Aayushi
Mathpal
Updated 1
Feb,2024,10:30AM,IST
As India gears up for Budget 2024,
there's palpable excitement in the technology sector, with high hopes for
policies that could significantly boost the fields of Artificial Intelligence
(AI), Virtual Reality (VR), and semiconductor industries. Stakeholders are
looking forward to a budget that could address the urgent need for advancements
in education, particularly in AI and VR, and support the burgeoning tech
sector's growth through specific policies and incentives.
Education and AI
Skills Democratization: The
education sector is particularly eager to see advancements in AI, VR, and STEM
(Science, Technology, Engineering, and Mathematics) education. Proposals
include establishing AI hubs and centers of excellence across the country,
including in Tier 2-3 cities, to democratize AI skills and knowledge. The
integration of virtual science labs in schools is another significant request,
aiming to provide immersive and interactive educational experiences that
prepare students for a future where proficiency in STEM fields is crucial. The
budget is also expected to address the education sector's alignment with the
National Education Policy (NEP) 2020, focusing on improving the faculty-student
ratio and internationalization indicators, with suggestions for a 100% increase
in the education budget to Rs 2.25 trillion.
Tech Industry
Expectations: The tech
industry, encompassing domains from gaming and AI to semiconductors and
wearables, has articulated its wish list for government support. Key
expectations include government initiatives to foster talent in the gaming and
esports industry, reduced Goods and Services Tax (GST) rates on electronics,
tax incentives for startups, and policies supporting early-stage
entrepreneurship. There's also a call for enhanced policies and funding to
support India’s technology startup ecosystem, with specific areas for R&D
funding including sustainable public transportation, AI in defense, and health
tech for rural areas. Moreover, strategic investments in the semiconductor
ecosystem and manufacturing, along with easing business processes, are
considered vital for bolstering India’s leadership in technology.
These expectations reflect a broader
vision for Budget 2024 to catalyze growth and innovation across India's tech
landscape. The focus is not only on creating a conducive environment for
current industry leaders but also on nurturing the next generation of
innovators and entrepreneurs. By addressing these key areas, Budget 2024 could
significantly contribute to India's position as a global tech hub, fostering
innovation, generating employment, and enhancing the country's competitiveness
on the international stage.