On February 1, the Indian government led by Prime Minister Narendra Modi will submit its second interim budget. Union Finance Minister Nirmala Sitharaman, who has presented budgets for the past five years, will seek Parliament's approval for government spending for the first four months of this fiscal year.
Find out what those at digital marketing and technology companies expect from the 2024 union budget.
Amit Khatri, Noise Co-Founder
India's resilient economy, supported by entrepreneurship and proactive governance, is on track to reach $5 trillion by 2024. With annual growth rate projected at 6.3%, India is on the verge of becoming the world's third-largest economy by 2027.
As we look ahead to the upcoming Union Budget, a strong regulatory framework that strengthens the startup ecosystem, streamlined funding allocation, along with strategic initiatives in technology advancement, are critical. A dedicated drive to foster domestic R&D and technology opportunities will be critical in shaping India's economic landscape and strengthening global investment.
Initiatives like the PLI scheme are helping to accelerate the 'Make in India' initiative and we believe the upcoming budget will be paramount in further shaping India's electronics manufacturing sector . We look forward to continued support from the government to drive component localization and encourage homegrown brands to lead India on the global stage, further accelerate growth and increase international visibility. Promote the environment. ”
Mr. Amit Tripathi, Managing Director, icogz
Data and data applications in business are one of the key drivers of innovation and growth in today's digital economy. Data science helps businesses use data to make better decisions, improve customer engagement, and gain competitive advantage. It also has the power to help solve some of society's biggest challenges, including health, education, the environment, and security.
However, to realize its potential as a source of human and economic capital, the development and adoption of data science in all sectors, along with its accompanying digital and physical enablers and human capital, will require supportive policies. and a regulatory environment. Ensuring that the power of (artificial) intelligence is harnessed for the common good also requires a culture of trust and responsible use of data.
The government needs to play the role of an enabler and set the pace of implementation on the highway for India to become a superpower in the world of data science. Similarly, some submissions regarding expectations from this year's budget.
First, we hope that governments will continue to focus on efforts to promote cybersecurity, data privacy, and responsible AI development. Initiatives such as the Data Protection and Data Privacy (DPDP) Bill, which aims to strengthen data privacy and enacts new laws on deep fakes, have been praised. We look forward to continued investment in cybersecurity infrastructure and talent development. As cyber threats continue to increase year on year, it is important to educate and prepare Indian businesses and government agencies about the risks, as well as provide access to the latest cybersecurity solutions and highly skilled security experts. , is of paramount importance to the Indian economy.
Secondly, I expect the government to increase allocation to data science and analytics research and development. India has the potential to become a global hub for technology and talent. However, it lags behind other countries in terms of research and development spending and output. India's current R&D expenditure is only 0.7% of GDP, compared to 2.8% in the US and 4.2% in Israel. I urge the government to increase R&D spending to at least 1.5% of GDP with a clear roadmap. We also call on governments to fund more education and training programs to build expertise in the responsible use of AI and cybersecurity.
Third, we hope that governments will provide encouragement and support for the adoption of data science and analytics by the business sector. Data science and analytics can help companies increase productivity, efficiency, and profitability. However, many businesses in India lack the awareness, resources and skills to leverage data for profit. We propose that governments provide tax incentives, grants and grants to companies that invest in data science and analytics. We also encourage governments to create platforms and networks that can foster collaboration and knowledge sharing between business, academia, and government on data science and analytics.
Union budget forecast From Mr. Prady, CEO of NP Digital India
Looking ahead to the Union Budget 2024-25, the digital marketing industry is looking forward to a plan that recognizes its critical role in the post-pandemic recovery. The pandemic has shown how important digital technologies such as AI are for businesses to stay on track. To further strengthen this, we are calling on governments to focus on increasing the penetration of digital advertising and marketing in small towns and regions outside of major cities. The upcoming budget will be a decisive factor in shaping a transformative future for businesses in a digital environment.
Mr. Bharat Patel, Chairman and Director, Yudiz Solutions Ltd.
The next budget should be the decisive axis for the future. We need more sophisticated, targeted investments in technologies like AI, gaming, AR/VR, and blockchain that are poised to reshape our landscape. The explosive growth of the gaming industry requires us to seize the moment and put resources into esports infrastructure. This isn't just about entertainment. It's about building a digital playground that fosters skills, teamwork, and global connections.
AR/VR is no longer new. It is a powerful tool for education and training. We must work to equip our workforce with metaverse-era skills and enhance immersive learning experiences. Don't be left behind in the AI revolution. Generative AI solutions hold immense potential, from personalized healthcare to next-generation creative tools. Establishing an R&D department dedicated to exploring these frontiers is an investment in our ingenuity.
Blockchain remains a gray area, but the winds of change are blowing. Unlocking the potential for safe and transparent transactions requires a clear regulatory framework and targeted investments. Imagine a robust fintech ecosystem powered by blockchain. It has the potential to redefine financial inclusion and spark a wave of innovation. This budget is sure to provide a springboard for India to leap into the digital age. Invest in our people, infrastructure and vision to unlock our country's true potential.
