What's in store for Technology Sector in Budget 2023?

“India has been leading the world in building its own technology industry as well as talent base. We are relentlessly marching towards being the de facto top choice for setting up scale technology and capability centres. I believe the Indian tech industry today stands on the cusp of the next leg of explosive growth and transformation from being a global IT service and outsourcing leader to becoming an IP-led software products and platforms powerhouse. In this year’s Union Budget, it would be a welcome step if the Hon'ble Finance Minister announces initiatives and incentives that will give an impetus to make-in-India software products and platforms, thus creating the next generation of global leaders. The game-changing success and global renown of the Indian stack and platforms such as Aadhaar and UPI should give us a lot of confidence in India’s ability to lead the world in creating IP-led, global-scale platforms. This will significantly enhance our economic growth and global influence.

From the standpoint of specific technology areas to focus on, if I had to pick one area where it is absolutely imperative for India to focus efforts, it has to be Artificial Intelligence (AI), where the difference between the AI-haves and have-nots will likely be stark. Considering India’s long-term progress and security, it is imperative that Indian industry and government institutions focus intensely on taking a leadership position in the building and deploying AI on a global scale. A well-thought-out initiative that provides an enabling policy framework, as well as industry incentives in this area, would be very welcome."

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