In alignment with the Digital Personal Data Protection Act (DPDPA), this budget should promote the design and implementation of comprehensive cybersecurity programs, reinforcing the legal framework for data privacy.
Hon. Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament on July 23. This highly anticipated event will address the needs and expectations of a diverse range of stakeholders, including common taxpayers, investors, industries, farmers, women, and major industry sectors such as FMCG, real estate, and technology, among others.
This will be the first budget of the Modi 3.0 government and her seventh budget presentation. The budget is expected to push initiatives for various segments of the economy in line with the Viksit Bharat 2047 Vision, along with maintaining its fiscal prudence.
In this regard, we would like to share pre-budget quotes from industry leaders:
Chetan Jain, Founding Executive Director and Managing Director, Inspira Enterprise: “As we approach the Union Budget announcement, it is imperative that we focus on fortifying India’s digital infrastructure across critical sectors with increased budgetary allocations, prioritizing cutting-edge technologies and robust infrastructure development. In alignment with the Digital Personal Data Protection Act (DPDPA), this budget should promote the design and implementation of comprehensive cybersecurity programs, reinforcing the legal framework for data privacy. Furthermore, tax incentives for organizations investing in cybersecurity are crucial to strengthening our defense mechanisms. Additionally, significant support is needed to cultivate cybersecurity talent through targeted skill development initiatives. The budget should also enable further impetus with policies that support innovation in generative AI (GenAI), particularly in transforming the cybersecurity landscape.”
Rajarshi Bhattacharyya, Co-Founder, Chairman, and Managing Director, ProcessIT Global: “Cybersecurity is one of the biggest risks we face today, and it is crucial to encourage and incentivize both private and public enterprises to invest more in cybersecurity technologies. To achieve this, we need the government to support cybersecurity service providers with accessible loans and tax incentives, which will boost overall investment in this critical domain. Additionally, startups and SMEs require assistance in implementing cybersecurity measures and solutions. Government agencies should prioritize investing in digital infrastructure development, focusing on high-speed internet and 5G networks, to ensure a secure and resilient digital future. These measures should be a key focus in the upcoming union budget.”
Mr. Sachin Sharma, Founder and Director – GEM Enviro Management Limited, expressed his expectations from the Budget 2024: “Building on the momentum of last year’s budget, which prioritized green growth, the upcoming Union Budget presents a significant opportunity to further strengthen India’s waste management infrastructure. However, significant challenges remain. Inadequate waste collection infrastructure and inefficient sorting and recycling systems continue to hinder progress. Valuable materials are still being discarded in landfills instead of being diverted for reuse.
To truly advance India’s circular economy goals, the government must encourage and support waste management agencies that are diligently working in this field. Additionally, streamlining the supply chain for e-waste and plastic waste is essential. This will foster a robust ecosystem where manufacturers, industry players, and recyclers can collaborate more effectively. While Extended Producer Responsibility (EPR) and the Waste Management Rules of 2016 have had a positive impact, more impactful compliance is needed to achieve truly meaningful results.”
Chinmay Hegde, Co-Founder, CEO, and Managing Director of Astrikos.ai: “In the upcoming union budget, we would be happy to see the government prioritizing funding for AI-driven infrastructure management, particularly for command-control centers and ports. A dedicated budget allocation for Infra-AI is essential to foster innovation and efficiency. Tax incentives should be introduced to encourage the adoption of AI and machine learning solutions across organizations. Relaxation of tender norms will facilitate smoother implementation processes. Supporting organizations in building and upgrading next-generation data centers is imperative for scaling AI capabilities. Grants should be allocated for sustainable and green urban infrastructure projects leveraging AI technologies. Increased R&D funding for AI under DST grants will spur technological advancements. Enhanced funding for AI implementation in industrial sectors will drive smarter operations and economic growth.”
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