The Tech Panda gathered expectations from people for the Union Budget 2023.
India is once again awaiting the upcoming Union Budget 2023 to be laid out by Finance Minister Nirmala Sitharaman on 1st of February 2023. Last year, the Budget was praised to favour the agri sector teching it up with drones and hi-tech services. Digital progress also fared well with special allocation for the Northeast.
Economic growth in FY22 was pegged at 9.2% with a plan for creating 60 lakh jobs. A push for infrastructure development under PM Gati Shakti was also announced. Among other items were E-passport roll out, an open platform for the National Digital Health Ecosystem, and a push for EVs.
To find out what people expect from this year’s budget, The Tech Panda gathered expectations.
Aniket Bajpai, Co-founder, LimeChat
“The headwinds triggered by pandemic have, in recent times, been exacerbated by global unrest and conflict, rendering 2022 to be a very challenging year for enterprises across various industries. Inflation rates went up, global supply chains came to a complete halt, and where all of this spelled trouble, it has been encouraging to see that in India, the governmental push towards supporting the nation’s startup ecosystem, especially D2C brands, to thrive and grow.
The government’s attitude towards tech and AI has been determinedly positive and we are certain that the Union Budget 2023 will be reflective of this as well
“As a result of this the e-commerce industry in India has seen a fantastic explosion, and despite the occasional spikes in physical shopping trends, the convenience of e-commerce is here to stay. For D2C brands to remain competitive in an environment where ad spends are becoming untenable and customer acquisition and retention costs are becoming higher, the next step would be to continue aggressively on the path of automation, R&D, and wider adoption of AI in every possible sector. The government’s attitude towards tech and AI has been determinedly positive and we are certain that the Union Budget 2023 will be reflective of this as well”.
Suman Bannerjee, CIO, Hedonova
“India’s domestic consumption story is faltering because of high inflation. I expect tax breaks in terms of higher rebates to stimulate domestic consumption. Asset monetization is going to be key. The 5G auction is going to be key to raise cash. The 3700-4200 MHz and 4700-4800 MHz spectrums are available for auction.
I expect tax breaks in terms of higher rebates to stimulate domestic consumption
“Energy autonomy will mostly be an important theme. India has reduced import duties on heavy-scale batteries and I’m predicting 25000 crores allocated to strengthening the energy grid. The PLI (Productivity Linked Incentive) Scheme which promotes manufacturing within India will be extended to MSMEs. Currently it’s for large firms only.”
Sekar Udayamurthy, CEO & Co-founder, Jidoka Technologies
“For India which is set to achieve its US$ 5 trillion GDP goal by 2024-25, it is important for the government to encourage IT-enabled manufacturing for efficient production and in high-quality throughput. Government should incentivize manufacturing companies to use automation to achieve world-class manufacturing, similar to the PLI scheme. Subsidies for tech adoption, loans, and access to funding especially for smart warehousing, shopfloor automation, and visual inspection processes are key. To drive the ‘make-in-India’ initiative faster, there should be a reduction in import duties for raw materials such as steel, and cameras and lenses that are not manufactured in India.
To drive the ‘make-in-India’ initiative faster, there should be a reduction in import duties for raw materials such as steel, and cameras and lenses that are not manufactured in India
“Investments in AI, ML, and IoT technologies should increase along with a focus on skill-development programs while incentivizing organizations that deliver regular training and upskilling to employees. The emphasis should be on establishing a strong talent pool with these new-age digital skill sets that enhances productivity and operational excellence.
“Globally India has the third highest number of startups after the US and China and for the startup ecosystem to thrive Government should further incentivize employment through the standardization of ESOP treatment.”