The tech sector has welcomed the Modi government’s Union Budget 2021-22 which was presented in the Parliament on Monday, February 1, by Finance Minister Nirmala Sitharaman. It was a historic price range, the Union Budget 2021, in more techniques than one. One, since it was totally paperless. Same explanation why the FM ditched the classic ‘bahi khata’ for a tablet. Two, a variety of stakeholders can—for the initial time—access all relevant price range details straight by way of NIC’s Union Budget mobile app this year. ‘Digital’ is clearly the large buzzword right here.
Budget 2021: ‘Bahi khata’ goes digital this year FM Sitharaman measures out with a tab rather of price range papers
But most importantly, the Budget 2021 is a step in the ideal path, with the tech sector getting specifically impressed with the government’s ‘pro-growth’ vision to be self-sustaining and self-reliant in the days to come. After introducing schemes like PLI to increase India’s manufacturing prowess, and expanding on the stated schemes in this price range, the government’s next large concentrate on innovation and R&D, is getting extensively appreciated. Here is what India’s tech sector is saying.
Hari Om Rai, CMD, Lava International Limited
It is a historic price range creating a mark of the starting of a new India. Government has offered a clarion get in touch with to the sector with the announcement of making worldwide champions from India and backing this method with a new, “development finance institution”. Now the duty shifts to the sector to not only dream but dream large and stand collectively with the government to make the nation progress from poverty to wealth more than the next 3 decades.
Leo Joseph, Managing Director, Xerox India
The price range focuses on the D in India, standing for each improvement and digitization. The progressive price range lays the roadmap for higher digitization in governance. A price range presented and disseminated in a digital format for the initial time to a digital census will pave the way for the government to serve citizens by way of technologies and information more seamlessly. The guarantee of ‘minimum government, maximum governance’ can only be realized by way of higher investments in technologies and concentrate on higher R&D and innovation – which the price range does.
Ketan Patel, Managing Director, HP India Market
Today’s price range announcement confirms the government’s concentrate on creating infrastructure and capabilities which will have brief- and extended-term positive aspects to Indian economy and folks. From a technologies point of view, the incentives for making digital infrastructure, education and skilling spells out the government’s intent on creating the country’s human capital. Steps like international collaboration to create new capabilities will aid Indian youth prepare for modern day job specifications and make them worldwide prepared.
The announcement of the National Digital Educational Architecture (NDEAR) is a welcome step, which will aid create a Digital First mindset in the whole education technique in India and aid students and educators adopt new techniques of finding out and teaching. In addition, we welcome the doubled allocation for the MSME sector which will incentivise digital transformation of our little companies that are the backbone of our economy.
CP Gurnani, MD & CEO, Tech Mahindra
This price range is a step in the path towards Atmanirbhar Bharat, clearly supplying every single chance that is necessary for a sustainable financial momentum and development. The FM has supplied for ample chance to increase and sustain the gig economy, digital payments and analysis and improvement taking spot inside the nation. The concentrate on innovation and R&D (Research & Development) as an essential pillar is a essential step in rising the export earnings of Indian IT sector. Along with this, the ‘Atmanirbhar Bharat’ price range also outlines initiatives for gig economy, digital payments, human capital when also setting up fintech hub and National Natural Language Translation Missions. Therefore, with improved allocation towards infrastructure, monetary inclusion and healthcare, Budget 2021 promises to provide the significantly-necessary financial velocity to India’s development cycle.
Manish Sharma, President & CEO, Panasonic India & SA
The Budget presented by the Honorable FM in the background of 5 mini budgets is a continuum of reformative measures to increase the economy to drive – Job, Demand and Spending. I think the methodical method of identifying six concentrate locations exactly where Health and Infrastructure, with substantial improve in allocations, sit on the prime is in the ideal path to revitalize the economy and invest in the well-being of folks.
For makers, Govt reiterated its commitment to reforms like introduction of Production Linked Incentive (PLI) scheme with a price range outlay of Rs 1.97 lakh crores across 13 sectors which reaffirms their intent to provide impetus to domestic manufacturing, when elevating India’s position as a worldwide manufacturing champion. We look forward to implementation information right here to participate. The improved spending on infrastructure to boost roads and public transport is also a positive move and will provide uncomplicated access to raw material.
Vivek Sharma, India MD, Lenovo Data Center Group
This is a pro-development, pro-technologies price range with a vision to disinvest exactly where necessary and re-energize infrastructure, healthcare, banking, and agriculture sectors by way of quite a few employment and capital producing reforms. There is a sturdy concentrate on Digital India be it by way of setting a fintech hub at Present city, enhancing digital payments and use of AI, ML and so forth in governance, or creating tax appellates faceless and tech enabled – all provide a strong foundation for a forward-seeking information-economy.
Rakesh Deshmukh, Co-Founder and CEO, Indus OS
The announcement of the National Language Translation Mission is a significantly-necessary work by the government to attain our citizens in the language they have an understanding of. At Indus App Bazaar, the usage of apps in Indian languages on our platform has improved 2.2 instances final year. We think that with an enhanced app shop ecosystem we will be capable to break linguistic barriers and add more worth to the next half a billion Indian buyers. Moreover, for Atmanirbhar Bharat to be productive, the concentrate ought to be on technologies innovation as a complete. We appreciate the government’s concentrate on innovation and R&D in the price range 2021.
Avneet Singh Marwah, Director and CEO of Super Plastronics Pvt. Ltd
Government intends to increase neighborhood manufacturing by way of its announcements in a variety of PLI scheme in the next 5 years. As element of customer electronics, televisions ought to be regarded as to be integrated into the scheme. Also, a devoted Freight Corridor will be a game changer for the provide chain of manufacturing. By spending on infrastructure, India will be competitive at the worldwide stage. Like metals, the Govt ought to contemplate taking back customs duty on panels as there is an improve of rates by 300% on the raw supplies.
Ramanujam Komanduri, Country Manager, Pure Storage India
budget 2021 appears promising and rightly focuses on public healthcare, offered the disruption brought on due to the pandemic. We are specifically excited about the Finance Minister’s announcement of smooth delivery of digital services as element of the next wave of digital revolution. AI, ML, and Data Analytics are creating higher inroads in India, as was observed in the price range. These are all crucial components of the modern day information practical experience. We are seeking forward to the next phase of Digital India which will be a large development driver for companies and people alike.
Mike Chen, General Manager, TCL India
We do welcome the current PLI scheme of the government. However, we will need to ease up the duty imposed on raw supplies maintaining in thoughts the make in India believed. We ought to also be receiving added incentives so that transformative measures can be taken. The sector contributes 25% of the country’s GDP.
Also Read: Union Budget 2021: A transparent Budget
Mitsubishi Electric India Pvt. Ltd.
On the sector front, assistance to SMEs, MSMEs, new financial corridors and improved spending on Infrastructure would act as a fantastic self-assurance creating measure for the economy.
The government’s aims to devote Rs 1.97 lakh crore on a variety of PLI schemes more than the next 5 years, beginning this fiscal along with the Rs 40,951 crore announced for the PLI for electronic manufacturing schemes would act as a fantastic motivating aspect for worldwide brands to contemplate India as their manufacturing location in the years to come.