What Industry Wants from Interim Union Budget 2024

Industry leaders have raised key expectations ahead of the Interim Union Budget 2024 Speech

Cybersecurity infrastructure: Analysts are wondering if the government will allocate funds to improve the country's cybersecurity infrastructure, as it did in the previous year's budget

Revitalizing the hospitality sector: The budget should prioritize revitalizing the hospitality sector, emphasizing sustainable tourism and infrastructure development Incentives for digital innovation and skill training are crucial for long-term industry resilience and job creation.

Boost for the semiconductor industry: Programs like PLI and DLI, along with joint funding and collaboration with technology leaders, are expected to spark innovation and establish India as a global semiconductor hub Exemption from customs duty for electronic transmissions and a uniform tax policy are proposed to foster favorable business conditions.

Make AI in India: The industry expects the government to focus on shaping the industry with advanced technologies like artificial intelligence (AI) and invest heavily in establishing enabling mechanisms for its growth

India's struggle with cyber-attacks: In 2023, India faced 2,138 cyber-attacks per week per organization, highlighting the need for improved cybersecurity measures

Government's involvement in AI: The Indian government's involvement and framing of relevant policies are crucial for the growth of artificial intelligence in India

Tax exemptions for space sector firms: The Indian Space Association has represented 39 start-ups and major companies in advocating for tax exemptions for the space sector, including reduced tax rates and exemptions for specific equipment