“With a positive outlook on AI-based opportunities in India, the Interim Budget 2024-25 should prioritize the seamless integration of AI technology into the manufacturing processes. This presents a significant opportunity, particularly in the quality control domain, and the government should incentivize AI adoption. Offering incentives and grants, especially by encouraging AI and tech adoption in the sector, along with facilitating access to funding for initiatives like smart warehousing and shopfloor automation, will yield substantial long-term benefits. The government should also take steps to create more awareness of Startup schemes and a single window platform for budding entrepreneurs.
A more favorable funding environment for tech startups is crucial and the reduction of import duties for raw materials, such as steel and copper will further fortify the success of the ‘Make in India’ initiative’. The government should come up with more initiatives to create platforms and business exchange programs to connect startups with manufacturing companies overseas.
The Government should introduce a streamlined procedure that eliminates the need for extensive documentation when investing or paying for services overseas, enabling Indian startups to establish themselves abroad. Additionally, Indian consulates overseas should actively support Indian startups by showcasing the latter’s capabilities at international events.
I anticipate a forward-looking budget that not only encourages innovation but also allocates funding for Research and Development activities in the AI domain. Strategic investments in Skill Development will be essential for ensuring the workforce is equipped for the evolving landscape. I look forward to witnessing more policies that foster a conducive environment for tech-driven growth. Such initiatives from the government will propel our industry towards increased global competitiveness.”
– Sekar Udayamurthy, Co-founder and CEO, of Jidoka Technologies
Sekar Udayamurthy, Co-founder and CEO, of Jidoka Technologies
“While major announcements may be deferred until after the 2024 General Elections, the upcoming budget presents a key opportunity to lay the groundwork for the country’s future economic growth. As India solidifies its position as the world’s third largest startup ecosystem our global impact is undeniable, yet there is untapped potential to create a even more conducive environment for entrepreneurs. Allocating increased funds specifically for startups in Digital Transformation and Cybersecurity Services is vital. There is an urgent need for additional incentives for Research and Development, robust cybersecurity measures, and technology-driven solutions, particularly in light of the escalating threat landscape.
Strategic investments in the further development of cybersecurity technologies are imperative, empowering both businesses and consumers to actively contribute to the digital economy. The imperative to cultivate a talent pool capable of addressing evolving cyber threats is evident. The government’s role is crucial, and it must provide tax breaks for startups to attract and retain talent through comprehensive employee skilling and training programs.
Tax policies must support businesses by allowing the carry-forward of losses and accommodating employee stock options, ensuring sustained health of the startup ecosystem. Simplifying GST procedures can eliminate complexities, fostering compliance, and facilitating the robust growth of tech startups.
Collectively, these measures fuel innovation, propel further growth and guarantee sustainability in the country’s dynamic startup landscape.”
– Rajarshi Bhattacharyya, Co-Founder, Chairman, and Managing Director, of ProcessIT Global
Rajarshi Bhattacharyya, Co-Founder, Chairman, and Managing Director, of ProcessIT Global