As the Union Budget 2024 unveiling approaches, anticipation is building across various sectors in India. Each year, the budget sets the stage for economic policies and resource allocations that significantly impact the country’s growth trajectory. This year, there is a heightened focus on how the budget will address key areas such as technological innovation, infrastructure development, and social welfare.
Industry Expectations
Technological Innovation: Vijay Navaluri, Co-founder & Chief Customer Officer at Supervity, highlights the AI sector’s optimism for policies that will further stimulate growth and innovation. He emphasizes the importance of the government’s continued support for AI and related technologies to drive the industry forward. Navaluri expects the budget to prioritize investments in AI, particularly in enhancing AI-based education and skill development through partnerships between educational institutions and industry. He believes this will ensure a steady pipeline of skilled professionals who can contribute to various sectors, including healthcare, agriculture, and urban planning.
Navaluri also anticipates the implementation of Public-Private Partnership (PPP) models and the establishment of regulatory bodies to ensure ethical AI usage. Financial incentives and tax deductions for AI startups, along with increased funding for R&D, are expected to boost innovation and the growth of the AI ecosystem in India.
Pankaj Arora, Co-founder of Whilter.ai, expresses hope that the Union Budget 2024 will continue to foster a conducive environment for technological innovation. He emphasizes that startups are the backbone of innovation, driving economic growth and creating jobs. Arora suggests the government should simplify regulatory processes, provide tax incentives, and ensure better access to funding for early-stage ventures. Additionally, he stresses the need for clear and enforceable ethical guidelines for generative AI to ensure responsible development and deployment.
Arora calls for government investment in AI research and development, skill development programs, and public-private partnerships to foster innovation while safeguarding ethical standards.
Infrastructure Development: The infrastructure sector is also looking forward to significant announcements in the budget. Key expectations include increased funding for transportation and logistics projects, as well as initiatives aimed at modernizing urban infrastructure. These investments are crucial for boosting economic growth and improving the quality of life for citizens.
Social Welfare: On the social welfare front, there is an expectation that the budget will allocate substantial resources to health and education sectors. Enhancing public health infrastructure and expanding access to quality education are seen as essential steps towards achieving inclusive growth and social equity.
Overall, stakeholders across various industries are eagerly awaiting the Union Budget 2024, hoping it will bring forward progressive policies and investments that will drive technological advancement, infrastructure development, and social welfare initiatives in India.
