry, saying: “I believe that a robust policy framework that defines standards, certifications, warranties, and taxes is crucial for the growth of the refurbished smartphone industry in India. From this Budget 2024, we predict a reduction in the GST rate to make refurbished devices more affordable and accessible to a wider audience. We are also expecting that the government will boost credit access and financing options, along with collateral-free and low-interest loans to the refurbished smartphone players. We propose that the government provide tax benefits and subsidies to the refurbished smartphone players who invest in R&D, AI to promote innovation and technology adoption in this sector. Lastly, we advocate for a focus on the circular economy and its environmental benefits, viewing it not just as a business opportunity but as a collective responsibility to make this sector more organized.”
Supporting MSMEs
Viren Choudary, CEO of Readywire, stressed on the importance of supporting MSMEs, saying: “MSMEs are the backbone of the Indian economy. I hope the Union Budget 2024 introduces policies that encourage the adoption of systemic digitisation and AI-driven technologies in this sector. Providing subsidies and other incentives to infuse tech into their processes will improve productivity and yield manifold returns to the economy.”
Enhancing Digital Education
Pankaj Jha, Managing Director of MAXHUB, emphasized the importance of digital education: ”As a leading provider of educational technology solutions in India, MAXHUB eagerly anticipates the upcoming budget’s focus on bolstering digital education. We hope to see robust allocations for EdTech infrastructure, comprehensive tax reforms benefiting electronics manufacturing, and initiatives fostering R&D and skill development. These measures not only enhance educational outcomes but also strengthen India’s position in the global digital economy.”
