Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd
A pro-growth budget with a vision for the new emerging India. India’s progressive Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all inclusive welfare. It has a pro-technology focus with futuristic vision. A special thrust on promotion of Digital India and adoption of emerging technologies, including 5G, AI, ML and Drones. The key highlights of the union budget underlines the economic growth estimated at 9.2% to be the highest among all large economies. It promises 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors. It also highlights the Production Linked Incentive (PLI) Schemes, which has the potential to create an additional production of Rs 30 lakh crore. This budget has a roadmap for achieving the objective of ‘Make-in-India’ and ‘Atmanirbhar Bharat’. The customs duty rationalisation to incentivise domestic manufacturing is a welcome step.
The budget has the PM Gatishakti Scheme with ambitious plans to transform the transportation sector. The seven engines that are going to drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure. The big boost to infrastructure will help the security industry growth in the long term.
There is a greater focus on the MSME sector in the budget and as a key stakeholder of the MSME Ecosystem, we feel this a very positive step for the security industry. The government has announced that Udyam, e-shram, NCS and ASEEM portals will be interlinked. The help is provided to 130 lakh MSMEs as additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS). The extension of this scheme till March 2023 is a thoughtful decision. The firm focus on Skill Development is another positive aspect of the union budget. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through on-line training. Overall a pro-growth budget with a vision for the new emerging India on the global front.
Sudhindra Holla, Director, Axis Communications, India and SAARC
“With the goal to complement macro-growth with micro-all-inclusive welfare and tech-enabled development, we are optimistic that these measures will further strengthen India’s power as a global digital hub. With technology serving as the pivot in this year’s budget, there will be a renewed focus on the criticality of a robust cybersecurity solution.
The seven engines of the PM Gati Shakti masterplan encompassing the launch of 400 new-generation Vande Bharat trains and the national highway network will be key drivers in the demand for top notch surveillance solutions. We are upbeat on the slew of recommendations for urban infrastructure development as this will be an impetus for not only generating employment but also reinvigorate the development of smart cities. The rollout of 5G services will further the potential of technology and aid in promoting R&D and commercialization of tech and solutions.
The launch of the National Ropeways Development Programme will be a major thrust to the tourism sector and the vision towards developing a self-reliant defence sector will additionally boost the demand of hi-tech surveillance and security solutions.”