Budget 2022: Post Budget Excerpts from the AI, Electronics, and Tech Leaders

Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2022-23 on February 1, which significantly received a positive response from the electronic and tech sector. Here is how the AI, Electronics, and Tech Leaders reacted to the announcements made by the finance minister.

Pulkit Sharma, Co Founder and CEO, Khabri

"We highly support our government's decision of the Production Linked Incentive Scheme that will create 60 lakh new jobs in the next 5 years. The idea of Digital university will help India set a top-notch world- class education. We believe that knowledge and awareness will support India becoming Atmanirbhar and through the expansion of the One class, one TV channel' program of PM eVIDYA this cause will be highly achievable.

Regional languages will be empowered through this program, which enables all states to provide supplementary education in regional languages for classes 1 to 12. These digital initiatives will provide for a more conducive environment for the adoption of tech-based learning and which will directly route to empowering youth from real Bharat"

Chetan Kumar, Co-Founder, Ekank Technologies

Firstly, would like to appreciate our government extending the tax initiatives for startups up to March 2023. Through tax initiatives and new reforms in the direct tax, the startup ecosystem will enhance effectively within no time. The idea of launching a digital university will help understand people the culture of India through world-class education.

The Introduction of Digital currency by the central bank will definitely lead away to cheaper currency management. The highlight of the budget for us is the expansion of the One class, one TV channel' program of PM eVIDYA which will help promote the regional languages in the country as through the program, all states will provide supplementary education in regional languages for classes 1 to 12.

The government has also focussed on establishing a positive mental health environment and with Ekank Technologies, we completely support this initiative through our feature of 'light read', which gives the users a chance to enjoy stress-free reading.

Vikas Jain, Co Founder and CEO, World of Play

"We support the government's focus on technology, it will help many tech-based companies like WORLD OF PLAY to come up with exciting product experience for the Indian consumers. We welcome the focus of government on the wearables and acoustic component ecosystem and domestic manufacturing and believe on a long term, this focus will make India as a formidable design and manufacturing powerhouse.

Additionally the boost in ease of doing business and special impetus on creating 60 lakh new jobs will give a desired push to the goal of becoming Atma Nirbhar Bharat. As a brand, we promote and follow Make in India and we believe long-term policies like this will give us the desired support for the local design and also manufacturing in India."

Vijay Kumar Mikkilineni, Head of Marketing, TCL India

"We welcome the Finance Minister's increased focus on the consumer electronics industry and formation technology, which will definitely benefit all worldwide companies, including ours. The 2022 Union Budget allocated 1.97 lakh crore ($26 billion) for PLI projects, notably electronic components, which are among the 13 vital sectors that would undoubtedly help our economy expand.

Furthermore, reduced customs taxes will encourage electronics manufacture, which will benefit the electronics industry."

Rimo Bose, PR and Branding Manager, TCL India

"Extending the support to the government for increasing focus on the consumer electronics sector and formation technology, which will undoubtedly benefit all global brands like us. The recent Allocation of Rs 197 million (US $ 26 billion) to PLI projects in the United Budget (202122), especially electronic components, is one of the 13 key sectors that will definitely help our economy grow.

In addition, tariff reductions will drive the production of electronic devices, which will be the greatest benefit of the electronic device sector."

Sai Srinivas, Co-Founder and CEO, Mobile Premier League (MPL)

"It is very encouraging to see that the Union Budget has taken into consideration some of the long- pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking 'Made in India' game titles global.

We welcome the Hon'ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government's commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon'ble Prime Minister's vision for the Indian digital gaming sector to be a global powerhouse. Moreover, it will also help develop a workforce of young and employable AVGC professionals to usher in the next tech revolution from within India.

The Budget rightly mentions that promoting the digital economy and sunrise sectors will be a priority in the next 25 years (75 to 100 years of India's Independence)—the Amrit Kaal of India. With a renewed focus on the AVGC sector, blended financing for deep tech and IT, hardware and electronics manufacturing combined with deployment of 5G and affordable internet in underserved areas, it is clear that the government is committed to take the Indian startup ecosystem to the next level.

We are hopeful that with the positive support of the government, the coming years will see online gaming, VFX and esports startups leading the charge in the global economy. By developing deep tech intellectual property and exporting services, they can help cement India's position as a world leader in the sector."