What will happen on cryptocurrency and digital rupee in the budget, what to expect on AI, machine learning, blockchain
New Delhi| The industry is demanding to take forward digital and technological development in the upcoming budget and make it accessible in rural areas with investment for digital infrastructure. Companies associated with this sector say that India’s digital and technological development should be given priority in the upcoming budget by focusing on key areas like Artificial Intelligence (AI), machine learning, blockchain and 5G infrastructure. There is also a need to promote investment in financial literacy and digital infrastructure.
There is a need to increase India’s digital and technological development
Alok Dubey, Chief Finance Officer, Air India, says, ‘India’s digital and technological development needs to be enhanced in the upcoming budget, with a focus on key areas such as AI, machine learning, 5 G infrastructure including blockchain. This will promote strengthening the sector and introducing new products, as well as help expand digital in rural India. We hope that the government will consider measures to promote R&D, semiconductor manufacturing and green technologies in the budget, this is important to establish India as a technology hub at the global level. Additionally, policies to support startups, MSMEs and local manufacturing through the Production Linked Incentive (PLI) scheme and targeted subsidies will help strengthen Make in India initiatives and reduce dependence on imports. Apart from this, this sector will grow rapidly by simplifying tax slabs and investing in skill development. We hope the government will maintain its focus on digital transformation, sustainability and self-reliance
Consideration should be given to creating a special funding pool for startups
Ganesh Raju, Founder, Turbostart Global, says that there is a need for significant change and recognition regarding India’s startups, for this the government needs to take some measures in the upcoming budget. The country has mastered software innovation, the next wave i.e. wave in value creation will come from HardTech. These startups will be able to solve complex industrial, agricultural and healthcare challenges. Therefore, we request the Government to consider creating a special funding pool for R&D and startups for new technologies and related challenges, especially those working on deep tech solutions. He says that the government can start matching fund for areas like semiconductor design, biotech and advanced materials. This will help to de-risk private investment in sectors that usually have a longer duration.
Experts say that steps like reducing import duty on semiconductor, mobile phone parts in India and starting incentive schemes to attract global manufacturers to set up and expand their local operations, this sector will also be included in the budget. Announcements can be made for. In which manufacturing should be promoted in the country.
