Post Budget Reactions by Industry Experts…

Consumer Tech Expert Reaction

Mr. Varun Gupta, Founder & CEO, of Boult Audio, said, “Budget 2023-24 seems promising for the consumer electronics sector. As the Indian government plans to set up three Centres of Excellence for Artificial Intelligence with the goal of research and development of practical AI applications in various sectors. Realizing the vision of “Make AI in India” and “Make AI Work in India” will enhance the paths towards success for the consumer electronics sector, thereby increasing opportunities and production with cutting-edge technology. Enhanced limits for micro-enterprises and professionals to take advantage of presumptive taxation have opened many opportunities for the industry. Also, the key point that a deduction on payment made to an MSME will be allowed if the payment is actually made has clarified many obstacles. Considering the fact that the Indian consumer electronics market size is expected to expand at a compound annual growth rate, the country provides a global opportunity for average consumer spending. And with the budget announcement regarding the new tax regime to be extended to INR 7 Lakh instead of 5 Lakh as the previous year; middle-class consumers will increase spending on electronics and gadgets. The extended cash withdrawal for co-operative societies – up to INR 3 Crores is an addition to the set of relief aids for the industry.

Health-Tech Expert Reaction

Mr. Pankaj Balwani, Founder, of Xplore Lifestyle said, “As far as keeping macroeconomic stability is concerned, the budget has definitely ticked all the boxes. The setting up of multidisciplinary courses for medical devices in existing institutions as well as the provision for new-age courses under PM Kaushal Vikas Yojana such as coding, AI, robotics, mechatronics, IOT, 3D printing, drones, etc would definitely have a multiplier effect while also giving an impetus to the skilling and upskilling of MedTech professionals in the country. Relatedly, the promotion of pharma research through sharing of research at ICMR labs and centers of excellence will also help in this endeavor. However, even as we wait for the fine print, as a MedTech solutions provider, we would have expected the government to announce reductions on customs duties and GST on medical devices. Also, the government could have expanded the scope and budget for PLI programs for medical devices in today’s budget.

EV Expert Reaction

Mr. Akshit Bansal, Founder & CEO of, Statiq said, The union budget for 2023-24 will pave the way for the green empowerment of the country and reflects the progressive attitude of the government toward sustainable development. We welcome the vision of the government of India in establishing and boosting the focus on green growth. As India’s new budget envisions 7 priorities, green growth is among the top priorities of it. In its budget, the government has announced a large sum of Rs 35,000 crore to be allocated towards achieving the net zero goal and energy transition. The government has set its target to reach green hydrogen production of 5 MMT by 2030. This will encourage the private sector involved in green renewable energy-based products to expand their business and invest more in the business of green energy. The government’s green growth efforts will help in reducing carbon impact, promote green alternatives and create space for employment. It will enable the use of green-based products at a larger scale among the common public. The government’s green signal to green growth will give an edge to companies like electric vehicle manufacturers to market their products and enhance the opportunities for industry players to cater to their target audiences. This will also help in meeting the carbon offset program of various companies in the green sector.”

Mr. Raghav Arora,Co-Founder & CTO,Statiq said, The big push for artificial intelligence in the union budget 2023-24 signifies that the government is ready to go on a large-scale technological ride. This decision is going to prove constructive for existing and emerging startups. The government’s announcement of setting up 3 centres of excellence for artificial intelligence (AI) to research and develop cutting-edge applications in India will be a major breakthrough for tech-involved companies. These centres will be set up in top educational institutions where students will also learn new innovations in artificial intelligence, upskilling them to become experts in artificial intelligence and its related trends. It will create a space for potential employment opportunities as well. This move will cater to the government’s vision of ‘Make AI in India. Make AI work for India’. With the help of AI advancements, there will be an effective AI ecosystem in which companies can grow beyond expectations. In this system, leading industry players will contribute to conducting research and developing innovative solutions in different sectors.

Edtech Expert Reaction

Mr. Aarul Malviya, Founder of Zamit said*, Union budget 2023-24 reflects that the government is profoundly interested in bringing a digital revolution in the education sector and promoting the use of artificial intelligence in education. We are glad that the government’s new budget is in line with India’s ed-tech sector. With the government’s announcement of establishing a National Digital Library for children and adolescents, the ed-tech sector will definitely get a boost; it will create a digital ecosystem in the education sector and encourage digital education. It will largely benefit the students who are lagging behind due to the pandemic. This budget has also highlighted the importance of artificial intelligence in the education sector by announcing the establishment of 3 ‘Centres of Excellence’ for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’. This step is going to encourage ed-tech companies and start-ups on an enormous scale. The government have introduced the National Data Governance policy which will enable access to anonymized data. The decision of the government to set up 100 labs in engineering institutes for developing apps using 5G services will bring new opportunities in enhancing the concept of smart classrooms and enabling extensive reach of education. However, even as we still wait for the fine print to come out, perhaps the government could have also announced a reduction of taxes on online learning programs as well as incentives for those providing digital education and skilling programs in the private sector.

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