Finance Minister Nirmala Sitharaman presented her 5th straight budget for 2023-24 today. This is also the last the full budget of the Modi 2.0 govt before the next parliamentary elections in 2024.
This year’s budget proposals rested on six broad pillars
- Inclusive development
- Reaching the last mile
- Infra & investment
- Unleashing the potential
- Green growth
- Youth power
- Financial sector
Budget highlights of the IT sector.
-To set up 100 labs to develop 5g APPS
-To set up 3 CoE for AI
-National data governance policy will be brought out
-Use of Digilocker Aadahar as a one-stop solution for address
Industry reactions:
Gokul Tandon, Group Executive Chairman, CloudConnect Communications
Establishing a quality AI ecosystem and nurturing quality human resources in the industry is one of the key announcements in the Union Budget 2023-24. The finance minister’s vision to “Make AI in India and Make AI work for India” comes as a positive step towards building a progressive environment in the sector. The goal through the same is to make an efficient Indian AI ecosystem that will be stimulated through skilled workers. With the introduction of 5G services last year, the sector saw substantial growth and investment avenues. Now announcing the establishment of 100 labs for 5G service development will facilitate promising transformation in the telecom sector that will, in turn, also revamp the setup of private networks in the country. However, we did expect the budget to address the tax relaxation concerns in the telecom sector. Hopefully, we will see eventual measures from the government in this regard.
View full version on Express Computer: https://www.expresscomputer.in/news/thoughts-on-union-budget-2023-2024-by-it-companies/94294/