As India prepares for Budget 2024, prominent figures in the tech industry are pushing for policies that will enhance digital transformation, sustainability, and innovation across various sectors. Key proposals include reducing the GST rate on refurbished devices to increase affordability, boosting credit access for the refurbished smartphone market, and providing tax benefits and subsidies for R&D investments. Additionally, there’s a strong call for policies that encourage the adoption of AI-driven technologies in MSMEs and substantial allocations for EdTech infrastructure. These measures are seen as vital to driving productivity, fostering innovation, and strengthening India’s position in the global digital economy.
1. Yug Bhatia CEO and founder of controlZ
“I believe that a robust policy framework that defines standards, certifications, warranties, and taxes is crucial for the growth of the refurbished smartphone industry in India. From this Budget 2024, we predict a reduction in the GST rate to make refurbished devices more affordable and accessible to a wider audience. We are also expecting that the government will boost credit access and financing options, along with collateral-free and low-interest loans to the refurbished smartphone players. We propose that the government provide tax benefits and subsidies to the refurbished smartphone players who invest in R&D, AI to promote innovation and technology adoption in this sector. Lastly, we advocate for a focus on the circular economy and its environmental benefits, viewing it not just as a business opportunity but as a collective responsibility to make this sector more organized.”
2. Mr. Viren Choudary, CEO of Readywire
“MSMEs are the backbone of the Indian economy. I hope the budget introduces policies that encourage the adoption of systemic digitisation and AI-driven technologies in this sector. Providing subsidies and other incentives to infuse tech into their processes will improve productivity and yield manifold returns to the economy.”
3. Mr. Pankaj JHA, Managing Director of MAXHUB
“As a leading provider of educational technology solutions in India, MAXHUB eagerly anticipates the upcoming budget’s focus on bolstering digital education. We hope to see robust allocations for EdTech infrastructure, comprehensive tax reforms benefiting electronics manufacturing, and initiatives fostering R&D and skill development. These measures not only enhance educational outcomes but also strengthen India’s position in the global digital economy.”
