SANJAY SHARMA, MD AND CEO, Aye Finance
“The year ahead could well be the point of inflexion for India. As the world veers precariously on the border of a depression and China’s global growth engine takes a breather, Indian growth rate seems relatively less affected. This can indeed give us the momentum to pull ahead in the world stakes. The budget should hence focus on supporting growth and stability, instead of conservative incrementalism.
As we pull ahead and reach for the 10 trillion dollar GDP, there is no time to loose in addressing the social inequalities. Support for the 70 mn micro scale enterprises is the need of the hour and this budget could make a start on the following ideas:
- Lending to micro enterprises by NBFCs and Banks should be encouraged. Just as Bank’s have to meet a specific priority lending quota for agri, there should now be a specified quota for micro enterprises in the priority lending.
- Allocation for initiatives that help improve the quality of the produce of micro enterprises. Here Govt should allow subsidies for private sector programs that can deliver technology and product improvement by such micro enterprises at scale.
- Health and critical illness covers at affordable premiums for micro enterprise owners and their family- so that their businesses may be protected from these adverse events
- Continued Credit Guarantee suport through CGTMSE and simplification of the legal recovery requirements for very small loans below Rs 2 lacs.
These bold steps will enable improvement in flow of funds to the financially excluded micro scale enterprises. This segment provides 95 percent of non-farm employment and we can no longer turns out heads away from their needs
I believe that the Budget 2023 will bring in a period of progress and prosperity for all sectors – NBFCs and beyond – and catalyse policies and regulations that support holistic growth of the economy”
Jyoti Bhandari, Founder and CEO, Lovak Capital
Union Budget 2023 should bring out policies and incentives to boost consumption and domestic demand, capital expenditure to support credit offtake. This year should see moderate rate hikes to tame headline inflation and maintaining the projected GDP Growth at 7%. This will result into positive impact on sectors like services, trade, travel banking and financial industry and making it into attractive sectors from a long-term investment perspective said
Mohit Gupta, Co-founder & CTO, IndiaP2P.com
With the rapid digitisation post covid era, we are seeing an increased incidence of cyber incidents with approx 10% of such incidences targeting the BFSI sector.
The cyber threats and incidents are also changing with time. 2022 saw a shift of attacks towards Asia and largely India.
To deal with cyber threats, one has to understand the various stakeholders in the system, such as customers, employees, vendors, external software’s and infrastructure.
One has to plug the vulnerabilities at each level after identifying all use cases. Sometimes, even the least expected area has some unplugged vulnerability which allows an attacker to cause massive harm to an organisation.
The threat actors nowadays are not only individuals, but various groups and even governments who sponsor cyber-attacks on institutions of other countries.
The cyber security teams in the sector use the latest technology and tools to deal with the cyber incidents. However, one area that still needs to be explored is sharing cyber threat intelligence across various institutions, law enforcement agencies and regulatory bodies and coordinating the efforts to mitigate attacks.
This can help us learn from any incidents happening across the globe, the steps to control it. This intelligence can help control most, if not all, threats for the future.
Priya Ranjan Panigrahy, CEO and Founder of CEPTES Software
Digital India Program is a great initiative for companies like start-ups, SaaS based and new-age companies. We are creating the SMB booster program in cloud space which enables small businesses to get into the digital transformation very quickly without much hassle, which can take care of sales, service, marketing automation and also connecting to finance operations like automatic e-invoice and automatic billing solutions can be done. We also do KYC solutions which can be so easy to adopt.
– The budget will be focusing on measures that support growth and innovation in the software and SaaS industry.
– Support for the development and adoption of new technologies such as cloud computing artificial intelligence, machine learning and the Internet of Things.
– Technology Clusters in tier 1 cities in India; while there are IT talents every corner in India they are forced to move to tier 1 cities. As a result, big cities are enduring infrastructure issues. Govt. must come-up with a special budget for booming IT infrastructure in tier 2, or Tier 3 cities as well to take-off the load from big cities.
– Measures to address the skills gap in the IT industry and support for training and upskilling of workers.
– Tax incentives for companies that invest in research and development.
– This year’s budget may also include measures to address concerns around data privacy and security, as well as efforts to increase the adoption of digital technologies in various sectors.
Raj Sivaraju, President of APAC, Arete
India’s economy is rapidly advancing and will play a significant role in boosting the global economy. The country’s technology industry will attempt to identify the cybersecurity investment necessary for the tech sector as the government is scheduled to propose its budget for FY2023–24 in a few weeks. With the rapid implementation of technology initiatives and programs, the lowering of administrative backlog, and inclusive development in 2023, the cybersecurity industry is expected to generate US$2.37 billion in revenue. Security Services is the market’s biggest category, with a US$1.19 billion market volume anticipated in 2023. By 2027, the market is projected to generate revenues with a compound annual growth rate (CAGR) of 14.61%, amounting to US$4.09 billion. The country’s IT industry will closely monitor the spending on requirements for digital public infrastructure, capability building, and incentives for enhancing cybersecurity services.
Sujit Patel, Founder and CEO, SCS Tech
With the world moving to digital products and services, cybersecurity becomes very important for individuals and companies to take care of their digital assets like sensitive data, PII (Personally Identifiable Information), PHI (Protected Health Information), intellectual property to name a few.
While speaking about cybersecurity threats as malware, spoofing, phishing or third-party data breaches one should implement the minimum cybersecurity requirement as per their scenario, corporates should pay enough attention to latest cyber security tools, security employees’ training and education, controlling physical access to their digital data, in-time updates for the software; making proper backups of the information, and securing the internet connection.
Zaiba Sarang, Co-founder, iThink Logistics
Logistics is one of the most competent industries in the world, to the point where it is regarded as the foundation upon which all other businesses are built. As a result, when discussing budget allocation, we must recognize how critical it is to not only invest in this sector but also to ensure that our investments are directed toward areas that truly matter. Logistics is one of the unorganized industries, so we should anticipate investments in activities that will make it more organized. PM Gati Shakti, for example, has focused on seamless multimodal connectivity to enable smooth operations. We can anticipate the implementation of the National Logistics Policy, which will reduce the cost of GDP from 14% to single digits. As we all know, logistics is one of the world’s largest carbon-emitting sectors; there has been discussion about investing in making this sector carbon-neutral by using less carbon-emitting fuels, electric scooters, and other similar technologies. On top of that, we can expect Rs 2 lakh crore in investments in port infrastructure to alleviate logistics inefficiencies. Overall, we can predict that 2023 will be the year when the logistics industry reaches its full potential.
Malay Shankar, CEO, ProConnect Supply Chain Solutions Limited
In the post-pandemic reality, logistics sector has been flourishing, contributing immensely to the national economic growth. Since the Indian government focuses on accelerating economic development, strategic announcements and changes for Supply Chain and Logistics Industry will have a wide-spreading impact. Here are some of the sector’s expectations from the government to fast-track the economy’s productivity.
Firstly, the New Labour Code directly impacts the blue collar workers who are the backbone of the logistics and supply chain industry. Bringing in more straightforward means of enforcing it, while ensuring social security and economic benefit to the blue collar workers will fetch long-lasting results. Getting rid of ambiguity and having simpler ways of implementation will help industrial workers. Coupled with the supportive Digital India policies, the government can thrust on closing the digital gap that persists in the industry. With lucrative sops for players bridging this gap by skill training to their workforce, the government can boost leaders in the space to catalyse the digital evolution of the sector.
On the other hand, we really hope the government will strengthen the foundation of National Logistics Policy (NLP) and implement it to ease bottlenecks and reduce costs. Along with that, an improved road network will decongest roads, facilitate seamless transportation of goods and get better land value for the warehousing hubs. The sector is keenly looking at adopting greener practices. Offering tax benefits and incentives to the warehousing industry for deploying solar-enabled solutions and other green practices will go a long way in reducing the carbon footprint of the sector as a whole.
Meenakshi Vashist, Founder -CEO, TekUncorked:
The Finance Minister may unveil a range of initiatives to support India’s energy transition in the Union budget. Climate change is a reality and I am glad that people are realising this. The only way forward is to deploy energy-efficient technologies!
The government may offer a 5% interest rebate on loans and a credit guarantee of 75% of the loan amount or ₹15 crores per project to small and medium enterprises operating in this sector. So, great news for new SMEs deploying energy-efficient technologies! Here’s looking forward to Budget 2023.
Vinay Singh, CEO and Executive Director, Thomson Digital and Q&I.
“The Ed-tech sector got catapulted to newer heights in the past few years and the cause could be attributed to the global pandemic. Given the sectorial growth record of the past few months, the Ed-tech industry is really hopeful about the impending Union Budget.
With that said, the foremost ask of the sector is tax exemption on ed-tech services and products. That’s primarily because the sector seems to be experiencing headwinds in terms of solidifying its place in the education sector while competing with traditional institutions at the same tax rate. The tax exemption could greatly encourage Ed-tech growth and make e-learning accessible to all.
Talking of accessibility, due to infrastructure challenges, the students living in Tier 3 and Tier 4 cities struggled with online classes. Lack of good internet speed, digital devices or computer systems posed challenges for the students and the Ed-tech industry. Given that the sector expects ramping up of digital infrastructure and anticipates the government to make services accessible for both the applicants as well as the Ed-tech firms in these areas. Additionally, the ed-tech sector is looking forward to the government recognizing the potential of Artificial Intelligence, Machine Learning, and Data Science and engaging the youth in training sessions at the grass-root level to build up capacities and acumen for new-age tech domains in educational institutions. Most importantly, the industry is also hoping to enter educational institutions and make learning simpler by making Ed-tech ecosystem a bridge between the institutions and the students.”