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As always, the union budget is around the corner and is raising the hopes of various industries and sectors in India. Be it the government sector, private or the public sector, everyone will be impacted by the union budget. The fact has been well-established that every year, the union budget opens the door for new advancements and innovation in the tech industry. Additionally, it promotes more companies and startups to enter the competitive and dynamic digital world by offering incentives and subsidies. Likewise, for FY 24-25, we at Cyfuture have some expectations regarding the budget that is set to be unveiled on 1st February 2024 by our Finance Minister Nirmala Sitharaman.
As India braces for its upcoming interim budget in 2024, prominent industry figures are looking forward to strategic investments, innovative policies, and a holistic approach to leverage technology, particularly in Artificial Intelligence (AI) and DeepTech. We believe that the union budget of 2024 will foster innovation and advancement within the tech landscape. Although we are not sure about the budget allotment, we can definitely expect a significant budget for promoting the tech sector.
Here are some of our expectations from the union budget 2024 towards the tech industry
We can expect a significant amount of investment in digital infrastructure. Post-COVID-19, industries have realized the importance of digital infrastructure and are becoming more tech-oriented. We at Cyfuture, emphasize the need for increased allocation towards the development of 5G networks, high-speed internet connectivity, and data centers. A well-established digital infrastructure is the backbone of a thriving tech ecosystem, enabling businesses to operate seamlessly and contribute to economic development.
We cannot ignore the importance of cybersecurity in this continuously evolving digital landscape. It is highly essential for organizations to safeguard their assets from cyber-attacks and external threats. Cyfuture emphasizes the need for the government to allocate resources towards strengthening cybersecurity measures. This includes investing in advanced technologies to counter cyber threats, promoting awareness programs, and collaborating with the private sector to enhance the overall cybersecurity posture of the country. Cybersecurity measures are not just important for the private sector but also for the government. It is equally important for the government to protect its highly sensitive data and files from cyber attacks.
There is absolutely no denying that the tech industry is evolving rapidly at a global scale. Thus, a skilled workforce is crucial for its sustained growth. Cyfuture expects the government to introduce initiatives that focus on upskilling and reskilling programs that aim to enhance the knowledge and technical skills of the workforce. By investing in education and training, the government can ensure that the workforce is equipped with the latest skills required in emerging technologies such as artificial intelligence, blockchain, and cybersecurity. This, in turn, will enhance employability and contribute to the overall growth of the tech sector in India.
We all have witnessed tremendous growth of various startups in India with unique concepts and ideas. There are a ton of startups entering the digital landscape with a focus on emerging technologies such as Artificial Intelligence, the Internet of Things (IoT), and 5G. There are high expectations that the government should introduce targeted programs and funding for startups working in these domains. By nurturing innovation in emerging technologies, India can position itself as a global leader in these fields, opening new avenues for economic growth and job creation. Additionally, India can form strategic alliances with other countries and collaborate with ideas to fuel digital and economic growth.
The COVID-19 pandemic has highlighted the critical importance of digital health infrastructure. We, at Cyfuture, expect the Indian government to make significant investments in technologies that enable remote healthcare, telemedicine, and health data management. A robust digital health infrastructure can improve healthcare accessibility and reduce costs. Additionally, it can also contribute to the overall well-being of the population.
The adoption of e-governance practices has the potential to enhance transparency, reduce corruption, and improve the overall efficiency of government services. Cyfuture recommends increased investment in e-governance initiatives to digitize government processes. This includes the development of user-friendly cloud-based platforms for services such as tax filing, licensing, and regulatory approvals. A digital-first approach to governance can significantly contribute to the ease of doing business in the country.
Data centers not only play a key role in promoting cloud infrastructure but also act as the most important asset for the tech sector. While there are various data centers emerging in India, there is a need to rapidly grow data centers in India. Cyfuture expects the government to promote and invest in the cloud industry, giving incentives to organizations to set up data centers in various parts of the country. Additionally, the government can also power subsidies and land subsidies so that state-of-the-art infrastructure can be built. This will not only enhance India’s digital presence but also position India as an emerging tech leader.
Streamlining regulatory processes is crucial for the government to foster a business-friendly environment in India. Cyfuture expects the government to simplify and expedite regulatory compliance for the tech industry, especially for small and medium-sized organizations. This includes obtaining licenses, approvals, and permits. A more efficient regulatory framework will not only reduce bureaucratic hurdles but also attract more foreign investment, positioning India as a favorable destination for tech companies.
The Union Budget 2024 will play a key role in shaping the digital trajectory of India. While the Indian tech industry has shown significant growth in recent years, there is scope for further growth and innovation. As the tech industry eagerly awaits the Union Budget, Cyfuture’s expectations align with the broader goal of creating a valuable environment for innovation, growth, and sustainability. The recommendations put forth by Cyfuture encompass crucial aspects such as digital infrastructure, research and development, skill development, tax reforms, cybersecurity, sustainability, regulatory compliance, e-governance, support for emerging technologies, and digital health infrastructure.
Cyfuture, a leading giant in the Indian tech industry is all set to introduce cutting-edge solutions in 2024. Having a client base of over 5000 clients across all industries, Cyfuture stands strong in providing specialized cloud solutions. Our strong family of over 2000 professionals works 24/7 to turn your vision into reality. If you are looking forward to entering the digital landscape and leveraging the power of new technologies, consider speaking to our professionals. Our cost-effective and personalized solutions are all set to foster your organization’s growth.
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