/Budget Reactions: Industry Leaders & Opinion Makers

Budget Reactions: Industry Leaders & Opinion Makers

Arun Jaitley

“The increase in the customs duty on imported mobile phones is a great move which will boost the ‘Make in India’ campaign by promoting local manufacturing. The government’s focus on the new digital technologies will help lead to an empowered digital society and a knowledge economy.” – Neeraj Sharma, Country Head, Spreadtrum India

“The 2018 budget has a strong focus on Agriculture, Healthcare, and Rural Development. I believe this will contribute to the holistic growth of India. The reduced corporate tax rates to the MSME sector is welcome, but I hope it is in the books to extend this benefit to all companies soon. The continued focus on digital growth by the Government including a special focus on Cyber Security with the launch of Centers of Excellence is a huge necessity for India and I am happy to see it in this Budget. Finance Minister has tried to keep the fiscal deficit within the target limits. Overall it is a prudent and growth-oriented budget.” – Padmanabha Krishnamurthy, CFO, Paladion Networks

“This year’s budget not only takes significant steps towards the Digital India vision but also towards inculcating the latest technologies like Artificial Intelligence for the national development. With NITI Aayog to establish a national programme for artificial intelligence, we look forward to supporting the nation with R&D support and more programmes like ABHED which is already assisting the Polices forces with AI capabilities. With the advent of new technologies and the Indian government being equally eager to adopt them, we strongly foresee the nation to be on the road to transformation and emerge as one of the leading Digital Nations on the world map.” – Atul Rai, CEO & Co-Founder, Staqu

“Allocation of a significant fund and announcing efforts to enhance research in disruptive technologies like Artificial Intelligence (AI), Internet of Things (IoT) and Robotics implies that the importance of adoption of such technologies has finally been taken into consideration by the government. With NITI Aayog to establish a national programme for artificial intelligence, this will not only significantly aid job creation but will also assist the government to move towards its Digital India vision.” – Aakrit Vaish, Founder & CEO, Haptik

“Emphasizing Digital India powered over AI and by allocating substantial fund, this government has seriously understood the need and capability of technology. It’s great to see that government is recognising future technology for building nations future. Not only this helps in job creation but also advances the nation in competitive global space” – Prabhakar Chaudhary, MD – HAL Robotics

“The Finance Minister has doubled the budget for the Digital India Scheme, emerging as a major move towards assisting the nation to progress further. The second development of investment of Rs 10,000 crore for rural Wi-Fi hotspots, giving 5 crore citizens access to broadband speed internet by the deployment of 5 lakh Wi-Fi hotspots should help bring more consumers online, increasing digital consumption of services like OTT, entertainment, banking, and e-commerce. We at nexGTv feel that all these steps are a definite plus for the significant growth of the digital businesses in the country.” – Abhesh Verma, COO, nexGTv

“The latest budget announcement holds great promise. I am particularly enthused by doubling the allocation to Digital India to Rs 3073 cr for the 2018-19 fiscal and. This move will empower the society in areas like broadband and mobile connectivity and government services on demand and will help the country’s vision to be a digital-first economy. Furthermore, the allocation of INR 10,000 crore for the 5 lakh WiFi HotSpots to provide Broadband access to 5 crore rural citizens is also promising. With nearly 70% of the country’s population living in rural and semi-urban geographies, the move will give the vision of a ‘Digital India’ a big boost and provide businesses an opportunity to upscale.” – Ambika Sharma- Founder & MD, Instappy

“The Union Budget 2018-19 is a balanced budget that I believe will help drive & sustain long-term growth for India. The increased focus on higher infrastructure spends, smart cities, digital India, and healthcare is a step in the right direction. With 99 smart cities being selected and an amount of over Rs. 2 lakh crore being allocated, it will give the nation a significant opportunity to upscale its Infrastructure as a growth driver. In addition, doubling the Digital India budget allocation this year is a step ahead towards becoming a digital-first economy which will assist in reshaping and empowering the country by leveraging technology.” – Rajiv Bhalla, Managing Director, Barco Electronic Systems

“Based on the Union Budget 2018 announcement, there is no change in government’s stance with respect to trading cryptocurrencies. Cryptocurrency holders need not panic and the business is as usual at Unocoin.” – Sathvik Vishwanath, Co-Founder & CEO, Unocoin

“Budget has shown an increase in tax collections to government exchequer since demonetization drive almost a year back. Government of India continues to embrace new initiatives and technologies to reduce the costs of doing the cashless transaction and reducing the parallel black economy. Blockchain will disrupt the present practices related to money transfer, contracts and property records, amongst other things. Blockchain should be explored to tackle bad loans by real-time information exchange between banks. I believe blockchain will be pivotal in executing the smart cities initiatives, particularly the small towns in India. This will include disrupting models of transportation like Uber, Ola etc. The reduction in intermediaries will also make governments and bank efficient by replacing loads of paperwork”. – Sirish Kumar, Founder & CEO, Telr

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