Nirmala Sitharaman, India’s Finance Minister recently unveiled the Union Budget for 2024-2025, setting the stage for a series of economic reforms and initiatives aimed at bolstering the country’s financial health. As the nation digests the implications of this new budget, industry experts have weighed in with their insights and analyses. In this article, we will explore a collection of significant quotes from these experts, providing a diverse perspective on how the latest financial blueprint could shape India’s economic landscape in the coming years.
Sachin Panicker, Chief AI Officer, Fulcrum Digital
We are pleased with the Union Budget 2024’s focus on digitalization and data governance. The substantial investment in digital infrastructure and encouraging private sector involvement presents exciting opportunities. At Fulcrum Digital, we are committed to leveraging our expertise in AI and emerging technologies to support these initiatives.
The emphasis on improving data collection, processing, and governance aligns perfectly with our commitment to helping businesses make more informed decisions. Our work across various industries, including financial services, insurance, and education, positions us well to contribute to these efforts. By utilizing sectoral databases under the Digital India mission, we aim to enhance access to resources and services for everyone.
We also applaud the government’s initiative to set up working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls. This is a notable step towards promoting gender diversity and inclusion, as these efforts are crucial in creating a more diverse industry.
The budget’s focus on easing business operations and incentivizing states for business reforms is a welcome move. We look forward to playing a part in driving innovation and efficiency, helping India move towards a more digital and data-driven future.
Sunil Sharma, Vice President-Sales, Sophos India & SAARC
One of the biggest challenges that organisations face from a cybersecurity perspective is skilling of resources. It is reassuring to see the Government’s commitment to developing a skilled workforce with a provision of Rs 1.48 lakh crore been made for education, employment, and skilling. With this, we are confident that we will be able to create a pool of talented resources that can address India’s growing cybersecurity challenges.
At the same time the Union Budget 2024 emphasized stepping up of adoption of technology towards digitalization of the economy. Having the right talent, to be able to support this vision, will be critical to enabling the Government to achieve its goal of ViksitBharat @2047.
Additionally, the Government has also taken a positive step towards increasing the presence of women in the workforce. Through their various initiatives, we are hopeful of seeing a reimagined industry, one driven by diversity and inclusion.
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, highlights digital infrastructure as a key driver of economic development. The substantial allocation of over 11 lakh crore rupees for infrastructure development and the support for private sector investments signal a strong commitment to advancing India’s digital capabilities. NetApp’s objective of advancing intelligent data infrastructure closely aligns with this focus on digital infrastructure.
At NetApp, we recognise that effective digital infrastructure is essential for enhancing productivity, creating business opportunities, and fostering innovation. The Budget’s emphasis on improving data governance, including better data collection, processing, and management through sectoral databases and technology tools, supports our goals. By utilising AI and observability, we are committed to advancing these initiatives and improving data management, cyber resilience, and data governance. Additionally, the government’s significant provision of Rs 1.48 lakh crore for education, employment, and skilling will be instrumental in developing a workforce equipped to harness these advancements effectively.
The government’s focus on promoting women’s participation in the workforce through the establishment of working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls is commendable. These initiatives will enhance diversity and inclusivity in the tech sector, fostering a more balanced and innovative workforce that drives industry growth and progress.
Lakshmi Mittra, SVP and Head of Clover Academy
The Union Budget 2024’s focus on upskilling and education is a crucial step towards empowering youth and preparing them for the ever-changing demands of the tech industry. The allocation of Rs 2 lakh crore to five key schemes aims to create jobs and provide skill development opportunities to 41 million young people over the next five years. This strategic investment will bridge the gap between current skills and industry needs, equipping our young population for future challenges.
In addition, the initiatives to increase women’s participation in the workforce are significant strides toward gender diversity. These include the establishment of working women’s hostels in partnership with industry, the setup of creches, women-specific skilling programs, and the promotion of market access for women-led self-help group enterprises. With over Rs 3 lakh crore allocated for women’s initiatives, the government is fostering an environment where women can thrive and make substantial contributions to the tech industry.
Mr. Piyush Jalan, Co-founder and COO of G0VO
We sincerely appreciate the government for introducing measures that greatly bolster the electronics manufacturing sector. The reduction in import duties on key components will enhance our ability to produce high-quality audio devices more cost-effectively, empowering us to provide more affordable options for consumers.
The government’s commitment to supporting MSMEs and the manufacturing sector is remarkable. The new credit guarantee scheme for machinery purchases, increased Mudra loan limits, and the introduction of e-commerce export hubs will empower companies like ours to expand operations and compete on a global scale. These initiatives reflect a clear vision for fostering innovation and strengthening India’s position in the electronics sector.
Moreover, we are enthusiastic about the emphasis on skill development and job creation within manufacturing. The centrally sponsored scheme to skill 20 lakh youth and the incentives for hiring first-time workers will contribute to building a robust and skilled workforce. This comprehensive approach is poised to drive growth and technological advancement in our industry, steering us towards a more competitive future.
Shridhar Venkat, CEO, The Akshaya Patra Foundation
The 2024-2025 budget brings positive direction for education and nutrition in India. The National Means cum Merit Scholarship Scheme has received a significant boost, with ₹377 crore allocated for 2024-25. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential.
The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated ₹12,467.39 crore for 2024-25. This represents a significant 24.67% increase from the revised estimate of ₹10,000 crore in 2023-24. This substantial investment in our children’s nutrition is heartening.
These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we’re making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education), and SDG 10 (Reduced Inequalities). This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all.
Dr. Atish, Director of JAGSoM, on the Union Budget’s focus on skilling, education, and MSMEs
The Union Budget 2024-25 demonstrates a strong commitment to education, skill development, and entrepreneurship, which are crucial for India’s economic growth and global competitiveness. The allocation of ₹1.48 lakh crore for education, employment, and skilling is a significant step towards building a knowledge-based economy.
The revision of the Model Skill Loan Scheme and the introduction of e-vouchers for higher education loans are welcome moves. These initiatives have the potential to significantly increase access to quality education and address the growing demand for skilled professionals in India’s expanding digital economy.
The ambitious internship program targeting 1 crore youth over five years will go a long way in bridging the skill gap. This initiative can enhance graduate employability. As per the World Economic Forum, 50% of all employees will need reskilling by 2025 due to the adoption of technology. This internship program could play a vital role in preparing our workforce for future job markets.
The Anusandhan National Research Fund, with a financing pool of ₹1 lakh crore, is a crucial step towards boosting India’s research capabilities. This is particularly important as India aims to increase its R&D expenditure from the current 0.7% to 2% of GDP.
The focus on MSMEs through the credit guarantee scheme is commendable. MSMEs contribute about 30% to India’s GDP and employ over 111 million people. Strengthening this sector will have far-reaching economic impacts.
As educators, we are encouraged by these initiatives. They align with the need for industry-relevant education, industry exposure, and innovation. However, the budget could have addressed issues like the facilitation of International faculty teaching in India and thus help reduce the no. of Indian students going abroad for Higher Education which currently stands at 1.5 million a year.
Also, a social stock exchange for private universities could have enabled fund flow, in a sector having limited access to funding.
Jai Decosta, MD & CEO of K12 Techno Services
As a leading chain of K-12 schools with over 90 branches across India, Orchids The International School welcomes the Union Budget 2024’s strong focus on education and skill development. The allocation of ₹1.48 lakh crore for education, employment, and skilling demonstrates the government’s commitment to nurturing our youth and preparing them for the future.
The budget’s emphasis on modernizing education aligns with our vision of redefining learning for upcoming generations. The upgrading of 1,000 ITIs with industry-tailored course content is particularly promising. According to the India Skills Report 2023, only 45.9% of Indian youth possess the skills required by employers. This initiative could significantly bridge this skills gap.
We’re excited about the comprehensive internship program targeting 1 crore youth over five years. This aligns with our philosophy of providing practical, hands-on learning experiences. The World Economic Forum’s Future of Jobs Report 2023 highlights that 44% of workers’ skills will be disrupted in the next five years. This internship program will be crucial in preparing our youth for these rapid changes in the job market.
The introduction of e-vouchers for higher education loans and the revision of the Model Skill Loan Scheme are welcome steps towards making quality education more accessible. With India’s ed-tech market projected to reach $10.4 billion by 2025,, these financial measures could accelerate the adoption of technology-integrated learning across the country.
The establishment of the Anusandhan National Research Fund is a landmark initiative. According to the UNESCO Science Report 2021, India’s gross domestic expenditure on R&D is only 0.7% of GDP. This fund could potentially boost India’s research output significantly, contributing to innovation and technological advancement in education.
As educators committed to nurturing well-rounded individuals, we see these budget initiatives as catalysts for transforming India’s educational landscape. They align perfectly with our mission of preparing students to adapt and excel in an ever-changing world. We look forward to playing our part in realizing this vision of a skilled, innovative, and globally competitive India.
