1 min read

Pre-Budget Expectation from Mr. Gaurav Sahay, Practice Head (Technology & General Corporate), Fox Mandal & Associates

Cybersecurity Infrastructure: In 2023, India was hit by 2,138 cyber-attacks per week per organisation. The Ministry of Electronics and Information Technology (MeitY) allocated a sum of Rs 625 crore to improve the country’s cybersecurity infrastructure in the Union Budget 2023. Analysts are wondering if the government will make a similar allocation this year as well.

Make AI in India: Interim Budget 2024 to focus on shaping the industry with more advanced technologies like artificial intelligence (AI). The Indian government’s involvement and framing of relevant policies is crucial. Therefore, it has become increasingly fundamental in Make AI in India and therefore the government should invest heavily, establish enabling mechanisms for its rapid growth.

Satellite Technology: Expectations for continued government investment in technology, with a rising trend in the space tech industry urges GST exemption expansion to satellites, launch vehicles, and ground equipment in the upcoming Interim Budget. Indian Space Association (ISpA) has represented 39 start-ups and major companies, and seeks tax exemptions for space sector firms. They have advocated for reducing tax rate to 5 percent on external commercial borrowings and lowering withholding tax on the satellite sector from 10 percent to 2 percent.

Leave a Reply