Gaurav Sahay, Practice Head - Technology & General Corporate, Fox Mandal & Associates.
Credit: LinkedIn
Union Finance Minister Nirmala Sitharaman is set to present the Union Budget on February 1 in the Lok Sabha. The Economic Survey by the Finance Ministry will be released on January 31.
In this context, several industry leaders have opened up about their expectations from the Budget.
Gaurav Sahay, Practice Head - Technology & General Corporate, Fox Mandal & Associates said, "The 2025 budget should aim to not only incentivize technological innovation but also build a resilient ecosystem by addressing regulatory, infrastructural, and skill-related challenges. A clear roadmap for these sectors will ensure India’s continued leadership in the global tech landscape. India’s pre-budget preparations should aim to address emerging challenges, boost economic growth, and align with its long-term strategic goals in the key areas."
Here are some of his other observations:
"Artificial Intelligence (AI) and Machine Learning (ML) are critical for automation, decision-making, and driving innovation in diverse fields such as healthcare, agriculture, and education. The Government must introduce incentives for AI research and development, establish AI-focused hubs and partnerships between academia, startups, and industries, launch initiatives to develop explainable AI and ensure ethical AI deployment and promulgate specific regulations on the subject matter that gives direction to the growth and development of the sector."
"Semiconductor Manufacturing and Chip Design, wherein the global semiconductor shortage underscored India's need for self-reliance in this critical area. India must focus on to increase funding under the Production-Linked Incentive (PLI) scheme for semiconductors, foster collaborations with global semiconductor giants, invest in skill development for VLSI design and manufacturing and harness public private partnership to boost robust development and research with guided implementation in required areas such as defence, computer and peripheral equipment, consumer & industrial electronics and telecommunication equipment."
"If given the right perspective, Quantum Computing can revolutionize sectors like cryptography, drug discovery, and logistics. Government must allocate funds for quantum research and build state-of-the-art quantum labs, partner with global leaders to accelerate research and workforce training and launch a "National Quantum Mission" with clear deliverables."
"Blockchain and Web3 Technologies can enhance transparency in governance, while Web3 can revolutionize digital economies. The Indian Government must provide a clear regulatory framework for blockchain and cryptocurrencies, encourage blockchain adoption in land records, supply chain management, and public services and set up Web3 incubators for startups."
"Amongst and above all, India needs a workforce equipped to handle rapidly advancing technologies. India must deliberate in enhancing Skill Development and Digital Literacy to expand skilling programs under Skill India to include AI, blockchain, and IoT. The program must partner with global tech companies for specialized training that would increase focus on women's participation in tech sectors."
"The 2025 budget should aim to not only incentivize technological innovation but also build a resilient ecosystem by addressing regulatory, infrastructural, and skill-related challenges. A clear roadmap for these sectors will ensure India’s continued leadership in the global tech landscape," Sahay added.
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.