Tech News Summary:
- The technology industry has high expectations from the Interim Budget 2024-25, especially in terms of incentives for domestic manufacturing, infrastructure for data centers, and preferential procurement policies.
- Fintech companies are hoping for incentives to drive innovation in banking and expand centers of excellence for AI innovation, while the smartphone market is looking for support in strengthening local production and fostering a supply chain of indigenous components.
- Gaming and satellite communication industries are also looking for measures to accelerate growth, such as credit bonuses for export-oriented gaming companies and reduced tariffs, levies, and GST exemptions for the Satcom industry.
The leaders of India’s top tech companies have presented their wishlist for the upcoming Interim Budget 2024-25, outlining their expectations and hopes for the government’s support in driving the country’s digital economy forward. As the Modi government prepares to unveil its budget plans, industry leaders are calling for measures that will boost innovation, investment, and overall growth in the tech sector.
Among the top requests from the tech titans are tax incentives and subsidies to promote research and development and encourage investment in cutting-edge technologies. They are also seeking measures to strengthen the country’s digital infrastructure, including improved internet connectivity and cyber security measures to protect against cyber threats.
Furthermore, industry leaders are calling for support in promoting digital literacy and skills development, in order to bridge the digital divide and empower more Indians to participate in the digital economy. They are also urging the government to streamline regulations and create a conducive environment for startups and small businesses to thrive, including easier access to finance and reduced bureaucratic hurdles.
Additionally, the tech titans are looking for measures to promote the adoption of emerging technologies such as artificial intelligence, blockchain, and Internet of Things, as well as initiatives to promote sustainable and responsible tech practices.
The government’s upcoming budget announcement will be closely watched by the tech industry, as it is expected to set the tone for the country’s digital transformation and economic growth in the years to come. The tech titans are hopeful that their wishlist will be taken into consideration, and that the Modi government will take proactive steps to support and facilitate the growth of the technology sector in India.