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Budget 2024: As India gears up for Budget 2024, the technology sector eagerly awaits government initiatives and policies that could shape the industry's trajectory in the coming fiscal year. Industry leaders spanning various domains, from gaming and artificial intelligence to semiconductors and wearables, have articulated their expectations and recommendations for the upcoming budget.
Navani underscores the significance of government backing for the video gaming and esports industry. He advocates for initiatives aimed at nurturing talent development across multiple domains, including design, product, UI/UX, engineering, 3D art and AR/VR. Navani stresses the importance of viewing the industry as IP and product-driven, proposing incentives to spur entrepreneurship and employment opportunities. He also urges the acceleration of AI initiatives in education to bolster India's standing in the global gaming arena.
Gupta anticipates policy reforms such as reduced GST rates on electronics and tax incentives for startups. He emphasises the necessity of policies supporting early-stage entrepreneurship and extending Production Linked Incentives to sectors beyond smartphones.
Katragadda highlights the imperative for enhanced policies and funding to bolster India’s technology startup ecosystem. He identifies specific areas for R&D funding, including sustainable public transportation, AI in defense and health tech for rural regions. Additionally, he advocates for strategic investments in the semiconductor ecosystem and easing business processes to bolster India’s tech leadership.
Prasad envisions the budget prioritising digital infrastructure, R&D incentives and the cultivation of innovation hubs. He stresses the need for increased funding in cybersecurity, AI, IoT and 5G technologies, alongside revised tax policies to stimulate IT exports. Prasad also expects streamlined regulations for startups and a heightened focus on digital education initiatives.
Gupta calls for targeted support to mitigate major entry barriers in the semiconductor industry, including high costs associated with employees, EDA, fabrication and validation. He advocates for the provision of risk capital to startups in this sector to enhance global competitiveness.
As stakeholders eagerly await Budget 2024, the tech sector remains optimistic about the potential for transformative policies that could drive innovation, growth and competitiveness in India's burgeoning technology landscape.
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