Their post Budget reaction mainly was driven by yesterday’s Finance Minister’s announcements related to digital education, startup and they also consider that yesterday’s Union Budget 2022 will emphasize on digital push.
Commenting on the Budget speech and announcements made by FM Sitharaman, Suman Reddy, Managing Director and Country Head, Pegasystems India said, “The Union Budget for 2022 laid the foundation for a growth-supportive plan as the nation commences its exit from a pandemic-induced slump. India’s growth is highest among all major economies, and we are in a strong position to withstand challenges. With a keen focus on health, education and startups, we are truly on our way to encouraging further digital adoption, particularly in semi-urban and rural markets.”
“I am delighted with the focus of Budget 2022 on digital and technology. It is a forward-looking blueprint of India’s resilience, capabilities, and determination. The Indian tech startup space continues to witness steady growth, accounting for 70 unicorns with most of them in the IT/knowledge-based sectors. The provisions outlined in this year’s Budget will provide them a game-changing economic transformation opportunity. Additionally, the framework outlined for citizens to skill, reskill or upskill through online training will open up a sophisticated pipeline of jobs and entrepreneurial opportunities. The introduction of central bank digital currency will boost the digital economy and will hugely benefit the Fintech ecosystem. With setting up of 75 digital banking units India is set to become a robust digital economy in the next two years,” he also added, “The ongoing race to deploy 5G will be crucial in addressing and streamlining the avalanche of data and the multitudes of IoT connections that will power the smart cities, utilities, education, healthcare, transportation, and enterprise needs of today and tomorrow. We are truly on our way to building an open, digital and inclusive India within the next 25 years.”
Bringing a different perspective, Anshuman Rai, Area Vice President, India, and South Asia, Commvault said, “The Budget 2022 is a futuristic step taken by the government to complement nation’s macro-growth encompassing digital economy, tech-enabled development, and inclusive sustainable actions.”
The announcement of data centres being awarded an infrastructure status is truly commendable as this move will be a major thrust to data localization. he also added, “The new status will enable the data centre sector to get credit at competitive rates and on a long-term basis with enhanced limits. This move will also be a catalyst in realizing India’s vision of attaining the position of a global data centre hub.”
The establishment of an open national digital health ecosystem, inclusive core financial approach, and digital currency will be instrumental in bridging the digital gap and bolster the Digital India vision further. “With an increased focus on digital ecosystem for skilling, through API-based skill credentials and digital universities, we will see a talent surge that is equipped for the jobs of the future. The initiatives for telecom services and modernization for agri sector through land record digitization will be critical in modernizing and broadening the scope of data generation, management, and protection,” Mr Rai said, “All these measures will, ultimately, result in a massive amount of data generation which will drive the demand for a robust and unified data management and protection technology further.”
Sudhindra Holla, Director, Axis Communications, India and SAARC bought a slightly different perspective that the above mentioned two experts. He said, “With the goal to complement macro-growth with micro-all-inclusive welfare and tech-enabled development, we are optimistic that these measures will further strengthen India’s power as a global digital hub. With technology serving as the pivot in this year’s budget, there will be a renewed focus on the criticality of a robust cybersecurity solution. The seven engines of the PM Gati Shakti masterplan encompassing the launch of 400 new-generation Vande Bharat trains and the national highway network will be key drivers in the demand for top notch surveillance solutions. We are upbeat on the slew of recommendations for urban infrastructure development as this will be an impetus for not only generating employment but also reinvigorate the development of smart cities. The rollout of 5G services will further the potential of technology and aid in promoting R&D and commercialization of tech and solutions.”
The launch of the National Ropeways Development Programme will be a major thrust to the tourism sector and the vision towards developing a self-reliant defence sector will additionally boost the demand of hi-tech surveillance and security solutions, Mr Holla added.