By CP Gurnani
The first Budget of the country’s ongoing Amrit Kaal, the Union Budget for FY24 underlines India’s strong commitment to innovation, digital leadership, green growth and skilling. The Budget would prove to be instrumental in empowering India to be a technology-driven, knowledge-based economy, and further push deep technology-driven transformation.A strong focus on technology and R&D will further solidify India’s digital leadership and provide a competitive advantage to our talent ecosystem. This, combined with the emphasis on energy transition and policies for green energy and jobs, will allow India to lead by example on the sustainability front, as the country essays a position of strength in the global arena.Saptarishis of India’s Amrit KaalRemaining true to the strong cultural footprint of the country, the Budget has delineated the Saptarishis or seven priorities that will keep India in good stead, in Amrit Kaal.
From increasing opportunities for citizens, especially the country’s talented and skilled youth to providing strong impetus to growth and job creation, the government has taken various initiatives to ensure macro-economic stability. The emphasis on skill development through the establishment of 100 5 G-enabled labs and three centres of excellence in artificial intelligence, is a significant step toward ‘Make AI in India and Make AI Work for India’.
As India races towards AatmaNirbharta, the Budget will give wings to the nation’s dreams of self-reliance and global dominance. Further, with a 40% increase year-on-year in Budget allocation toward the IT industry, I am confident that the sector would continue to contribute significantly towards the growth and innovation quotient of the country. Relief for MSMEs The MSME industry is India’s ace card in the deck of progress.
It is an intrinsic part of our economic growth and development. The infusion of funds and knowledge capital, and revamped credit scheme will boost the sector, and thereby development in a sustainable manner.Ease of doing businessThe Budget included initiatives such as the establishment of a central processing centre to provide faster responses to companies filing forms under the Companies Act.
The establishment of a one-stop solution for reconciling and updating identity maintained by various agencies, and the use of the permanent account number (PAN) as a single business identifier for all digital systems will help businesses efficiently use technologies and reduce compliances. Overall, the Union Budget 2023, with its absolute focus on a vision of development and self-reliance, is a welcome move from the government.
It is now on us, the corporates and the country’s populace, to leverage the opportunities and provide the manpower and skill necessary to catapult India into an era of global strength and resilience.
(Author is CEO & MD, Tech Mahindra. Views are personal)