The Union Budget 2023, presented by the Finance Minister Nirmala Sitharaman, has been applauded by the the technology industry for comprehensive approach to fast-track growth. According to industry leaders, the budget focuses on inclusive development, infrastructure development, and unlocking the nation's potential.
Aalok Kumar, President and CEO, NEC Corporation India, said, “With a clear focus on inclusive development, reaching the last mile, infrastructure development and unlocking the nation's potential, the Union Budget 2023-24 is comprehensive to fast-track growth. From strengthening India's prowess in technology and AI and being future ready to truly unleashing the potential of 5G, the budget is holistic in its approach and will certainly pave the way for tech-enabled growth for the country in the coming years.”
Sanjeev Singh, CEO & MD, CMS IT Services, stated, “The infra and capex push of the budget combined with a focus on creating a tech and knowledge-driven ecosystem will accelerate India's journey to becoming a $ 5 trillion economy. This will also generate tremendous opportunities for the tech industry in multiple advanced domains like 5G, AI, digital, agri-tech & fintech.”
Thompson P. Gnanam, MD & Global CEO, 3i Infotech, said, “The first Amrit Kaal budget is certainly a progressive direction by the Government of India to give a boost to the overall technology-driven and knowledge-based economy within the country. The government's focus on AI and 5G in the Union Budget 2023 will help India's aspirations of being a global powerhouse of technology, innovation, and digital transformation.”
Snehashish Bhattacharjee, Global CEO, Denave, commented, “It is a progressive budget that scores well on many fronts including enhancing infrastructure, inclusive development across sectors and technology. With slew of initiatives to drive agriculture growth, meeting green goals, boosting startups and MSMEs through tax incentives, massive infrastructure push (physical and digital), driving domestic consumption through tourism impetus, and focus on making India self-reliant on the AI led technology front will help put India as a growth engine to the world. These measures will have a cascading effect across the economy that will spur economic activity & job creation and boost domestic demand to beat the global uncertainty.”
Most industry leaders were of the view that the budget is expected to have a significant impact in making India a more agile economy and in making the daily lives of citizens more convenient and efficient.
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