Industry Leaders reactions to Union Budget 2022 Announcement

BNTW- Budget Reactions

1- By: James Forbes-May, VP Sales APAC at Barracuda Networks.

“The budget rolled out this year is a significant step towards the right direction. It outlays a strong focus on almost all sectors, especially focusing on digitization and tech-driven areas. As India is well poised to play an important role in Cybersecurity and Data Protection, the push towards complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action would play a crucial role. The Government’s proposal to launch a Digital ecosystem for skilling and livelihood and Desh stack e-portal will encourage growth in the sector, apart from promoting the digital infra. Taking insights from the new budget, we are looking forward to the next phase of Tech-Savvy India, which will be a big growth driver for Cybersecurity businesses and customers alike.”

2- By SK Chaudhary, Founder Director at Safex Chemicals.

This year’s budget is highly built on the foundation of new visions and technologies. A renewed focus on agriculture and infrastructure would mean accelerated economic development, which cannot be accomplished without digital disruptions. The initiative to promote chemical-free natural farming throughout the country will help in strengthening the agriculture industry. Considering the financial aspects of things, 2022-2023 would prove to be a highly crucial period for the agriculture industry. Farm procurement value for FY23 would be Rs 2.37 lakh crore. This would help agrochemical companies like us focus more on building reliability and march towards higher growth.

With rapid channelisation of the Agrotech sector and encouragement of domestic production of oilseeds, it is an opportune time to enhance our spending in training our youths with essential skill sets related to agriculture and the use of chemicals and pesticides to catch hold of the opportunity. The government’s plan to align Rs 2.37 lakh crore towards procuring wheat and paddy under MSP operations is a huge relief to the farmers and agro players. Moreover, the year 2022-23 has been announced as the International Year of Millets. The rationalised scheme to increase domestic oilseed production to cut down imports will foster the growth of the agrochemical industry. The key areas where we expected reform were ensuring predictability, consistency, and rationalization of levies and taxes. The announcement of Ken Betwa river linking project worth Rs 44,605 crore alongwith Kisan Drones for crop assessment, land records, spraying of insecticides will drive a wave of technology in the agri sector. All these new measures and policies make this budget wholesome, which would further help us promote innovation and investments in the industry to achieve a better productivity vision.

3- By Rajat Gandhi, Founder & CEO, Faircent.com

” The Union Budget 2022-2023 tabled a multitude of policies such as setting up 75 digital banking units in 75 districts to encourage public investment and boost digital financial inclusion in India. With the Government announcing RBI’s roadmap to launch the Central Bank Digital Currency, we expect the digital lending landscape to get further impetus. This will lead to a growth in collaborations and partnerships between banks and fintechs to address the plaguing gap of organized credit in the system. These initiatives will open up the lending space in India and provide a shot in the arm to Fintechs, particularly Pro and NeoBanks.”

4- By Sumit Jha, founder, Fantasy Akhada

“This year’s budget seems holistic and promising with an extension of forward-looking government schemes. It is encouraging to see the special mention of the AVGC segment this year. We also applaud FM’s proposal for The AICTE’s responsibility to curate syllabi for urban planning courses which will further support the youth and strengthen the AVGC ecosystem in India. It is a great move to tap the industry’s booming demand globally. Also, the initiative to set up an AVGC specific task force will help bolster our domestic capacity, helping us to meet the burgeoning market demands on a national and an international level.We are very optimistic about the focus on innovation and we firmly believe that the AVGC Task Force will seek recommendations on the way forward.

The growth of digital adoption and the role of new age technologies in accelerating AVGC in Digital India will give importance to greater drive on digital skills and better practices to give rise to highly innovative gaming platforms. This sector will also be booming for the people who are taking gaming & tech as a career opportunity.”

5- By Karan Khairajani, Head of Studio at CrazyLabs India

“We welcome the announcements by the Hon’ble FM pertaining to the AVGC sector, as it will help in boosting the already growing Gaming sector. It is an opportune moment for us to see that the Government has recognized the importance of setting up an Animation, Visual Effects, Gamic and Comics (AVGC) taskforce. This would assist us in building the domestic capacity to serve the Indian market as well as meet the global demands. We also applaud FM’s proposal for All India Council for Technical Education (AICTE), India’s regulatory body for technical education, to be responsible for shaping up the syllabi for Urban Planning courses. Having said that, given the growth of digital adoption and the role of new-age technologies in accelerating AVGC in Digital India, both businesses and the public particularly in Tier II and Tier III cities would value greater impetus on digital skilling and improved processes, in a bid to give rise to highly innovative gaming platforms. As the country gears up to rise from the global pandemic and chart the next chapter, CrazyLabs will continue to work in tandem with the government to help bolster India’s entrepreneurial and AVGC ecosystem, by providing all the help and tools needed to succeed online. We are very optimistic with the focus given on innovation and we strongly believe that the AVGC task force would seek recommendations to create the way forward. Also, CrazyHubs will remain a strong and reliable Hyper-casual gaming partner with tailor-made creative gaming activities to fulfil international market demands.”