Budget 2024 is round the corner. Although, it’s going to be an interim election year budget, the budget has raised lot of expectations in various industry corridors and the IT industry is no exception. The union budget, which is all set to be announced on 1st Feb 2024, is anxiously awaited by the captains of the IT Industry. For the benefit of our readers, we are presenting some of the important voices, reflecting the hopes and expectations of the industry from the upcoming budget.
“The Digital Protection and Data Privacy (DPDP) Act is one of the most awaited policies the industry is waiting for. This Act will have a big impact on not just data sharing policies and the business reforms that come with it, but also on cybersecurity, data storage and sharing, data utilisation and its impact on revenue.”
Rajendra Chitale, Chief Finance Officer, Crayon Software Experts India
Here is what Rajendra Chitale, Chief Finance Officer, Crayon Software Experts India, expects from the upcoming budget:
“The Indian technology and services sector has in the past few years undergone a massive transformation. These efforts have been aided by the startup sector with the strong backing of the Union Government. This year’s Union Budget will hold a stronger influence in terms of invigorating the market.
Every year the focus is given to refining on ease-of-doing business, the Make In India initiative, and introducing tax reforms. In addition to giving a clear focus, more impetus is needed on ease of doing business and the announcements should not be just part of the budget speech. It is vital to implement the policies announced during the budget. Clarity on tax policies will help reduce volumes of tax notices and litigations enabling entrepreneurs to focus on business. Further, this year, the Digital Protection and Data Privacy (DPDP) Act is one of the most awaited policies the industry is waiting for. This Act will have a big impact on not just data sharing policies and the business reforms that come with it, but also on cybersecurity, data storage and sharing, data utilisation and its impact on revenue. The government needs to be practical in its implementation and give adequate time for organisations to gear up to the requirements.”
