Post budget reactions from Industry Experts & Brands

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Union Finance Minister Nirmala Sitharaman announced the Budget 2020. This year the focus is on skill development and efforts to boost entrepreneurship. Reactions of Industry leaders.

Mr. Avneet Singh Marwah, Director and CEO of Super Plastronics Pvt. Ltd, a Kodak brand Licensee

“This has been a historic budget, I would rate it 8/10. This is common man’s budget. From education to infrastructure, govt has ensured promising new projects. This would encourage buying and would improve market sentiments. In terms of Electronics and TVs, we were expecting reduction in GST to 18% and extent the 0% duty on open cell panel.”

Mr. Manish Sharma, President & CEO, Panasonic India & SA, Chairperson -Electronics & Manufacturing Committee, FICCI; Co-Chair FICCI Energy Storage Committee

“Our honourable FM’s second Union Budget will help iron out some concerns for the Indian economy related to manufacturing, ease of doing business leading to make in India. From a consumer electronics industry perspective, the decision to encourage domestic manufacturing of mobiles and electronic goods in India is a welcome move while a definitive timeline would have helped further boost the industry sentiments. It is one of the vital steps towards establishing a robust, ecosystem for domestic manufacturing while also giving a boost to exports. With the NIRVIK scheme, the SMEs stand to gain financial stability. We look forward to seamless implementation of this scheme to scale up manufacturing and developing an export hub.

Also, the Government push on enabling technology with regard to development of 5 new smart cities, setting up of data center parks, investment in quantum technology, will help establish India as new age economy. With increased focus of Panasonic on developing smart business solutions, we see a role for ourselves in driving this agenda.”

Taxation:

“There is a positive outlook towards what the budget brings, particularly with regards to the decisions on simplification of GST filing, extending tax rebates on the personal tax bracket for people with income up to 15 lakhs. With increase in the disposable income, we hope this will drive consumption for the consumer durables industry too which experienced flat growth in this fiscal.

Further reduction in Corporate Tax for existing companies to 22% and for new at 15% and abolishment of dividend distribution tax making India a more attractive destination for investments.”

Mr. Snehashish Bhattacharjee, Global CEO, Denave

“The standout announcement on technology in Union Budget 2020 is the realisation of emerging technologies in India’s growth trajectory and how digital revolution will see the next wave in the upcoming time. It was an incremental budget with multiple bold and visionary steps for $5 Tn economy by 2025. The focus on emerging technologies, agriculture, healthcare and education is welcomed and much needed in a country like India. The skill development fund allocation should help realize the benefits of the demographic dividend we boast of as a country. For any business to thrive, the upcoming salesperson need to have definitive skillset which we believe can now be focussed on with the allocated funds. On the other hand, we were anticipating the government to pay due attention on data localisation. It is one of the biggest challenges for private companies as it leads to increased costs for expanding data centre capacity to fit customer data which were hosted outside India. As addressed by FM Nirmala Sitharaman to bring out a policy to build data centre parks throughout the country, it is a great step to support a data driven businesses in every step of their value chains. The intent with which the budget has been designed will be best experienced with an effective execution.”

Dr Rishi Bhatnagar, President, Aeris Communications

We welcome and feel motivated with the budget announced today by FM highlighting ‘Technology’ as one of the important pillars that will help in making India a $5 Tn economy soon. Triggering the digital revolution with use of new-age technologies like IoT, AI and Machine Learning in economic, healthcare and agriculture development, government should also focus on using the allocated funds for automation and mechanisation in these fields. With these initiatives, technology companies like Aeris will be able to provide IOT technology services like efficient waste management and higher productivity in the field of agriculture, utilities, finance, asset assurance and fleet management and more. On the other hand, the new budget initiatives positively addressed the skill-gap problem. The upcoming digital era presents a complex skilling challenge with a clear need to develop the skillset. The apprenticeship embedded degree, online education program and study in India program will equip the upcoming Indian professionals with the essential knowledge and competencies to navigate the data-driven world of tomorrow. Having said that, we are excited to see the next steps on how the plans are being executed.”

Mr. Nikhil Arora, Vice President and Managing Director, GoDaddy India

“The Union Budget 2020 is a reflection of the Government of India’s vision and commitment towards delivering an inclusive growth. The proposed reforms especially those focused towards MSMEs and startups such as provision of seed funding for early-stage startups and setting up of a portal based investment clearing cell, will further help to bolster growth of independent ventures in India. Big announcements like deferred payment of ESOPs, as well as the creation of an e-market place for MSMEs, are also laudable steps by the Government towards uplifting the overall entrepreneurial spirit in the country. We also believe that the proposed allocation of INR 99,300 for education and the allocation of INR 3000 for skilling initiatives, can be instrumental in delivering better educational infrastructure and innovation. As India gears up to chart the next chapter in its strong growth story, we at GoDaddy continue to work in collaboration with the Government and our partner ecosystem, to help entrepreneurs and small businesses grow their ventures online, with our easy-to-use and affordable tools and solutions.”

Mr. Vartul Jain, SVP and Chief Financial Officer, GreyOrange

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“It is heartening to see how this year’s Union Budget focuses on promoting India as an investment and innovation hub. Focus on entrepreneurship, skill development and supply chain economy as well as thrust on technology are important for the growth of the Government’s Digital India and Make in India programs.

Measures such as an Investment Clearance Cell, early stage fund and multiple tax rebates and relaxations for startups–will help widen their scope and provide more opportunities. From a business perspective, Government continues to extend its support to MSMEs and bolster their growth by allowing for debt restricting, all of which will help boost the entrepreneur ecosystem.

We also laud the Government’s focus on improving the supply chain economy. Measures such as geo-tag warehouses and establishment of efficient facilities at the block level will be key for ensuring zero wastage and optimizing resource allocation.

We are now excited to witness how the industry makes the most of these initiatives for entrepreneurship and drive innovation to further the spirit of India Vision 2025.”

Mr. Rajan S Mathews, DG, COAI

“We welcome the Government’s overarching positive theme for the Budget 2020-21, that includes enabling an aspirational India, through major fundamental structural reforms targeted at fostering healthcare, education, skill development, ensuring economic development for all and further a caring, humane and compassionate society. The Hon’ble Finance Minister Smt. Nirmala Sitharaman, emphasised on country’s growth and Digital inclusion will hinge on advanced technologies such AI, Robotics, Machine Learning, analytics, among others, which essentially relies on telecom infrastructure. However, while the Union Budget laid major emphasis on boosting domestic manufacturing of network products, mobile phones, electronic equipment, semi-conductors and healthcare products and has allocated INR 27,300 crore for the development of industry and commerce by 2021, it is disappointing that there were no announcements made regarding the rationalisation of levies and taxes currently imposed on the severely distressed telecom sector and telecom infrastructure is not taken into consideration that is going to build out the country. The Budget proposed that the New India will be driven by innovations, AI and computing where data will be the new oil and other significant initiatives such as linking of 1 lakh gram panchayat to the Bharat Net program by this year and an allocation of INR 6,000 crore in this regard, none of our key recommendation appear to have been taken into consideration. A financially healthy and robust telecom sector is imperative to support all these future forward initiatives. It is also disappointing to note that telecom was not given an infrastructure status even though a slew of crucial reforms has been announced on infrastructure. The telecom sector, which is the backbone of the country’s economy, did not receive significant support.”

Mr. – Naina Parekh, CEO and Founder, EUME

“The Union budget 2020 shows extreme promise for the entrepreneurial and start-up segment. With a surgical focus on MSMEs and new-age entrepreneurs, the government seems to have charted a clear roadmap for progress, by establishing a single investment cell to infuse positive funds and eliminate roadblocks for new businesses.

It is also noteworthy that the government recognizes the skills and capabilities of the youth and is making provisions to create more opportunities for them by expediting their entrepreneurial venture and allowing them to explore within the comfort of their home – ground. Also, we believe that this spirit of entrepreneurship backed by favorable policies will evoke a spirit of innovation that will put India on the global map for both consumer durables and non – durables across the world.

Additionally, with digitization and enhanced connectivity playing a pivotal role in economic growth, we aim to expand our customer base through the burgeoning e – comm segment.”

Mr. Ankit Jain, Assistant Vice President, Corporate Ratings, ICRA Ltd

The budget emphasised the importance of creating a robust digital infrastructure and increasing connectivity across the country will provide greater opportunities to telecom operators and drive higher data offtake—especially in rural areas. A strong optic fibre network using higher technologies is essential for building the backbone of telecom connectivity in the country. Thus, the focus continues to remain on the connectivity of the gram panchayats through fibre. Moreover, the development of new technologies like machine learning, internet of things, artificial intelligence continues to remain the focus area.

The revised estimate (RE) of non-tax revenues from communication services for FY2020 stood at

Rs. 58,990 crore, which is 17% higher than the budget estimate (BE) of Rs. 50,520 crore and is higher than our estimates. The BE for FY2021 stands at Rs. 133,027 crore, 125% higher than the RE for FY2020. Despite deferral of spectrum payments due in FY2021 and FY2022, the higher BE for FY2021 can be attributable to some participation in 5G spectrum auctions and expectation of payments of AGR-related dues.

Mr. Leon Yu, Regional Head, India & South Asia, Asus

“At Asus, we believe that the Union Budget 2020 announcement has covered several pressing issues faced by the economy and is going to bring growth opportunities. All eyes would be on the manufacturing sector, with the FM proposing a scheme to encourage mobile phones, semiconductor packaging, and electronic equipment. The new scheme, Nirvik, is also going to offer respite for exporters, promising to settle refunds for electricity and VAT previously levied. Furthermore, the provision to bring digital connectivity to all public institutions at Gram Panchayat and allocation of INR 6,000Cr to bring fibre to home through BharatNet linking 100,000 Gram Panchayats in FY21 are also welcomed moves.

With India’s rising aspirations reaching the rural locales, internet connectivity will pave the way for connected and smart consumerism. At Asus, we shall be pursuing ways to support the government in enriching India’s economy and traversing through rural India to ensure optimum growth and development. We also look forward to the policy on private players setting up data parks and shall be offering full support with our cutting-edge products and services.”

Mr. Prakash Mallya, VP, and MD – Sales and Marketing Group, Intel India

“The Union Budget highlights the role technology-enabled innovation can play in leapfrogging the nation. From integration in priority sectors like agriculture and healthcare to a continued focus on smart cities, the first budget of the new decade clearly outlines the significance of a digital-first India in realizing the country’s potential. I am especially encouraged by the efforts to use artificial intelligence (AI) and machine learning (ML) to improve disease detection and pre-emption as part of the PM Jan ArogyaYojana. Such applications of emerging technologies combined with the focus on increasing the penetration of fibre connectivity in the nation have the potential to fundamentally impact the lives of millions in the coming years.

Provisions to invest in and nurture local talent and entrepreneurship will go a long way in organizing India’s workforce and equipping them with the skills and measures needed to continue to innovate for India and for the world. Policies and investments enabling data centres and quantum computing and applications will help India spur the development of new breakthroughs across sectors.

With the government’s target of a $5 trillion economy by 2024, Intel believes that technologies like AI, Internet of Things (IoT), and ML will continue to play a pivotal part in this journey. We look forward to further strengthening our work with the local ecosystem and with the government in enabling technology innovation and skilling India’s workforce to power the next wave of India’s digital revolution”

Mr. Chandrahas Panigrahi, CMO and Consumer Business Head, Acer India

“This is positive budget overall from the technology focus point of view. We are pleased that the Government is allocating Rs. 8,000 crore for the National Mission on Quantum Computing and Technology. The government’s move on encouraging manufacturing of electronic equipment in India is also a big step as this would provide much needed impetus to technology and manufacturing sector, which has been developing capacities and generating employment opportunities. Also, more focus on technology such as Machine Learning, Robotics, AI will support the industry to grow and establish India as a robust ecosystem for technology and innovation,”

Mr. Kunal Bahl, CEO & Co-founder, Snapdeal

“Thankful to the Hon’ble FM for accepting the start-up sector’s request for ESOP taxation reforms. Also, the higher time & turnover limits for carry forward of losses for start-ups will enable them to optimize growth decisions in formative years.

Overall, Budget 2020 is a thoughtful weaving together of specific proposals to tackle varied issues. Measures to improve access to finance for MSMEs and reduced taxation for the middle-income segment are welcome steps. Boosting physical infrastructure, expanding digital connectivity and growing use of technology in government functioning are important building blocks for the long-term growth of the Indian economy.”

Ms. Sanya Goel, Director and founder of start upFuel@doorstep Humsafar App

Ms Sanya Goel , founder of Delhi based start upHumsafarfuel@doorstep which delivers diesel at doorstep for housing societies, hotels and malls in the National Capital Region has welcomed the Union Finance Minister Nirmala Sitharaman announcement of an investment clearance and advisory cell for entrepreneurs, an online portal to facilitate ease of faster clearances for businesses, and a seed fund to support early- in her Budget 2020-2021

Ms Sitharaman said in her speech that entrepreneurship has always been the “strength of India,” and proposed a slew of measures to ensure ease of doing business for Indian startups, including a seed fund to support early-stage startups and an investment clearance and advisory cell for entrepreneurs, among other measures and called India’s growing crop of entrepreneurs “job creators”,”said Ms Sanya Goel.

“We welcome Budget 2020: Govt proposes easing of tax payments for startups Finance Minister Niramala Sitharaman proposed easing of tax payments for startups with a view to promote growth of budding entrepreneurs “by deferring the tax payment by five years or till they leave the company or when they sell, whichever is earliest.” Currently, ESOPs, or employee stock option plan, are taxable.”Ms Goel added “We welcome announcement of an eligible startup having a turnover of up to Rs 25 crore is allowed a deduction of 100 percent of its profits for three consecutive assessment years out of seven years, if the total turnover does not exceed Rs 25 crore.” She added

Mr Yashash Agarwal, CEO, Gamezop

“FM’s proposal of delaying tax collection on the exercise of ESOPs is a welcome move. The current structure looks to collect taxes too early causing employees to not exercise vested shares. Easing direct taxation for eligible startups will encourage businesses to chase the right metrics and not just growth at the by bleeding money. The definition of “eligible startups” must be broadened to bring more companies in this fold.”

Mr Rakesh Kharwal, Managing Director, India/South Asia & ASEAN, Cyberbit

“The government has highlighted the role of digital technologies like analytics, IoT, AI, and quantum technology during this Budget Session. The burgeoning digital infrastructure of India needs a strong cybersecurity framework to support it. Now, since it has allocated Rs. 99,300 crores to the education sector and Rs. 3,000 crores for skill development itself, a good way to realize India’s digital vision could be by working on the cybersecurity front from the very beginning. The government may want to cover its tech initiatives with avant-garde simulation-based cybersecurity training platforms like Cyber Range for proposed cyber forensic university and Skill India campaign. This will help India in generating millions of jobs for the youth and also strengthening national security”

Mr. Sanjay Katkar, Joint Managing Director and Chief Technology Officer, Quick Heal Technologies Limited

“For cyber forensics University – One major step announced by the FM involved the proposal for establishing a national forensic university and cyber forensic university. With cyber crimes increasing at a rapid rate, the need for cyber forensics has become more important than ever for a rapidly digitising country like India. The setting up of a cyber forensics university is a welcome move from the Government. This will definitely help in improving India’s expertise to solve complex cyber crimes.”

Mr. Mike Chen, General Manager. TCL

“At TCL, we believe that the Finance Minister has announced an encouraging Union Budget 2020. Proposing the scheme to encourage the manufacturing of mobile phones, semiconductor packaging and electronic equipment is a welcomed move and we look forward to a complete policy and leveraging the same to kickstart the domestic manufacturing through our panel factory in Tirupati. Furthermore, painting a futuristic picture in this year’s budget announcement, the FM also acknowledged advanced technologies like IoT, AI, and analytics changing the world. At TCL, we are forever committed to advancing our ‘AI x IoT’ ecosystem in India and will continue to invest in cutting-edge technologies to offer the best services to our customers in India.”

Mr. Rahul Sharma, MD-India, LogMeIn

“Budget 2020 looks very promising. We are particularly enthused about the FM’s announcement of seamless delivery of digital services as part of the next wave of digital revolution. AI, ML, Analytics, IoT, Robotics are making giant inroads in India, as was observed in the budget. The policy being introduced to build data centre parks throughout the country will help enhance the digital infrastructure to a significant extent. We are looking forward to the next phase of Digital India which will be a big growth driver for businesses and individuals alike.”

Mr Aakrit Vaish, CEO, Haptik

“As digitization and advanced technologies continue to gain momentum, we welcome the Budget 2020 announcements. Once again, the Finance Minister’s emphasis on machine learning, robotics, AI and IoT will help boost India’s digital journey. A significant proportion from the allocation of INR 3000cr for skill development should focus on these cutting-edge technologies. We are also delighted to witness proposals such as the linking of 100,000 Gram Panchayats through the enhancement of Bharat Net and setting up of data centre parks across the country. As national systems become more sophisticated and our workforce is equipped with the relevant skills, we will truly see the next wave of digital revolution, with greater scope for large-scale indigenous innovation.”

Ms. Suganthi Shivkumar, Managing Director, ASEAN, India & Korea at Qlik

“We appreciate the government’s decision in the 2020 Budget to dedicate the necessary funds and resources towards developing revolutionary and breakthrough technologies such as ML, robotics and AI to further the skills that will prepare us for the next wave and accelerate India’s journey towards becoming a digital giant. With data equated as the new oil, the government’s plan of building cutting-edge data parks across the country is equally important. Furthermore, the governments initiative of allocating Rs 6000 crores to enable unabridged digital connectivity in over 100,000 Gram Panchayats through the Fiber to Home BharatNet scheme holds brilliant potential in securing India’s passage towards achieving tech-empowerment for the remote sector.”

Mr. Piyush Kumar, Founder & CEO, Rooter

“It’s very encouraging to see that Indian Government regards entrepreneurship as “strength of India”. Start-ups can not only get a lot of foreign investment in India but also create thousands of jobs. The investment clearance and advisory cell for entrepreneurs is a great step to encourage new entrepreneurs and provide assistance. Moreover, the seed fund to support early-stage start-ups will help them to create quality market fit product before approaching VCs.”

Mr. Akash Gupta, Founder and CEO – Zypp (Earlier known as Mobycy)

“The Union Budget 2020 paints an affirmative picture for the future. We are glad that the Finance Minister has emphasised on improving the air quality, citing that the matter of clean air is a matter of concern in large cities that have a population of over 1 million. To the same end, we believe that EV-powered everyday commuting solutions offered by Zypp through Electric Scooters and Logistics solutions will play a crucial role in times to come. The budget announcement further comprises positive news for India’s fast-growing start-ups. The proposal to set-up investment clearance cell for entrepreneurs along with assistance in funding would definitely prove to be extremely beneficial. Furthermore, increasing the threshold of start-ups eligible for tax deduction from an annual turnover of 25Cr to now up to 100Cr is another welcomed move. The FM has also increased the window for such start-ups to claim a tax deduction for 3 years out of 10 years now as compared to 7 years previously. Owing to the same, the start-ups will find it easier to take risks and not be burdened financially while pursuing trailblazing innovations. Deferring ESOPs for start-up employees is another affirmative move, giving employees of start-ups to postpone taxation for 5 years or whenever they exit the venture, whichever is earlier.”

Ms. Ambika Sharma, Managing Director & Founder at Pulp Strategy.

“The latest budget announcement for the year 2020 -21 bears vast potential in shaping India’s road towards achieving its target of emerging as a 5 trillion dollar economy. With India currently posed as the fifth largest economy in the world, I am particularly enthralled by the government’s decision to optimize new-age disruptive technologies such as Machine Learning, robotics and Artificial Intelligence (AI) towards attaining a seamless and integrated service sector. Further advancing the digital revolution in the country is the government’s resolution of developing state-of-the-art data centers across the nation. Moreover, the FM’s proposal to allocate Rs 6000 crore for connecting 100,000 Gram Panchayats by FY21 will also prove instrumental in accelerating India’s journey towards becoming a tech –enabled nation. Also admirable is the government’s successful implementation of the Beti Bachao and BetiPadhao scheme which was reflected by the high gross enrollment of girls in all levels of school education. With the budget modeled towards realizing a progressive and equal women-centric society, the Finance minister also highlighted the fact that presently more than 6 lakh Anganwadi workers are equipped to upload status of more than 10 crore households. The government’s decision to provide Rs 35,600 crore for nutrition related programs and Rs28,600 crores for women – linked programmes will vastly help in furthering women empowerment and gender equality.”

Mr. Abhishek Kumar, Regional Director, Onvu Tech

“The government has announced a number of measures for the education sector with a whopping Rs. 99,300 crore budget. With it, courses will go online soon and Top-100 NIRF Ranked Institutes start offering them. The government has also announced positive reforms including Asian-African ‘Study in India’ program, establishment of Police Academy and Forensic Science, and integration of medical institutes with dist. hospitals. Rs. 3000 crores have further been allocated for Skill Development. Perhaps, all of these reforms will go a long way by including video-analytics-based EdTech solutions to them as well.”

Mr. Raman Singh, Chief revenue officer, Cloud Connect

“At CloudConnect, we wholeheartedly believe that the progress of the country lies in creating more opportunities for start-up owners. Thus, we duly welcome the decisions taken by FM NirmalaSitharaman through the Union Budget 2020. She has rightly mentioned that entrepreneurship is the true spirit of India and has been its strength.

We appreciate the government’s emphasis on promoting cutting-edge technologies such as machine learning, robotics and AI in India. The commitment to tech-advancement to support entrepreneurship is evident in the government’s decision of building data center parks throughout the country and proposing INR 8,000Cr for over 5 years for the National Mission of Quantum Technology and Application.

Mr. Nipun Marya, Director – Brand Strategy, Vivo India

“It is heartening to see that the Government has time and again recognized the significance of electronics manufacturing in today’s economy. The Union Budget’s significant focus on local production of mobile phones, electronics and semiconductor packaging is going to propel the Make in India vision further. We are excited about the detailed scheme, which will follow soon.”

Mr. Rajesh Uttamchandani, Director, Syska

“We welcome the steps taken by the Government in the Union Budget towards boosting electronic manufacturing in the country. The electronic industry has huge potential both in terms of manufacturing in India and job creation and will provide a major impetus for growth. This will further enhance the exports of networked products. Another important step taken is the further push provided by the Government for its smart cities mission. It aims to create 100 cities with state-of-the-art infrastructure that includes intelligent lighting, Wi-Fi access points, leading to enhancement of the quality of life of every citizen while building efficient living spaces for future generations. As a company, Syska has been striving towards developing technology-driven, energy-efficient and affordable solutions that positively impact the lives of our customers. With India heading towards mass urbanization, we are aligned towards promoting sustainability, enhancing social development and creating new employment opportunities through rapid digital innovations.”

Mr. Bishan Jain, Director, Goldmedal Electricals

“The Union Budget 2020 has provided enormous opportunities for companies looking to set up manufacturing facilities in the country. The steps taken by the Government towards making India a manufacturing hub by providing impetus on electronics manufacturing in India will give a further fillip to the Government’s flagship Make in India initiative. Additionally, the budget also provides emphasis on making every district of the country an export hub, with the Government allocating Rs 27,300 crore for the development and promotion of industry and commerce in 2020-21. This initiative will enable Indian companies to develop the infrastructure and manufacturing capabilities required to build products that can be exported. We also welcome the Government’s commitment towards boosting emerging technologies such as internet of things, (IoT), artificial intelligence (AI), machine learning (ML), Analytics and the creation of a sustainable environment to combat climate change. As a company, Goldmedal Electricals has always been at the forefront of introducing innovative and sustainable solutions that make our planet not only smarter but also sustainable for future generations.”

Mr. Yogesh Bhatia, Founder, and CEO, Detel

“We welcome the initiatives announced by the honorable Finance Minister to boost the start-up ecosystem. The measures made by the government will encourage fresh investment in the sector because the proposed scheme is set to focus on encouraging the manufacturing of mobile phones and electrical products. The government planned to reveal more of a detailed scheme to boost mobile phone, electronics products in the country and to initiate more of phones and electronics to be Made in India soon. We are glad for this opportunity that the government has taken and it encourages us to scale up our defined mission of connecting40croreIndians.”

Mr. Nakul Kumar, Co-Founder and COO, Cashif

The Budget 2020, is a step in the right direction for a more promising time to come for India’s startup environment. It is very encouraging to see that the Government has perceived startup as a key job creator as well as an engine of growth which form the backbone of our economy. Tax reforms on ESOPs, and increase the turnover limit for start-ups from Rs 25 crores to 100 crores will boost the start-up system and will lessen the burden from complying with complex red tapism.This year, the budget also focussed towards fuelling growth of early- stage start-ups by introducing initiatives such as setting up portal- based investment clearance cell for offering end-to-end facilitation services at the Central as well as State level in funding and a portal will be set up thereby creating more opportunities for startup owners.

Mr. Vikas Garg, Deputy CFO, Paytm

“We see this budget as a good step in direction to become a $5 trillion dollars economy. As a technology player embedded in India’s technology ecosystem, we welcome the government’s vision to build Data Centre Parks in the country. The government’s focus on enhanced digital connectivity, and focus on emerging technologies such as machine learning and artificial intelligence, along with the allocation towards quantum computing are sure to provide a fillip to India’s economy.”

Mr. Vinu Cheriyan, CFO & Director Operations, Sennheiser India

“For 2020-2021 Union budget, the government has made some notable announcements that are aimed towards strengthening the industry and commerce sector. It also focuses on enhancing growth of youth with skill development. The allocation of Rs 27,300 crore for development of industry and commerce will help in the overall growth of the country. Government’s plans to announced a new scheme to encourage domestic manufacturing of mobile phones, electronics and semiconductor boards, to expand rural development using modern digital technologies to generate massive employment. Furthermore, allocating Rs 3,000 crore for the Skill India programme is also set to increase the skill based jobs in India. To further improve this and provide employment, 115 higher education institutions will also start apprenticeship from March 2021 which will benefit the youth of this country. This initiative will also help people in getting the appropriate jobs basis to their skillsets.

Focus on AI, Internet-of-Things (IoT), quantum computing, a policy to build data centre parks across the country will help in channelizing the explosion of digital technology in the country. With government’s emphasis to increase digital penetration and consumption of mobile, will further strengthens India’s internet potential. This allows for immense growth possibilities for the entertainment industry, further giving a push to the audio accessories industry.

Mr. Takayuki Inaba-Managing Director–NEC Technologies India Pvt ltd

“The current budget proposals exhibit a determined approach of government to make India ready for new technologies. Rs.6000 croreallocation for the proliferation of technology to the lowest level of society by connecting 1 lakh gram panchayats through Fibre to Home connections for supporting basic social infrastructure is a welcome step. The vision of providing panchayat level public institutions with digital connectivity will help streamline the integrated development work and open big opportunities for several stakeholders in the country. Proposal to develop Data Center Parks throughout the country is another major step towards digitization and capitalizing data resource available with government agencies. This step will help analyze the data better and make a well informed decision regarding resource allocation for social development of a specific geography and demography. Allocation of Rs.8000 crore over 5 years for National Mission on Quantum Technology is another positive step towards taking the country to the digital era. All these efforts will promote the use of technology and digitization and play an important role in the overall development of the economy.”