Tech Budget 2024 Live Updates: FM Nirmala Sitharaman will be presenting the Budget today and the tech sector has been waiting for this moment for a long time. So, what to expect in Tech Sector? Well, what is driving expectations skyhigh is the artificial intelligence (AI) space which has been on fire for most of the year gone by. Also, with India targeting mobile and other such technological goods for exports, expectations are that there will be a huge windfall for manufacturers. Not just that, the public too would be looking for big breaks in terms of tax cuts announcements for a range of daily use consumer goods. Will it all happen? Just read on as we cover the Budget 2024 announcements as they are announced by FM Sitharaman today in Parliament.
Of course, you want to know the most important thing – Budget 2024: Where to watch? Budget 2024 live will happen on February 1 and the time is 11 a.m. and it can be seen on DD News. You can also watch the broadcast online through the Press Information Bureau’s (PIB) official YouTube channel and website. Nirmala Sitharaman’s budget speech will be broadcast live in its entirety.
Expected Impact on AI? Well, artificial intelligence has grabbed the spotlight in everyone’s mind. Therefore, some announcements are expected. However, everyone should temper their expectations simply because this is an interim budget and the government would not be looking to make any far-reaching announcements as yet. It would rather wait for the general elections to happen and then do so.
Tech Budget 2024 Live:
Artificial intelligence – On AI, LiveMint quoted Manav Subodh, Managing Director, 1M1B as saying, “In a landscape increasingly shaped by AI, it’s imperative to harness its power as an equalizing force; one that can democratize skills and knowledge across different social strata – making quality skilling accessible to all. To realize this vision, I hope that the 2024 budget prioritizes the establishment of AI hubs and centers of excellence, even in Tier 2-3 cities.” he added, “The 2024 budget should emphasize robust investments in digital infrastructure to unlock the untapped potential of our nation’s greatest asset – its youth”.
Tech Budget 2024 Live
“Our proposals, including reduced fees, levies, and GST exemption, aim to ignite rapid growth in Fixed Broadband, contributing significantly to India’s digital infrastructure. We also advocate for the expansion of PM-WANI based Public Wi-Fi hotspots, urging duty and levy waivers. Budgetary assistance for the Satcom industry and incentives for local mobile handset components align with our vision for a digitally empowered India. We are hopeful that these measures, if incorporated, will accelerate the sector’s growth, fully aligning with Government priorities and recent collaborations between India and the US in cutting-edge technologies”, says TV Ramachandran, President, Broadband India Forum (BIF).
Tech Budget 2024 Live:
“Amidst global anxieties, India shines as a potent growth engine. However, achieving our ambitious $30 trillion target by 2047 requires more than relying solely on domestic consumption. Throughout history, thriving economies have built their castles on a positive balance of payments and export prowess, with each key sector acting as a brick in the wall. Today, one such sector with undeniable potential is gaming. Consider the world’s top four economies – their gaming industries stand tall, exporting innovation and creativity. As we approach the upcoming budget, there is a crucial need to prioritize and support this burgeoning sector. Duty Credit Scrips for export-oriented gaming companies will not merely be a handout; it will signify a strategic investment in high-skilled jobs, GDP growth, and building global influence”, says Gaurav Agarwal, Co-Founder, Gamezop.
Tech Budget 2024 Live:
“As we anticipate the Interim Union Budget 2024, HMD Global holds optimistic expectations for the Indian smartphone market. Foreseeing an extension or enhancement to the Production Linked Incentive (PLI) policy, we aim to fortify local production and encourage an indigenous components supply chain. The budget’s positive impact on operations, particularly in local manufacturing, is anticipated, though precise planning hinges on final announcements. Our wish-list emphasizes more incentives for local production, encouragement for components manufacturing within India, and support for exports. In the face of potential changes, we stand ready to make necessary adjustments, anticipating a budget that builds upon existing policies for stability and growth. HMD Global remains committed to contributing to India’s self-reliance and the global success of its smartphone industry”, says Ravi Kunwar, Vice President- India & APAC, HMD Global.
What is an Interim Budget?
And what will the government actually present? The scope of that lies in the definition of what is an interim budget. So, during a general election year (when elections are held country-wide for the Lok Sabha), the incumbent government cannot present a full budget. The Interim Budget covers only the current government’s expenses and revenues for a short period.
“The upcoming interim budget would lack any big bang announcements but is likely to be watched for the pace of fiscal consolidation and policy priorities ahead,” said Madhavi Arora, economist at Emkay Global. She added, “We rule out the likelihood of any aggressive competitive populism.”
Tech Budget 2024 Live:
“A greater alignment between fintech companies and public institutions is crucial for the evolution of India’s fintech ecosystem. Financial products built on top of India Stack have borne strong results in the world of digital payments. We expect the budget to provide incentives that encourage fintechs to drive further innovations for other aspects of banking like credit, investments, savings and advisory. We also expect digital lending, especially small ticket size loans, to grow significantly with the proper checks and balances in place to protect borrowers. We expect the budget to further scale centres of excellence for AI innovation as well as increase investments in supercomputing to drive the growth of home-grown AI solutions,” says Bipin Preet Singh, Co-founder and CEO, MobiKwik.”
Tech Budget 2024 Live
What tech czars expect – “As India charges ahead on its digital transformation journey, the upcoming budget offers a timely window to cultivate a world-class data center ecosystem that steers this advancement. We are hopeful of incentives to spur domestic manufacturing and infrastructure builds specially tailored for data centers’ massive scale and seamless connectivity needs. Attractive capital subsidies for setting up future-ready facilities and easy financing options to offset development costs will unleash growth. We also envision provisions that encourage the adoption of renewable energy to meet data centers’ clean power appetites. Additionally, preferential procurement directives favoring home-grown data centers will provide an upside. With an emphasis on nurturing a cutting-edge domestic data center industry, India can swiftly go up the technology value chain and cement dominance in delivering digital services globally. Having granted an infrastructure tag has remarkably expedited logistics,” says Bimal Khandelwal, Chief Financial Officer, ST Telemedia Global Data Centres (India).
Tech Budget 2024 Live:
Welcome everyone to our Budget 2024 coverage today. This is an important day as the PM Narendra Modi led NDA government will be presenting an interim budget. As this is an election year, this budget will only be a vote-on-account as a full-fledged budget will be presented after the Lok Sabha elections. Finance Minister Nirmala Sitharaman would be doing the honours in Parliament and we will track the announcements as and when they happen. This marks Finance Minister Nirmala Sitharaman’s sixth budget.
