Dipesh Kaura, General Manager, Kaspersky (South Asia)
The Indian government’s growing interest in building a Technology driven Indian Economy will be a pioneering move for building world class digital structure.
In today’s budget, we saw the government’s major focus on Robotics, Drones, and Artificial Intelligence along with implementing a strong National Data Government Policy. This budget projects to empower the youth by focusing on new-age skills and coding. India aims to become one-stop solution and this will be a major relief for the MSME sector. During the 2023 -24 Budget, the government aims to formulate 100 labs that will be effective to develop 5G services and very evidently pictures positive growth for India.
The budget looks favorable and aims at improving the threat landscape margin in India by implementing 3 centers of excellence for Artificial intelligence. India’s growth being the highest among major economies is a powerful aspect and will definitely be able to drive the path to create a Technology driven economy.
Balaji Rao, Area Vice President, India & SAARC, Commvault
“The budget 2023 has been laid down with a future-ready outlook and highly compliments nation’s objective of innovative, technology-driven and knowledge-based economy. The increased impetus on data generation and management while ensuring privacy, security, and trust is a powerful move. The India Datasets program and the proposed National Data Governance Policy will empower academia, researchers, and start-ups with access to a large repository of India-specific dataset and is an indispensable move by the government to further propel the Digital India vision.
Furthermore, the government is pushing the agenda of upskilling to prepare for a resilient future. The framework outlined to upskill the youth with 30 Skill India International centres, will bridge the persisting digital gap and unlock a massive pipeline of jobs and entrepreneurial opportunities. The initiatives for telecom services and modernization of agri sector through Digital Public Infrastructure will be critical in modernizing and broadening the scope of data generation, management, and protection.
The cumulative effect of all the initiatives will eventually generate enormous amounts of data that will intensify the need for reliable, unified data management and protection solutions. The budget 2023 is a foundation for [email protected] and will strengthen our digital ecosystem, drive transformation, and fortify India as a leading digitalized nation.”
Haresh Awatramani, Founder & CEO, of Beehive HR Solution
“In a significant relief to the common man, the Modi government made five major announcements in the personal income tax space in the Union Budget. The tax breaks are clearly aimed at the hardworking middle class. According to current income tax slabs, a salaried employee earning up to Rs 5 lakh does not have to pay income tax under either the old or new tax regimes. The new tax regime has reduced this rebate limit to Rs 7 lakh. A new personal tax regime with six income tax slabs beginning at Rs 2.5 lakh was implemented in 2020. It is now proposed to reduce the number of tax brackets to five and raise the tax exemption limit to Rs 3 lakh. Income between 12 and 15 L is taxed at 20% under the new regime. The standard deduction benefit is proposed to be extended to the new tax regime. Under the new tax regime, the highest surcharge rate on income above Rs 5 crore will be reduced from 37% to 25%. The final significant change in personal income tax is the increase in the leave encashment exemption limit for non-government salaried employees from Rs 3L to Rs 25L upon retirement.
This will put more money in the hands of individuals for investments. The additional liquidity will also help to improve the economic scenario by increasing overall spending power. The youth have been given a considerable impetus to make strategic investments, and insurance will also significantly boost. The money saved by tax breaks is expected to be invested in health and life insurance. Overall, this budget has been very encouraging for Real Bharat.”
Munesh Jadoun, Founder and CEO, ZNet Technologies Private Limited
“The Indian Union Budget lays out a visionary roadmap for the country’s digital future, where the IT sector will play a critical role in shaping a technologically advanced and digitally inclusive nation. The outright focus on increasing the adoption of AI and emerging technologies by setting up 3 centres of excellence is a great initiative. This budget recognizes the power of technology to transform lives and businesses and lays the foundation for a truly digital India.”