You are here: HomeBanking & FinanceUnion Budget 2023-24: Achieving a Tech-Driven Economy with the Support of AI, 5G and Ease of Doing Business

Union Budget 2023-24: Achieving a Tech-Driven Economy with the Support of AI, 5G and Ease of Doing Business

Published in Banking & Finance Friday, 03 February 2023 16:19




Rajendra Chitale

CFO, Crayon Software Experts India


The first Union budget of Amrit Kaal holds true for the technology vertical too. The Union Finance Minister Nirmala Sitharaman tabled her 5th budget this year. This budget proves the government’s intent on spearheading the Indian economy and growth backed by technology. The FM said that the government’s vision for Amrit Kaal includes a technology-driven and knowledge-based economy. I believe that the budget has the right blend of initiatives with the inclusion of technology as the foundation of development.



The government’s focus on integrating technology and aiding agriculture, healthcare and education verticals needs to be applauded. The focus given to agritech will now have a scope for tech companies in diversifying their portfolios. The efforts of enterprises in trying to bring 5G for every sector are enhanced with the setting up of 100 5G labs in engineering colleges. A big boost has been given to Artificial Intelligence with the setting up of 3 Centers of Excellence in top education institutes under the guidance of industry veterans. This will further our efforts in easing our lives and achieving better outcomes with the help of AI. We are certainly looking ahead to the government’s National Data Governance Policy which aims at anonymizing individual data. This is of much need when data is the main ingredient for 360-degree development. The announcement made under Ease of Doing Business is what most SMBs are looking forward to. The government has reduced more than 39 thousand compliances and decriminalized more than 3 thousand legal provisions. This will certainly boost the confidence of entrepreneurs and organizations to take up more risks in their initiatives and feel less persecuted. Overall, this budget has helped businesses and individuals by reassuring them that technology is the booster dose that a fast-growing nation like India needs and that we are on the right track.


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