Tech Triumphs: A Dive into the Budget 2024-2025’s Electrifying Electronics Trend

Embark on a thrilling journey into the pulse of innovation with ‘Tech Triumphs: A Dive into the Budget 2024-2025’s Electrifying Electronics Trends,’ as India’s Finance Minister, Nirmala Sitharaman, unveils the visionary roadmap for the nation’s technological evolution- Viksit Bharat by 2047!

Key Highlights of the Tech Industry

The key vision of India- Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all. We can infer that there will be development in the Electronics Industry and the Automotive Sector as well. However, key focus will be on climate sustainability, green hydrogen, and smart mobility. 

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Commitment to meet ‘Net Zero’ by 2070

• Viability gap funding for wind energy
• Setting up of coal gasification and liquefaction capacity
• Phased mandatory blending of CNG, PNG and compressed biogas
• Financial assistance for procurement of biomass aggregation machinery

Rooftop solarization

• 1 crore households will be enabled to obtain up to 300 units of free electricity per month
• Adoption of e-buses for public transport network
• Strengthening the e-vehicle ecosystem by supporting manufacturing and charging

Towards meeting our commitment to ‘net zero’ by 2070, the following measures will be taken. 

• Viability gap funding will be provided for harnessing offshore wind energy potential for an initial capacity of one giga-watt. 
• A coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia. 
• Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.
• Financial assistance will be provided for the procurement of biomass aggregation machinery to support collection.

Electric Vehicle

• The government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. 
• Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanisms.

Strategic Horizons: Business Leader’s Take on 2024-2025 Economic Blueprint

FR Singhvi, President, ASDC

In a significant stride towards enhancing the electric vehicle (EV) ecosystem and fostering environmentally friendly growth, the government has revealed plans to expand and fortify the manufacturing and charging infrastructure for EVs. Finance Minister Nirmala Sitharaman announced during the presentation of the Interim Budget in the Lok Sabha on Thursday.

President of ASDC and JMD Sansera Engineering Ltd, FR Singhvi, shared his views on the interim budget. The comprehensive approach outlined in the interim budget towards the automotive sector aligns with the government’s objectives of promoting ‘Atmanirbhar Bharat’ (self-reliant India) and moving decisively towards achieving net-zero carbon emissions by 2070. Moreover, this strategic move is expected to generate employment opportunities for semi-skilled labour in the installation and maintenance of EV charging stations.

ASDC, in its role, has taken on the responsibility of providing skilled professionals to meet the industry’s growing demand. As ASDC – an institution steadfast in its commitment to skill enrichment; we embrace these forthcoming advancements with anticipated enthusiasm. Such strategic executive direction indicates amplified requirement for skilfully trained professionals within the evolving EV sector – a demand growth we are equipped and eager to accommodate viably through enriched training programs constantly updated catering ever-evolving industry requisitions effectively.

Raman Bhatia, Founder & Managing Director, Servotech Power Systems Ltd.

Aatmanirbharta and Viksit Bharat took centre stage in the budget, epitomizing a visionary approach to India’s self-reliance and comprehensive development. The vision for an economically independent and developed India permeated every facet of the budget, showcasing a steadfast commitment to innovation, resilience, and transformative growth, positioning India as a global leader. As a leading EV charger manufacturer, we applaud the strategic focus on the EV sector. The emphasis on creating business opportunities and generating employment marks a significant stride in accelerating sectoral growth. Government support for manufacturing and developing EV charging infrastructure provides a crucial impetus for establishing a robust and widespread charging network. The focus on deploying E-Buses in commercial spaces, facilitated by a secure payment mechanism, reflects a progressive approach that contributes to the overall advancement of the electric mobility ecosystem. While we anticipated announcements on FAME-3 and the PLI scheme, we remain hopeful that the full-fledged budget will delve into these schemes in detail. We eagerly look forward to actively participating, leveraging our expertise to bolster the growth of the EV ecosystem and contribute to building a sustainable and efficient electric mobility infrastructure. Our optimism extends to the belief that the comprehensive budget will usher in opportunities fostering innovation and sustainability in the transportation sector, steering India closer to its vision of becoming an EV-powered nation.

Lt. Gen. AK Bhatt, Director General, Indian Space Association

We commend the government’s allocation of the Rs 1 lakh crore corpus in the interim budget 2024 for long-term financing of technological research. This move will be beneficial for startups in the rapidly expanding space sector, providing them with support to innovate and conduct further research across various domains of space technology.

Additionally, the new scheme being launched for boosting deep-tech for the defense sector will be transformative. This initiative holds significant promise for DefSpace startups, which can play a substantial role in enhancing the ecosystem due to the integral relationship between space and defense industries.

However, we are sanguine that the post-election full budget will include support for a liberal FDI policy for space, inclusion of space grade components in PLI, reduction of GST for satellites, launch vehicles and ground equipment manufacturing and provide tax holidays and lower import duty for space sector firms.

Pratik Kamdar, CEO & Co-Founder, Neuron Energy

The Interim Budget focused on key sectors and one of the promising ones is Electric Vehicles (EV). The initiatives will enhance and fortify the EV ecosystem by bolstering manufacturing and charging infrastructure. Additionally, the encouragement of greater adoption of e-buses for public transport networks through payment security mechanisms is a notable benefit. These investments not only pave the way for increased EV sales and adoption but also open doors for burgeoning job opportunities and entrepreneurial ventures within the sector. These efforts remain dedicated to driving India’s green mobility revolution forward. There is also an anticipated outcome in the form of economic empowerment which will equip the youth with valuable technical skills, ensuring a robust workforce for the manufacturing of EV chargers, and associated equipment. We look forward to the July budget where the focus will be on Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme and much-anticipated FAME III scheme.

Vinkesh Gulati, Vice President, ASDC

The recent budget revelation by our finance minister exhibited the government’s firm resolution towards strengthening and developing the electric vehicle (EV) industry. A comprehensive strategic direction was highlighted, encompassing enhancement of manufacturing base, fortifying charging infrastructural backbone for EVs and avid incorporation within public transportation.

Such a supportive thrust towards bolstering EV ecosystem is beyond doubt set to expedite utilitarian propagation evolving “Green Vehicles”, thereby promising manifold associated benefits like pollution control resource conservation contributing healthily affirms commitment sustainable development objectives.

Optimally harnessed, this can provide robust stimulus driving national economy at pace higher than customary growth rate benefitting large scale employment generation. Concurrently advances in such technology bound sectors will necessitate extensive skill upgradation -an aspect energetically endorsed zealously pursued across nations appreciating ceaseless evolution technological advancements their far-reaching potential impacts holistic inclusive societal betterment.

This advancement showcases India’s progressive, policy-driven approach towards clean mobility options while catering to global commitments of achieving lower emissions; thereby elevating national stature progressively positioning it as an attractive investment destination for advanced green technology frontiers welcomingly unfolding golden opportunities unfolding entrepreneurial ventures showcasing potential future-ready Indian auto-ancillary industries profitably join locomotive bandwagon reshaping tomorrow drawing ingenious minds innovative solutions shaping sustainable trajectory well-rounded eco-friendly socio-economic progression.

At ASDC, we consistently update our programs to meet evolving industry needs. Considering the government’s favourable EV initiatives, we are prepared for capacity building and nurturing skilled professional’s adept in various capacities of vast emerging EV sector. Our active engagement in developing comprehensive skill training modules signposts a holistic strategy aimed at projecting India on a global platform as producers of high-quality manpower vital driving force behind crafting nation’s sustainable mobility landscape. To address the growing demand for skilled individuals in the EV industry, ASDC offers comprehensive training programs covering various aspects such as manufacturing, maintenance, repair, and charging infrastructure. ASDC has taken proactive measures, including initiating programs and forming collaborations with industry manufacturers, training partners, and academic institutions, to enhance the skill set of the workforce. This focus on skill development is crucial in elevating the quality of produced EVs.

The right skill sets empower engineers and designers to create more efficient, durable, and safe EVs. Additionally, skilled technicians and maintenance workers play a vital role in ensuring the optimal functioning of these EVs, contributing to an enhanced overall customer experience.

Sanjeev Chabbra, Managing Director & CEO at Beetel Teletech Ltd.

The budgetary focus on the three identified economic railway corridor programs through PM Gati Shakti is a significant stride toward enhancing multi-modal connectivity, laying a strong foundation for positioning India as a global electronics manufacturing hub. The allocation of a one lakh crore corpus, combined with the reduction in corporate tax rates from 30 percent to 22 percent for existing domestic companies, underscores a forward-looking approach. These initiatives are poised to unlock immense potential, propelling India’s technology and electronic manufacturing landscape to new heights. The budget reflects a commitment to fostering innovation, competitiveness, and a brighter future for our nation in the realm of technology.

Pooja Thakran, Senior Director – Corporate Communications and CSR, Honeywell India

Interim Budget 2024 stands as a testament to the government’s dedicated focus on promoting rural agronomy, bolstering youth employability and fostering women empowerment, especially across the rural belts. The budget acknowledges the need for critical interventions in youth upskilling and this is reflected in the success of the Skill India. Moreover, the surge in female enrolment in higher education and in STEM courses is indicative of the positive transition in India’s gender parity. Much of this success is also attributed to the growing synergies between the government, the development sector and corporate India, specially by promoting upskilling and sustainability interventions through CSR.

For example, we, at Honeywell Hometown Solutions India Foundation have sponsored STEM education for girls and upskilling programs for underserved youth.  Moreover, we provide financial impetus to start-ups in the deep science. The Interim Budget’s allocation of 1 lakh crore to scale up research and innovation in sunrise sectors (hydrogen fuel production, petrochemical industry) is a great move and aligns with Honeywell’s business priorities and our social impact agenda. We are optimistic that this will contribute to India’s $5 trillion economic vision.

Venkat Mattela, CEO & Founder, Ceremorphic

Semiconductors play a pivotal role in modern technology, serving as a cornerstone for high-computing applications across various industries. India has actively positioned itself to become a semiconductor hub, and the 2024 Interim Budget has set the stage for incredible innovations expected to emerge from the country in the coming years. We commend the transformative measures unveiled in the Interim Budget, with a notable highlight being the allocation of Rs 6,903 crore to bolster semiconductor and display manufacturing—a staggering 130 percent increase. This significant investment surge aligns with the global expectation for India to become the next semiconductor powerhouse.

In addition to that, the announcement of a Rs 1 lakh crore corpus for long-term technological research financing emerges as a visionary investment, set to catalyze significant advancements in research and innovation within burgeoning sunrise domains. This landmark allocation heralds a golden era for today’s tech-driven youth, emphasizing the pivotal role of technology in shaping our nation’s future. It also reflects India’s dedication to empowering our dynamic youth talent with cutting-edge technology—an alliance that not only underscores the pivotal role of technology in our future but also aligns with our commitment to fostering a thriving ecosystem where innovation flourishes. It is also promising to see how the interim budget has also focussed on increasing women participation in STEM fields thus systemically bringing more women into the workforce.  

The outlined budget measures reinforce the ecosystem’s confidence to lead the technological landscape, propelled by the resilience and creativity of its people.

Sridhar Dharmarajan, the EVP and MD India, Hexagon MI

India’s 2024 budget announcement underscores a pivotal shift towards a digital and inclusive economy, focusing on technological advancements, investments on R&D, infrastructure building and emphasis of women & skilled workforce in nation building. This strategic direction is not just critical for a self-reliant nation but essential for continuous and sustainable growth in achieving the ambitious $8 trillion economy status in 2030. At Hexagon, we resonate with this vision, recognizing the immense potential in fostering innovation, digital autonomy & increasing sustainable footprints and our commitment to these principles is unwavering, as we align our efforts with India’s vision of 3rd largest economy, contributing to a future where technology, humanity and inclusivity drive progress and prosperity, together.

Sanchit Sekhwal Goyal, Director, Su-Kam Power Systems Limited

We are very pleased to find that renewable energy has been a focus area for government spending in the Interim Budget. The comprehensive plan aimed at achieving the nation’s ambitious Net Zero target by 2070 in the Interim Budget 2024 is encouraging and will steer the country towards a greener future. The honourable Finance Minister’s push for rooftop solar by providing assistance for the installation of rooftop solar systems for 1 crore households under the Pradhan Mantri Suryodaya Yojana will spur demand in the industry, and more and more people will be encouraged to opt for renewable energy.

 Jaya Vaidhyanathan, CEO, BCT Digital

The budget presented was on expected lines. Being a vote-on-account, there were no major announcements, but at the same time it provided a clear overview of India’s economic trajectory and the government’s dedication to development through targeted schemes.

Revenue receipts for the year exceeding budget estimates, robust growth in GST collections, and a fiscal deficit at 5.8% of GDP – lower than anticipated – all  indicate robust economic growth. This is bolstered by the formalization of the economy, which will have a positive impact on the banking system that lends to the formal economy. Further, despite the huge amount of welfare measures in place, the strong revenue figures have kept the fiscal deficit in check – estd at 5.1% in FY25 and on track for 4.5% by FY26 .

Significant capital expenditure growth of over 11% this year, accounting for 3.4% of GDP, underlines the focus on key areas like railway infrastructure and green energy. This is expected to transform the country while also ensuring employment generation to harness demographic dividend. Specific steps like viability gap funding and other financial assistance to achieve net zero by 2070 are expected to catalyze new industries and enable cleantech players to transform the landscape through innovative tech solutions. Overall, the budget aligns with India’s path towards sustainable growth and development, balancing welfare measures with economic expansion.

Prashanth Doreswamy, President and CEO, Continental India

We, at Continental, appreciate the Indian government’s commitment to skill development and the successful training of 1.4 crore youth under the Skill India Mission. Advancements in technology mandate specialized skills and we have been speaking about this regularly. A skilled workforce is key in any sector and automotive technology is no exception. With all the focus on R&D in the automotive technology sector India, there is definitely a need to increase collaboration between the industry and academia in order to align with the evolving needs. 

The government’s commitment towards the EV ecosystem is also worth appreciation, and this is also in keeping with the needs of the current times, especially as the plan is to expand and strengthen support of manufacturing and charging infrastructure – both critical aspects for faster adoption. With the government encouraging greater adoption of e-buses for public transport through payment security mechanism, it gives the automotive sector an opportunity to explore the same as well.

With the allocation of a mega capital outlay for net-zero objectives, the Energy Transition Fund is also a positive move. This will also impact the automotive sector, especially in the development and adoption of new-age fuels like green hydrogen, ethanol, and biofuels. An alignment of the automotive sector’s R&D efforts with this government focus can help businesses stay ahead in the game.

We also appreciate the introduction of the scheme for bio-manufacturing and bio-foundry, recognizing its potential to promote green growth and provide environmentally friendly alternatives. Sustainability has been a key focus for Continental – from material to product and this will help us align with the government and also stay at the forefront of innovation keeping in mind sustainability.

Rajinder Kaul, Chairman & Managing Director of Sharika Enterprises 

We welcome the measures for infrastructure development and technology adoption in this Interim Budget and moreover, the last year’s massive allocation to renewable energy has already boosted the sector. However, we believe that the budget could have done more to address certain pressing challenges in the power sector. For example, there is a need for greater investment in grid infrastructure to support the integration of renewable energy sources. Additionally, more incentives for the adoption of energy-efficient technologies are the need of the hour. We hope that the government will continue to prioritize these areas in future budgetary allocations to accelerate the growth of the power sector.

Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.

The Indian Electronic Security Industry is hoping for more concessions and tax rebates for strengthening the manufacturing sector. This will help to enable the latest technologies and security products for the greater good. We sincerely hope that the Finance Minister would consider the key concerns of the key electronic security Industry stakeholders in the future policies and tax reforms. We are sure that the government will continue to support the Make-in-India 2.0 with a clear roadmap and policy structure. The Electronic Security Industry is expecting the continued government support to contribute significantly to the nation’s economic growth.”

Mahankali Srinivas Rao (MSR), CEO, T-Hub

We applaud the Indian Government for its visionary Interim Budget 2024, a pivotal step towards fostering innovation and growth within the dynamic Indian startup ecosystem. The reduction in corporate tax rates is a commendable move, providing a conducive environment for existing and new companies. The decision to retract outstanding direct tax demands is a welcome relief, aligning seamlessly with the broader vision of facilitating ease in daily living and conducting business. Another significant milestone is the allocation of a substantial one lakh crore corpus for research and innovation signifies a transformative leap, ushering in a new era for our tech-savvy youth. Furthermore, the introduction of a scheme dedicated to deep-tech technologies in defense resonates with the overarching aspiration of achieving ‘Atmanirbharta.’

While the proposed amendments offer encouragement, the startup community eagerly awaits more definitive measures. We anticipate a heightened ease in ESOP taxation, a simplified tax regime, extended benefits for carrying forward losses, and a reduction in Minimum Alternate Tax (MAT). Trusting in the proactive stance of the government, we look forward to continued policy evolution, fostering a conducive ecosystem for startups.

Rahul Paith, CEO of MATH (Machine Learning and Artificial Intelligence Technology Hub by DST)

The Interim Budget presented by the finance minister is a clear signal of India’s continued commitment to technological transformation.  Notably, the announced measures such as the one lakh crore rupee corpus with its 50-year interest-free loans is a game-changer. This visionary initiative unlocks sustained funding, empowering startups to transcend boundaries and contribute substantially to the ‘Atmanirbharta’ vision.

However, our expectations included a stronger emphasis on AI research funding, particularly through initiatives like the Startup India Seed Fund Scheme (SISFS), to bolster the Generative AI domain. This investment not only nurtures our talent pool but also positions India for global leadership in artificial intelligence. Additionally, the focus on improving policies for AI startups in tier-2 and 3 cities is a strategic move that promises enhanced profitability through favorable cost structures. While the budget sets a positive trajectory, we look forward to further strides in advancing technological innovation and empowering startups to thrive on the global stage.

Sindhu Gangadharan, SVP and MD, SAP Labs India; Vice Chairperson, nasscom

The Interim Budget 2024 is reflective of the India’s sustained focus on Atma Nirbhar Bharat (Self Reliant India). The long-term financing and re-financing scheme with a corpus of INR 100,000 Cr with a 50-year interest free loan to promote R&D in the private sector in sunrise domains, as well dedicated initiatives to promote DeepTech/R&D in the defence sector underscore the commitment to position India as a global leader in the world of technology. The focus on skilling, upskilling, and reskilling of youth will ensure an industry-ready workforce to navigate the headwinds of a volatile marketplace.

Additionally, the extension of tax exemptions for eligible startups, granting newly incorporated ventures until March 2025 to claim tax benefits for three out of their first 10 years, is a progressive and encouraging move. By incentivizing entrepreneurship, the government is actively promoting the creation of a robust startup ecosystem, which is crucial for driving economic development.

Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors

Union Budget 2024 delivers a resounding commitment to sustainable tech, spotlighting support for EVs and bio manufacturing. Metro Rail and Namo Bharat projects elevate city connectivity, while the dual focus on public transport and defence tech reveals a visionary agenda.

The game-changing move of a Rs 1 lakh crore corpus for our tech-savvy youth, coupled with a 50-year interest-free loan, sets the stage for long-term financing, propelling research and innovation. This bold step positions India for a golden era in technology and innovation.

Aligned with our pre-budget expectations, the government’s emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry’s trajectory. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements. Budget 2024 charts the course for India’s robust future in sustainable tech and innovation.

Sachin Panicker, Chief AI Officer, Fulcrum Digital

Finance Minister Nirmala Sitharaman’s sixth consecutive budget presentation sets a decisive course for India’s future, rooted in the vision of ‘Viksit Bharat’ by 2047. The government’s emphasis on GDP – Governance, Development, and Performance, lays a sturdy framework for sustainable growth. With a focus on empowering youth and fostering innovation, the budget outlines a roadmap for unprecedented development over the next five years.

In addition, initiatives like the Skill India Mission, training, upskilling and reskilling 1.4 crore youth and establishing new educational institutions, reflect a commitment to human capital development and digital empowerment.

At Fulcrum Digital, we stand ready to leverage deep technology and the power of our youth to continue to create opportunities for India at a global level. As a global enterprise AI organization, we are committed to contributing to India’s growth story, and fostering innovation for heightened development.

Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC

The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government’s focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a ‘Viksit Bharat’ by 2047.

Debashis Chatterjee, MD & CEO, LTIMindtree

We welcome the interim budget’s focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry’s growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of “Viksit Bharat” by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India’s future.

 Sunil Sharma, Vice President- Sales, Sophos India & SAARC

We at Sophos are in complete alignment with the vision presented by the Honorable Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions. The government’s steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry, and promises to address cybersecurity threats that may endanger the rapidly digitizing nation.

The intersection of democracy, demography, and diversity, encapsulated by the ideology of “Sabka Prayas,” emerges as the key force that will unlock India’s true potential in the technology sector. Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government’s dedication towards realizing its Atmanirbhar Bharat vision.

Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future.

Archana Srinivasan, Chief Financial Officer, iOPEX Technologies

The emphasis on GYAN, infrastructure and construction through schemes such as affordable housing and solar and EV investments is positive. The overall impact sets the tone for unprecedented development. We will wait to see the fine print for the changes in areas such as TCS. The budget is silent on the banking, IT sectors and we will continue to be optimistic on the proposed investments to result in more disposable income in the hands of the middle class and aggressively manage inflation.

Kartikey Hariyani, Founder and CEO, ChargeZone

We wholeheartedly support the Government’s vision outlined in the Interim Budget 2024, reflecting a strong commitment to the electric vehicle (EV) ecosystem. ChargeZone is perfectly aligned with this vision, emphasizing the need to fortify both EV manufacturing and charging infrastructure. The encouragement of e-buses in public transport networks, along with the implementation of a robust payment security mechanism not only accelerates the adoption of sustainable transportation, but also propels the growth of the EV charging sector. We are glad to be able to play a key role in steering this positive transformation by actively contributing to the manufacturing, installation, and maintenance of EV charging stations across the country. As part of the National Highway Electrification Scheme, we’ve also been electrifying state and national highways by installing fast chargers for seamless and accessible charging for EV owners, demonstrating our vision of accelerating India’s transition to green mobility.

Dinesh Arjun, Co-founder and CEO, Raptee Energy

Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’ , the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles.

Mr. Chakravarthi C. – Managing Director – Quantum Energy 

The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right is to strengthen the EV ecosystem holistically for which the budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars.

Anuj Kumbhat, Co-Founder & CEO, WRMS

The interim budget 2024 reflects a commendable commitment to supporting our ‘Annadata’—the farmers, who are the backbone of our nation. The allocation of direct financial assistance to 11.8 crore farmers through PM-KISAN SAMMAN Yojana, along with crop insurance for 4 crore farmers under PM Fasal Bima Yojana, underscores the government’s dedication to safeguarding the agricultural community. The emphasis on value addition in the agricultural sector and efforts to boost farmers’ income is a welcome step that aligns with the broader goal of enhancing food production for our country and the world.

The success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers and creating 10 lakh employment opportunities, showcases the positive impact of strategic policies. Additionally, the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, aiding 2.4 lakh SHGs and sixty thousand individuals with credit linkages, demonstrates a holistic approach towards uplifting the rural economy.

Overall, the budget’s focus on reducing postharvest losses, improving productivity, and augmenting farmers’ incomes reflects a comprehensive strategy to strengthen the agricultural sector, ensuring sustainable growth and prosperity for our ‘Annadata.’

Sumit Aneja, Founder, Speedways Electric

In the pursuit of a greener and more sustainable future, the greater adoption of e-buses within public transport networks emerges as a pivotal step. Not only do electric buses significantly reduce carbon emissions, but they also contribute to cleaner and quieter urban environments. To fortify the e-vehicle ecosystem, it is essential to focus on infrastructure development, battery technology advancements, and supportive policies.

One critical aspect that requires attention is the implementation of a robust payment security mechanism. As e-buses become more prevalent, ensuring secure and efficient payment systems will be vital for user convenience and trust. Integration of secure digital payment methods, encrypted transactions, and real-time monitoring will not only streamline the payment process but also safeguard user data.

As we reflect on the budget 2024, it is encouraging to witness a commitment to fostering sustainability and technology-driven initiatives. The increased allocation for e-mobility infrastructure, research, and development signifies a forward-looking approach. This budget reflects the government’s dedication to steering the nation towards a cleaner, more energy-efficient future. Together, with a strengthened e-vehicle ecosystem and enhanced payment security mechanisms, we can accelerate the transition towards sustainable urban transportation, benefitting both the environment and the well-being of our communities.

Pritesh Mahajan, Co-Founder & CEO of Revamp Moto

The electric vehicle industry has exciting potential for the Interim Budget of 2024. A big step towards a sustainable future has been taken by the government’s commitment to developing the EV ecosystem, assisting with production, and funding charging infrastructure. In addition to being in line with our environmental objectives, the focus on promoting e-buses for public transport and the implementation of a bio-manufacturing programme open doors for creative, sustainable alternatives. Furthermore, a comprehensive strategy is shown by the actions taken to harness offshore wind energy and encourage the gradual integration of biogas into natural gas. This budget not only jumpstarts our path to “net-zero,” but it also ushers in a new era of environmentally friendly growth and conscientious manufacture for Revamp Moto and the entire EV industry.

Lt. Gen. Dr. S.P. Kochhar, Director General, Cellular Operators Association of India (COAI)

The Interim Budget presented by the Finance Minister today reemphasized the government’s economic policies and the commitment to sustained growth, improving productivity and creating opportunities with a focus on skilling and reskilling.

In a significant gain for the telecom sector just before the interim budget, the current customs duty exemption granted to vessels engaged in laying submarine cables in India – which lapses on 31st March 2024 – was extended up to 30th September 2024. Telecom companies depend heavily on submarine cables for the high-speed transfer of data around the globe and this step will help in following the compliances.

The announcement of a corpus of ₹1 lakh crore for the technology sector is a positive measure as access to capital is a critical factor to support innovation and growth. The long-term, interest-free or low interest rate loans and focus on deep tech will further encourage the private sector to scale up research and innovation.

We are hopeful that in the post-election full budget, the industry’s suggestions to reduce regulatory levies like License Fee, deferring USOF contribution till the existing funds are exhausted, exemption of Basic Customs Duty (BCD) on Telecom equipment, waiving of GST on regulatory payments and refund of ITC, among others, will be considered and addressed by the Government during the course of the year.

Akash Gupta, Co-Founder and CEO, Zypp Electric

We applaud the government’s commitment in the budget to nurturing the Electric Vehicle (EV) ecosystem. The allocation of resources towards the development of a robust infrastructure signifies a pivotal moment for our nation. This budget not only encourages entrepreneurship but also opens doors for a multitude of vendors, providing ample opportunities for supply and installation services. The emphasis on supporting manufacturing and charging infrastructure not only aligns with our company’s mission but also ensures a sustainable future for the entire EV industry. Additionally, the focus on creating employment opportunities for the youth, particularly those with technical skills in manufacturing, installation, and maintenance, will catalyze innovation and growth. We look forward to collaborating with the government in realizing this shared vision and contributing to the electrifying transformation of our nation’s mobility landscape.

Rashi Agarwal, CBO & Co-Founder, Zypp Electric

As a woman entrepreneur, the post-budget focus on empowering women is truly uplifting. The allocation of thirty crore Mudra Yojana loans reflects a powerful endorsement of our capabilities. The government’s commitment to ease of living and preserving women’s dignity has led to a commendable twenty-eight per cent rise in female higher education enrolment and forty-three per cent in STEM courses over the past decade. These initiatives are already making a substantial impact on women’s workforce participation. Additionally, I applaud the government’s forward-looking stance in supporting the electric vehicle (EV) sector. This move not only aligns with global sustainability goals but also presents immense opportunities for women entrepreneurs to contribute to a greener, technologically advanced future. The budget’s dual focus on women’s empowerment and the EV sector is a testament to our nation’s commitment to inclusive progress and environmental sustainability.

Benjamin Lin, President, Delta Electronics India

The Budget 2024 brings a significant boost to the future of mobility. The dedicated support for manufacturing and charging infrastructure is a game-changer, promising exponential growth in our industry. The encouragement for greater adoption of e-buses in public transport networks, coupled with the implementation of payment security mechanisms, not only propels environmental sustainability but also sparks innovation and economic prosperity. This strategic move not only aligns with our values at Delta Electronics India but also signifies a significant leap towards a greener and technologically advanced future for the entire industry.

Niranjan Nayak, MD, Delta Electronics India

I welcome the strategic initiatives laid out in the 2024 budget.  The government’s strong support for the e-vehicle ecosystem, including manufacturing, charging infrastructure, and incentivizing e-bus adoption, is likely to bring about important changes in our industry. Additionally, the introduction of secure payment mechanisms for e-buses addresses a crucial obstacle to public acceptance. At Delta Electronics India, we understand the transformative potential of e-mobility and are prepared to use our global expertise and local knowledge to accelerate its development. This budget represents a significant step towards cleaner air, sustainable transportation, and a thriving domestic EV industry. We are excited to be part of this journey.

Hyder Khan, CEO of Godawari Electric Motors

Our government is committed to advancing sustainable development by enhancing and strengthening the electric vehicle (EV) ecosystem. Through robust backing of manufacturing and charging infrastructure, they have reinforced the groundwork for a more environmentally friendly future. The focus on creating accessible and eco-conscious mobility solutions underscores the significance of this announcement in the budget. These efforts will enhance EV adoption, paving the way for a cleaner, more interconnected future. The details of this announcement in the forthcoming budget will play a crucial role in steering the country’s net-zero agenda in a positive direction.

Rohan Shravan, Founder and CEO of Tresa Motors

Tresa Motors commends the Interim Budget 2024 for taking strides towards a greener future. The focus on strengthening the EV ecosystem through manufacturing support and state-wide charging infrastructure development is a welcome step. This will undoubtedly accelerate EV adoption, especially in the crucial commercial vehicle segment. We’re also encouraged by the vision for rooftop solarisation and free electricity, empowering consumers and contributing to energy security. The installation of 1.3 crore LED street lights further demonstrates the government’s commitment to sustainable infrastructure and improved road safety. While these initiatives are impactful, we believe the budget could have further fuelled India’s economic engine by considering additional measures. Targeted incentives for local battery production and recycling facilities would bolster supply chain resilience and create valuable jobs. Additionally, extending FAME-II subsidies beyond two-wheelers to include commercial EVs would significantly accelerate their adoption, promoting cleaner logistics and reducing carbon footprint. We remain optimistic that future policies will address these points, and Tresa Motors stands ready to actively contribute to building a cleaner, more sustainable transportation future for India.

Shreeranganath Kulkarni, Managing Director, InfoVision

InfoVision warmly welcomes the budget announcement by Finance Minister Nirmala Sitharaman. The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step, particularly for innovation-driven enterprises like ours with a strong focus on edge technologies such as  Artificial Intelligence (AI) and Machine Learning (ML).

The injection of such long-term, interest-free capital promises to substantially boost our research and development initiatives that serve not only India but also the global market. It arrives at an opportune time, aligning with InfoVision’s recognition in the Zinnov Zones for Engineering R&D and Digital Services 2023, particularly for our work in Data & AI Engineering.

This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world. It underscores our commitment to leveraging India’s rich talent pool and contributes to our nation’s technological progress.

Manoj Nair, Head of India GDC, Fujitsu India

We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country’s green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!

Mayuresh Raut, Co-founder & Managing Partner, Seafund

The scheme for deeptech in defence will not only help the government start addressing the Make in Bharat initiative through indigenous technologies in defence but also unlock these technologies to other civilian uses. Deeptech focused funds like ours will definitely benefit from enabling initiatives like this.

The solar rooftop schemes will be a big boost to not only meet our goals for clean energy, but will also set up India to start addressing the EV charging infrastructure that is currently holding back wider adoption of EVs. It will also create enormous jobs for installation, manufacturing and maintenance of solar infrastructure and a secondary effect will be opportunities available for startups to build on this.

Extension of tax benefits for sovereign wealth funds expiring on 31st March 24 to 31st March 25 is a good signal from the government to indicate that there will be continuation of beneficial policies and friendly institutional investor policies.

Anil Joshi, Managing Partner, Unicorn India Ventures

The interim budget was inline with the expectations. However, startups and sunrise sectors continue to find a special mention even in the interim Budget. The extension of tax exemption to Startups is a good gesture and provision for Rs 1 lakh crore toward sunrise segment at nominal or zero interest rate will certainly help small business. The focus on boosting EV charging station will drive sale of both vehicles and charging infrastructure. No change to direct and indirect tax was also expected, however we may see new rates in full budget to be proposed in July 2024.

Conclusion

In conclusion, the Budget 2024-2025 paints a visionary picture for India’s technological landscape, showcasing a commitment to innovation, sustainability, and inclusive growth. The emphasis on climate sustainability, green energy, and smart mobility aligns with the global push towards a greener future, reinforcing India’s position as a responsible player on the world stage. The commitment to achieving ‘Net Zero’ by 2070 through various measures, including funding for wind energy and coal gasification, reflects a forward-looking approach to environmental stewardship.

The budget’s focus on bolstering the electric vehicle (EV) ecosystem, with support for manufacturing and charging infrastructure, resonates with the government’s push for ‘Atmanirbhar Bharat’ and aligns with the broader goal of net-zero carbon emissions.