The pandemic turned out to be a catalyst for the growth of the technology and start-up sector, with many businesses and industries shifting their focus to innovation and R&D. To gauge the market sentiments and better understand the expectations from Union Budget 2022, Grant Thornton Bharat conducted a pre-budget technology and start-up sector survey.
Commenting on the survey results, Raja Lahiri, National Sector Leader- TMT, Grant Thornton Bharat said, “India is a formidable force in tech and start-up globally and it is important to encourage, develop and be “future-ready” through investment in new age tech, upskilling digital talent, innovation and R&D investments, enhanced access to capital through direct overseas listings as well creating a global hub for semiconductor and electronics manufacturing.”
While India Inc looks forward to what the government has planned for the upcoming Union Budget for this sector, below are some interesting insights from our
- 55% feel that incentivising research and development (R&D) and innovotaion centres should be the prime focus for the Union Budget
- 38% are of the opinion that the government should increase the participation of the private sector in artificial intelligence (AI) and blockchain technology
- 60% vote for an increased focus on reforming the academic ecosystem for enhanced skilled digital talent in the country
- 70%, feel that more relaxed regulations are required to attract tech start-ups for listing in India
Access to capital is one of the key success factors for start-ups. Industry expects the government to lay down the framework and regulations for direct overseas listing for Indian tech companies as well as relax regulations for Indian listings. The industry hopes the Budget to also focus on education reforms, through reform in higher education curriculum and enhanced academia to create a globally leading skilled digital and tech work-force, as also conveyed by 60% of the respondents in the survey.
To understand the expectations from Union Budget 2022, Grant Thornton Bharat presents a pre-Budget survey report for the Technology and Start-up sector.