What's in store for Technology Sector in Budget 2023?
India is among the world's most attractive investment opportunities in technical transactions due to the country's rapid technological growth. India's modern culture has a stronger attraction for science and technology, and its economy is now expanding at the quickest rate in the world. With the introduction of a national identity scheme called Aadhaar more than ten years ago, India started laying the groundwork for a more digital economy.
Investing in India is a long-term theme and one that comes with its share of risks, including the prolonged global recession, adverse developments, domestic policy changes, lack of skilled labor, energy shortages, and commodity volatility.
Every year, everyone—from businesses to regular people—looks into the budget with the expectation of finding respite and changes that will help them. The management would want to continue the drive for infrastructure that it has made as a policy choice to promote growth. The middle class, which drives consumption, hasn't received much in the way of tax relief, though, for a while.
The vision for a new India was given in the Union Budget 2022–23 in a linear order, with a focus on technology for growth and a clever strategy to move the country into the future. "Under dawn chances, artificial intelligence, satellite systems and drones, semiconductors and their eco-system, genomics and pharmaceuticals, green energy, and clean mobility systems have enormous potential to support sustainable growth on a large scale and modernize the nation. They provide young people access to work possibilities and boost the competitiveness and efficiency of the Indian industry" said Sitharaman.
Some few business leaders have discussed how they believe will be the year that many sectors take the next big step forward in light of the current change in technological growth.
“Despite recent global headwinds, we have seen consistent growth in the technology sector. With the rapid technology adoption across sectors, we are well poised to becoming a USD 5 trillion economy soon. With cloud and data technologies becoming the de-facto standard for businesses to operate, Gartner estimates that public cloud spending in India will grow 27% YoY in 2023. Amidst this, there is a need for the government to focus on incentivising the use of cloud services and deep tech like AI, blockchain etc., across industries.
In 2023 and beyond, upskilling of talent in an environment driven by technology will be mission critical. The government has made great strides towards this, through the Skill India program. In this year's Union Budget, it would be good to see more investments and programs in upskilling, as this is an important factor towards achieving the collective Digital India dream of our nation."