As the anticipation builds and the fiscal spotlight shifts to New Delhi, we bring to you varied viewpoints, demands, and wishlists of various sectors ranging from income tax, healthcare, infrastructure, education, pharma, and auto among many others.
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As the nation awaits Finance Minster Nirmala Sitharaman to announce the Interim Budget 2024 on February 1, the corridors of power are abuzz with speculation and industry leaders are on the edge of their seats. Join us as we provide real-time insights, expert analyses, and reactions from key players across industries. Whether you’re a business magnate, a policy wonk, or an everyday citizen, Financial Express Online is your window into the heart of India’s economic deliberations.
Hyder Khan, CEO, Godawari Electric Motors (EV two-wheeler and three-wheeler OEM)
"I eagerly anticipate the upcoming budget with optimism and a fervent hope for increased support towards the electric mobility sector. The extension and enhancement of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme would be instrumental in propelling India towards a sustainable and eco-friendly future. Substantial subsidies for electric vehicles and related infrastructure would not only incentivize consumers but also bolster the growth of our industry. These measures will not only promote cleaner transportation but also stimulate innovation and job creation. I look forward to a budget that recognizes the pivotal role electric mobility plays in achieving environmental goals and economic development, and I trust that the government will continue to foster a conducive ecosystem for the electric vehicle industry to thrive."
Niranjan Nayak, MD, Delta Electronics India - Charging Infrastructure Solution
The electric vehicle (EV) industry in India has gained momentum thanks to the government's efforts in promoting EV adoption through various initiatives. However, we see untapped potential, and the upcoming budget could further boost the industry's development.
Firstly, we expect the government to continue offering incentives and subsidies for manufacturing and purchasing EVs. These measures effectively drive demand and lower upfront costs. Extending these incentives and reducing import duties on EV components can make electric vehicles more affordable for everyone. Additionally, a critical focus should be on establishing a widespread charging infrastructure network nationwide. Insufficient charging stations are a concern for potential EV buyers. Allocating budget funds for strategically locating charging stations on highways, in cities, and in residential areas is essential.
Furthermore, the government should prioritize research and development in the EV sector. Continued investment in advanced technologies, like battery technology and energy storage solutions, is crucial for long-term growth and sustainability. Provisions in the budget supporting innovation and collaboration between industry players and research institutions would be beneficial.
In conclusion, the potential of the EV industry in India is significant, and the upcoming budget can play a pivotal role in realizing this potential. Through incentives, developing charging infrastructure, and investing in research and development, the government can further stimulate the sector's growth. Delta is committed to contributing to the EV industry's development and eagerly anticipates the budget announcement.
Harshit Jain, Co-Founder and CEO, OnePlay
"India's startup industry isn't just growing, it's putting the entrepreneurs into a promising space to create something big. Ahead of the interim budget 2024, we are eagerly expecting some major announcements, and government support remains the top expectation. The industry expects incentives for R&D initiatives, tech-driven solutions, cybersecurity support, and measures to fuel startups navigating the evolving business landscape. We also hope the budget shines a spotlight on enhancing and simplifying funding opportunities. In addition to this, the integration of digital and tech infrastructure will stimulate innovation, empowering the entrepreneurs to transform the way existing business is done."
Ms Prachi Kaushik, Founder & Director, VYOMINI
"As a social entrepreneur, I eagerly anticipate Budget 2024 to recognize our pivotal role in fostering positive change. A dedicated fund for impact investors, managed by experienced entities like SIDBI and NABARD, would be instrumental in providing vital financial support for our sustained growth and meaningful societal contribution. This budget's support extends to micro-entrepreneurs, offering subsidies to empower them, fostering local production, and championing 'Make in India' efforts. Also, schemes like FPO, co-operative reforms are really helping farmers, and a budget allocation for the same would be recommended.
Additionally, we expect measures in Budget 2024 to boost women-led innovation, including special funding, skill development, technology incentives, and targeted initiatives. Improved infrastructure, digital connectivity, networking platforms, and family-friendly tax benefits are essential elements for empowering women entrepreneurs in this comprehensive vision for positive economic transformation."
Dr. Madhumita Chatterji, Director, ABBS School of Management
“Overall allocation towards education has been around 2.8% to 2.9% of the GDP since 2015. The Indian Department of Higher Education funds central universities, IITs, NITs, IISERs, IIMs, and Schools of Planning and Architecture and others. The higher education regulators like UGC and AICTE are also funded by the department. Research and innovation in higher education, and scholarships for higher education also come under the purview of the Higher Education Department. However, in 2022, the Standing Committee on by Education, Women, Children, Youth and Sports observed that student financial aid schemes were not sufficient to cover the cost of higher education. This is because most expenditure from the scholarship is towards course fees. (Report No. 337, Standing Committee on Education, Women, Children, Youth and Sports, on “Demands for Grants 2022-23 of the Department of Higher Education”, Rajya Sabha, March 16, 2022). Government should earmark specific funds for self-funded autonomous institutions approved by AICTE and offering the PGDM degree as these institutions have to depend totally on student fees.”
Shreya Sabharwal, Founder and CEO, Squarefork
Digital marketing startups anticipate Budget 2024 to foster innovation and ease regulatory burdens. They seek tax incentives and grants to fuel research and development in cutting-edge technologies like AI-driven analytics and personalized marketing tools. Startups hope for streamlined policies that encourage foreign investments and collaborations, facilitating access to global markets. Additionally, they aspire for initiatives promoting digital literacy and skill development to address the talent gap. Simplified compliance procedures and subsidies for digital infrastructure upgrades are also on their wishlist. Overall, they aim for a conducive ecosystem that nurtures growth, fosters competitiveness, and positions India as a hub for digital marketing innovation.
Mr. Abhishek Chakraborty, Executive Director, DTDC Express
“The attention of the government has been largely on enhancing the logistics and supply chain infrastructure in the country. We expect the expansion on the same vision while making appropriate efforts to make supply chains more robust and versatile. In the upcoming interim budget, we look forward to more strategic reforms and allocations to help establish a comprehensive logistics network spread across air, roads, ports, and especially railways to create a dynamic and responsive supply chain.
While the National Logistics Policy (NLP) is streamlining operations, effective regulatory and budgetary support is required to improve the digitization of processes and unlock greater efficiencies. India’s logistics sector has shown tremendous growth in recent years, with a focus on relevant technological developments. We anticipate the interim budget to focus on shaping the industry with more advanced technologies like artificial intelligence, machine learning, the Internet of Things (IoT), and blockchain among others to streamline operations and unlock greater value.
Above all, we expect the government to continue to focus on development of infrastructure and technology and support the Indian logistics sector. Furthermore, we also expect the Union Budget 2024 to emphasise on eco-friendly measures like using clean energy, reducing waste generation, and opting for fuel-efficient vehicles”
Rajat Jaiswal Co-founder & CEO of Keydroid
We at KeyDroid look forward to the Union Budget 2024, recognizing the relevance it holds amidst global uncertainties, inflation, and economic deceleration. As innovators in smart key upgrades, we seek comprehensive support across the automotive ecosystem, benefitting consumers, OEMs, and suppliers alike. Given the sector is witnessing a transformative shift in consumer expectations, rapid technology adoption, and evolving competitive dynamics, we advocate for budgetary measures that include skilling programs, fostering a qualified workforce to meet future demands. Also, as the EV segment is yet to reach maturity, we call upon the government’s attention towards prolonged clean mobility initiatives and schemes. Moreover we hope for continued support and resources that streamline compliance, enhancing the ease, cost, and speed of doing business in the automotive sector.
Kumar Gaurav, Founder of Cashaa
As we eagerly anticipate the Union Budget of 2024, Cashaa is hopeful for transformative measures that will shape the future of the Indian crypto sector. Our primary expectation is a reduction in the flat tax rate from 30%, aligning crypto gains with other asset classes like debt and equity. We also advocate for a significant drop in the high TDS rate from 1% to approximately 0.01%, aiming to rekindle trading volumes crucial for a vibrant market. A decisive and supportive regulatory framework is pivotal, as it will not only encourage innovation but also attract vital investments to fuel the growth of the crypto sector in India. While our optimism runs high, we remain mindful of the interim nature of this budget, preceding the 2024 general elections.
Rajat Goel, Co Founder of Eye Q Super Speciality Hospital
As a leading eye care hospital chain in India, Eye-Q is acutely aware of the pressing need for proactive measures in addressing the vision challenges faced by millions. With an estimated 34 million people grappling with blindness or moderate to severe visual impairment, the economic toll on our nation cannot be understated. As we await the Union Budget 2024, our expectations are centered on transformative initiatives. The government must prioritize large-scale door-to-door eye screening, testing, and awareness programs, especially in remote regions and among marginalized communities. A dedicated drive to clear the backlog of cataract surgeries, particularly in tier-II III towns is paramount. In order to realize this objective, we expect the budget to incentivize eye care hospital chains committed to ensuring accessibility, inclusivity, and maintaining high-quality eye care. Moreover, a strategic reduction in GST and import taxes is crucial for enhancing affordability of health insurance and eye-care equipment.
Mr. Narinder Mittal, Country Manager & Managing Director, Agriculture Business – CNH India & SAARC
“We anticipate a forward-looking Union Budget this year as well, as the government has made the agriculture sector one of its main priorities. In order to prepare the agricultural sector for the future, we hope to see measures that can further aid in the adoption of innovation and technology to improve agri mechanization in our country. Initiatives to improve farmers' skills and understanding of modern farming methods, financial literacy, and other relevant aspects will be crucial for the industry in the long run."
Dr Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Limited
“We’re optimistic about the Interim Budget driving sustained economic growth. We expect impressive GDP growth, supported by progressive policy measures for business, investments, and resilience. Focus on last-mile connectivity, infrastructure, and consistent automotive policies would propel sectoral expansion. A robust budget is vital for India’s journey to become the third-largest global economy.”
Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd.:
“The visionary stance of the Union Budget 2023-24 towards sustainable mobility played a pivotal role in the successful realization of the target of 1 million electric two-wheelers, providing crucial support to the industry. Looking ahead to the Union Budget 2024-25, there is anticipation for a further boost in support for Electric Vehicle (EV) infrastructure in the country. Optimism surrounds the potential reduction in both input and output Goods and Service Tax (GST) for EVs and spare parts—a move that would significantly enhance accessibility and broaden the reach to the masses. Additionally, hopes are high for increased financing opportunities, propelling research and development to a larger scale. This, in turn, would open doors for substantial investments in the ecosystem, accelerating India's overall adoption of electric vehicles. A crucial aspect lies in the call for added incentives specifically directed at Indian Original Equipment Manufacturers (OEMs), aiming to stimulate advancements in localizing EV technology, fortifying the indigenous industry, and contributing to a more self-reliant and progressive economic landscape for the industry."
SK Chaudhary, Founder Director, Safex Chemicals:
“I anticipate Budget 2024 to be a catalyst for transformative change in agriculture. With India’s imminent elections, the government’s focus on our sector is crucial. I urge increased allocation for research and infrastructure development. Strategic investments in irrigational infrastructure will significantly contribute to the growth and sustainability of Indian agriculture. The persistent challenge of El Niño has exposed the vulnerabilities of agriculture by impacting not only yields but also livelihoods. Hence, it is important to allocate funds to research institutions for developing climate tolerant crops. These strategic investments in irrigation & research will mitigate the impact of climatic uncertainties, fostering resilience in the agrochemical industry. I believe, together, we can cultivate a brighter, more resilient future for our farmers and the nation”.
Gaurav Jalan, Founder & CEO, mPokket:
“In India’s dynamic fintech landscape, 2024 promises a revival of business growth and steadfast support for advanced technologies. As the interim Budget for the fiscal year 2024-25 approaches, scheduled to be presented by Union Finance Minister Nirmala Sitharaman on February 1, 2024, we anticipate that the Interim Budget will align with the industry’s expectation for continued momentum in financial inclusion and innovative lending solutions for MSMEs and the Indian youth. Whether it was improving business fundamentals, adapting to revised regulatory norms, or braving the funding winter, fintechs have displayed tremendous agility and fortitude in managing these challenges. We are optimistic about the measures that will propel the growth of India’s fintech segment. Our primary hope revolves around a strategic focus on fostering financial inclusion, particularly in Tier 2, 3, and 4 cities, underpinned by the establishment of a robust trust-based lending ecosystem. We also await initiatives that will standardize lending practices and encourage collaboration between banks, notably Public Sector Banks and fintech firms. The Budget is expected to highlight the importance of expanding digital public infrastructure, such as Account Aggregator and OCEN, to facilitate broader financial inclusion and unlock more data for intelligent lending practices. Given the pivotal role of fintechs in driving the start-up ecosystem’s growth in the country, we look forward to a supportive fiscal policy approach that enhances the attractiveness of investments in this segment. Moreover, the Budget could create an enabling environment for sustained innovation and the digital delivery of services by the fintech industry, positioning it for the predicted dominance over traditional bank lending by 2030. Finally, we also anticipate a nuanced, supportive approach towards ESOP taxation and fostering talent retention.”
Devroop Dhar, Co-Founder & Managing Director, Primus Partners:
From the perspective of the IT and Tech industry, the forthcoming Union budget is the right platform to consider expediting Government expenditures directed towards the creation and improvement of digital public goods, with a particular emphasis on domains like healthcare, education, agriculture and MSMEs. Introducing a comprehensive digital initiative for family-based benefits could prove instrumental in ensuring the widespread implementation and saturation of schemes, leaving no eligible beneficiaries overlooked.
With significant discussions and deliberations on AI during the recently concluded G20 summit, there is a likelihood that the Government may focus on advancing and localizing AI, particularly generative AI. Incentives for startups and innovators in emerging technologies such as AI and blockchain may also be on the cards. Quantum computing is another sector where we anticipate further Government attention and financial support.
Now that the Digital Personal Data Protection Act is in effect, the Government might shift its focus towards fortifying data protection and cybersecurity measures across public institutions, critical sectors, and sensitive installations. Another anticipated outcome from the budget includes clear and comprehensive guidelines and policies regarding crypto regulations and the future trajectory in this domain.
Venkatesh Raman Prasad – Partner at JSA Advocates & Solicitors:
“With the upcoming general elections, the expectation of the automotive sector from the upcoming interim Budget 2024, would be of policy continuity and market stability. Considering that the EV sector has shown robust year on year growth of around 50%, the sector would expect the extension of FAME II Scheme as the scheme expires on March 31, 2024. The sector would also look forward to an additional budgetary outlay for the scheme (from the present outlay of Rs. 10,000 crore). Given the tailwinds in the EV segment, a rapid pan India expansion of charging infrastructure is the need of the hour. Additionally, the EV sector would welcome further clarity in relation to the government’s policy on battery swapping.”
Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya:
The onus of Viksit Bharat@2047 rests on the shoulders of our youth in India. Therefore, education stands as a cornerstone for global prominence. We appeal to the government to join us in surmounting the challenges that plague our education system. Bridging the digital divide is imperative, and we propose fortifying the digital backbone of educational institutions across the nation. Our plea includes substantial support to make education accessible and inclusive for all, transcending geographic and socio-economic barriers.
In this context, we seek tax exemptions and lowered GST rates, aligning with our mission to narrow the educational gap. Additionally, reduced and subsidized interest rates on educational loans are crucial for fostering optimal growth and development within the education sector, paving the way for affordable education for every aspiring learner. With optimism, we look forward to the 2024 interim budget, envisioning its potential to transform the EdTech sector into a resilient, reliable, inclusive, and innovative force. Our collective goal is to ensure that every child has the opportunity to learn, grow, and contribute, embodying the spirit of 'Baccha Seekha ki Nahi.’
Siddharth Banerjee, CEO, UNIVO Education:
"India has the potential to emerge as a global superpower in education. Aided by the framework of the NEP 2020 and the recent positive developments for the online higher education industry, we are well positioned to accelerate our GER from current 27% levels. Given the importance of quality online education, the government will surely consider relevant Tax exemptions and lower GST rates to bridge the skill gap, along with encouraging reduced and subsidized interest rates on educational loans for aspiring students across the nation. Online Higher Education in India goes across socio-economic strata and across Metro/ Tier 2-3-4 cities and we look forward to continued support from the government to continue aiding the nation-building efforts by providing quality higher education and helping improve lives and careers."
Dhruv Galgotia, CEO, Galgotias University:
Dr. Dhruv Galgotia, at the helm of Galgotias University, eagerly anticipates a budget that not only prioritizes education but harmonizes seamlessly with the ambitious 'Viksit Bharat@2047' vision. The recently unveiled 2023-24 budget, allocating a record Rs 1.12 lakh crore to education, raises expectations with an impressive 8.26 percent surge, marking a substantial increase of Rs 8,621 crore from the previous year.
Looking forward to 2024, Galgotias University sets its sights on pioneering pedagogical approaches tailored to the 21st-century landscape. Actively investing in advanced teaching methodologies, fostering interdisciplinary collaborations, and cultivating an environment that champions exploration and creativity, the institution's forward-looking approach goes beyond conventional education, aiming to empower students with the skills, mindset, and resilience necessary for success in our ever-evolving global landscape."
Akshay Munjal, Founder & CEO, Hero Vired:
“Anticipating the Interim Budget 2024, our expectations center around fostering the growth of startups and establishing a robust policy framework for an enduring ecosystem. To promote research and development in the education sector, we call for a review of the 18% GST on education services, aiming to alleviate financial burdens. In this budget, emphasis must be placed on skill development, accompanied by a crucial need for the recognition of online degrees, which enhances the credibility and overall operations of EdTech firms. Additionally, we anticipate comprehensive support through priority-sector lending, facilitating all-encompassing expansion for both conventional and modern education. To forge a digitally proficient and futuristic educational system, the acceleration of technological adoption to boost the skilling industry is paramount. Smooth access to funds becomes equally critical in this pursuit. The budget's potential to invigorate the EdTech sector lies in expediting innovation, improving accessibility, and fostering inclusivity through policies that create a harmonious environment for sustained progress.”
Rohit Arora, CEO & Co-founder, Biz2X and Biz2Credit:
“We anticipate a budget that prioritizes financial inclusion and ease of doing business, fostering a conducive environment for growth. Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs, promoting a more agile and competitive landscape. Access to affordable credit remains a cornerstone for these entities; thus, the budget should consider incentivized lending rates, credit guarantee schemes, and increased funding channels to enhance financial resilience. Targeted tax incentives for research and development activities can further stimulate innovation within these sectors. In alignment with the digital era, investments in digital infrastructure, cybersecurity, and skill development are essential for the sustainable growth of startups and MSMEs. A comprehensive budget addressing these expectations will not only fortify their financial foundations but also propel these sectors to play a more significant role in driving economic recovery and job creation.”
Nitya Sharma, Founder and CEO, India’s foremost Checkout Network, Simpl:
"The Indian startup sector, if nurtured well, has the potential to significantly accelerate commerce in the country, elevate people’s lives and fastrack the journey of India’s internet economy to $1 trillion by 2030. While the early initiatives have helped establish India as the third largest startup ecosystem, the next decade of growth would be set by the decisive calls taken now in strengthening the ecosystem. This year’s Vote on Account followed by the full year’s Union Budget should view startups as the sunrise sector, provide easy financing for sellers akin to MSMEs and open up more avenues in the era of Unbundling of E-commerce which has started with ONDC. We would expect a greater collaboration between the government and industry in further simplifying the Ease of Doing Business in India and resolving bottlenecks swiftly."
The Delhi Assembly's Budget session is scheduled to take place from February 15 to 20, as confirmed by an official on Friday, reported PTI. Delhi Finance Minister Atishi is set to present the city government's budget for the fiscal year 2024-25 on February 16. This marks Atishi's inaugural budget presentation since assuming the finance portfolio last year. The budget session file has been forwarded to Lieutenant Governor V K Saxena for approval, according to the official.
Sanjay Lodha, CMD at Netweb Technologies:
The government of India’s PLI scheme has been paying rich dividends for India, and every year this is going to further progressively enhance the capability. Semiconductor PLI is going to be another big changer and will help reduce the burden of electronics Imports and enable exports. Data localisation is going to be a very important part of any country as the data is the new oil if we speak commercially but also data localisation is the need for the security implications of a country. AI is the big future, it is a technology that is going to impact every other field from commercial, education, language, and governance to security and defence. Every country will need to gear for such infrastructure to cater to and meet such demand. Getting made-in-India AI servers will also be key towards that. India today has a rich demographic balance in its favour, it might not remain so for eternity. While we can and should have a long-term strategy we need to have more innovative ideas to address and make the current workforce more relevant for the needs domestically but more importantly contributing to the world as it will give us some good revenue and also help us establish ourselves as a true knowledge economy of the world giving the required strategic advantages.
Vinay Gupta Chairman Of ACQUAVIVA INDIA Pvt Ltd :
As the eagerly anticipated budget approaches, sanitaryware retailers articulate their aspirations for taxation policies that could significantly impact the industry's dynamics. With a keen focus on exports, retailers are advocating for pragmatic measures that would fortify the global competitiveness of domestic sanitaryware manufacturers. One key proposal is the refunding of Goods and Services Tax (GST) paid on inputs used in the production of exported sanitaryware. Retailers emphasize the necessity of streamlining procedures to facilitate the seamless claiming of refunds on GST paid for raw materials and components. This, they argue, would alleviate financial burdens on manufacturers and enhance the global appeal of domestically produced sanitaryware. Additionally, retailers are urging the negotiation of Free Trade Agreements (FTAs) with key markets to reduce tariffs and create new avenues for export. They underscore the potential of such agreements to unlock opportunities for domestic manufacturers in international markets, fostering growth and sustainability.
On the imports front, retailers seek a reduction in customs duty on essential raw materials and components not readily available domestically. This move aims to lower production costs, making sanitaryware more affordable for consumers. "
VK Singhvi, Angel Investor and Co-Founder of We Founder Circle
Investor and Startups:
According to a report by NASSCOM, startups contributed to over 4 lakh direct jobs in 2020, and have the potential to create 1.1 million direct jobs and 2.5 million indirect jobs by 2025. Therefore, supporting angel investors would also support job creation and social impact in the country.
Simplifying the regulatory and compliance framework for startups, and providing a single-window clearance mechanism for various approvals and registratons.
Increasing the supply and diversity of capital for startups, and addressing the funding gap in the early and growth stages of the startup lifecycle.
Encouraging more participation and involvement of domestic and foreign investors in the startup ecosystem, and enhancing the quality and quantity of mentorship and guidance for startups.
Stimulating more innovation and technology development in the startup sector, and fostering the creation of new products, services, and solutions that address the needs and challenges of the society and the economy. Supporting the survival and sustainability of startups, and reducing the failure and exit rates of startups in India. Creating more value and wealth for the investors, the startups, and the economy, and generating more employment and income opportunities for the people.
Pallavi Singh Marwah, Senior VP of Super Plastronics (SPPL):
"To combat the downfall of the markets and soaring inflation, it is urged that the government take growth-oriented measures to increase sales like simplified GST norms, investment in upskilling, and reforms in tax slabs for consumers as well as retaining the 15% corporate tax for new manufacturing units would help in boosting the retail industry. Since this is an interim budget, monumental changes may not be expected here but those outlining a complete budget.”
Dr Azad Moopen, Founder and Chairman, Aster DM Healthcare:
“In the last Union Budget, the overall impetus for the healthcare delivery sector was missing. We are hoping that this will get addressed in the upcoming Union Budget with an increase in budget allocation to minimum 5% of the GDP which is essential to fulfil the need gaps.
Expanding Healthcare Access: There is a need to have more hospitals and healthcare facilities in rural and suburban areas to meet the rising demand given that Ayushman Bharat is aiming to make affordable healthcare accessible for 500 million people. Hope the government will put more focus on public-private partnerships (PPP) to address this, and also permit 100% Foreign Direct Investment (FDI) in both Health Insurance and Retail Pharmacy sectors.
Medical Education and Research Reform: While the last budget announced the establishment of nursing colleges alongside medical colleges, there is an urgent need for comprehensive reform of medical education to ensure that the medical professionals of tomorrow are aligned with contemporary healthcare needs. This brings forth the need to develop medical colleges, nursing colleges and paramedical colleges in all the 500 district hospitals in the country."
Sumeet Mathur, VP & MD, ServiceNow’s India Technology & Business Center:
"To strengthen India's position as a tech hub, it's crucial to maintain policy support for the widespread adoption of artificial intelligence (AI), automation, cybersecurity, and cloud technologies in the Interim Union Budget 2024-25. With the increasing prominence of AI, there is a pressing need to reskill and upskill 16.2 million Indians by 2027 to ensure their relevance in the job market. Initiatives such as the 'Skill India Digital' campaign and public-private investments in vocational training, especially in Tier 2 & 3 markets, will play a vital role in addressing the tech skill deficit and fostering rewarding careers for aspiring professionals."