The tech industry on Friday welcomed the government’s renewed focus on making India a $5 trillion economy by 2025, through investments in infrastructure, digital economy and job creation.
The industry also hailed the attempt to attract technology majors for setting up manufacturing units in areas such as laptop, chipset making and lithium electric batteries.
“Initiatives to prepare 75,000 skilled entrepreneurs in agro-rural industries through 100 new incubators under ASPIRE scheme and training 10 million youth under the Kaushal Vikas Yojana will help create a large pool of skilled manpower in India,” emphasised Sumeer Chandra, MD, HP Inc India.
CP Gurnani, MD and CEO, Tech Mahindra, said the government’s vision of a ‘New India’ will thrive on the confluence of New Age digital technologies, quality education and apt skilling.
According to Jatin Dalal, Senior Vice President and Chief Financial Officer, Wipro Limited, it is encouraging that the fiscal deficit target has been revised downwards from 3.4 per cent to 3.3 per cent.
“Strengthening PSU banks’ capital and improving RBI’s oversight on the financial sector will likely improve the flow of credit in the economy. A series of measures to enhance capital flows and employment generation are also great steps. Better growth with macro-economic stability will be the ideal outcome,” said Jatin Dalal, Senior Vice President and Chief Financial Officer, Wipro Limited.
According to Kushal Nahata, CEO and Co-founder of logistics-tech start-up FarEye, the government’s focus on building a digital India is again highlighted with its willingness to train people on AI, IoT and Big Data.
“These are key technologies that will transform the supply chain and logistics industry,” he noted.
The main objective of the budget is to set the groundwork for Prime Minister Narendra Modi’s aspiration of a $5-trillion-dollar economy.
“Arguably, one of the biggest beneficiary of this vision would be the technology industry,” said Suman Reddy, MD, Pegasystems India.