In an era of global economic uncertainty and recessionary headwinds, the Economic Survey and Budget 2023 nicely showcased the growth story of India and its unique path to achieving the objectives of long-term sustained growth and technology-led inclusion for all Indians. Maintaining fiscal discipline with impressively increased capital outlays, focus on R&D and a strong emphasis on ease of doing business, set India well on course for the ‘Amrit Kaal’.
Budget 2023 was different for many reasons. What stood out for me was the clarity of vision and the articulation of how policies are being framed to realise the vision. The emphasis on digital infrastructure came through clearly — use of technology across sectors (agriculture, healthcare, education, direct benefits, financial services) and the fact that almost every scheme announced in the budget had a technological dimension to its implementation. The focus on AI, Data, 5G, emphasis on interdisciplinary research and building the academia-industry linkages is the need of the hour. If India has to further enhance its position in the global innovation index, then investment in R&D is key.
The other key differentiator for me in the Budget 2023 was the emphasis on what I would call the 3Ss – Skills, Sustainability and Simplification.
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The growth of India’s technology and start-up sector is closely intertwined with the growth of India as the digital talent nation for the world. Implementation of NEP 2020, focus on on-the-job training, setting up a unified Skill India online platform, Skill India international centres and more formal linkages with demand-based employment. Similarly, new courses on emerging tech areas, coding and soft skills will help create the talent capacity that India needs. Also, the focus on re-envisioning teacher training across schools will help strengthen the foundational skills and move away from current models of rote learning.
Sustainability or Green Growth as the Finance Minister articulated is clearly an area in which India has articulated a bold vision and needs all stakeholders to come together to make this real. The focus on green fuel, green energy, green farming, green mobility, green buildings, green equipment, and policies for efficient energy use across various economic sectors shows India’s lead by example in being a responsible Global Citizen. The hydrogen mission is an ambitious initiative that India has already announced and the combination of government allocations, incentives and financing will play a key role in achieving net zero goals and energy transition.
The importance of Simplification is often understated but is the most important for a growing economy. From KYC synergized with digital identity to one platform for updating key records in government databases, leveraging Digilocker and Aadhar for MSMEs’ government filings, PAN as a common identifier across government registrations, and merging multiple filings will all help entrepreneurs and citizens enhance compliance.
For us in the technology industry, Budget 2023 represents India’s vision of being a leader in the technology sector, a leader in leveraging technology to transform a developing nation equitably, and a leader in innovation with support to startups and MSMEs.
—The author, Krishnan Ramanujam, is President, of TCS, and Chairman of NASSCOM. The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Feb 2, 2023 11:08 AM IST
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