By Venkatraman Narayanan, MD & CFO of Happiest Minds Technologies
“The Union Budget’s emphasis on employment, skilling, and digital infrastructure marks a transformative moment for the IT and ITES sectors. The allocation of Rs 1.48 lakh crore for these categories, coupled with the PM Package comprising five key schemes, underscores the government’s commitment to building and nurturing a skilled workforce, which is indispensable for our industry. The revised skill loan scheme and the comprehensive internship program will provide young talent with invaluable exposure and opportunities, creating a pipeline of skilled professionals.
A noteworthy highlight is the focus on enhancing women’s participation in the workforce through the establishment of working women hostels, creches, and women-specific skilling programs. These initiatives will empower women, enabling them to contribute significantly to the socio-economic development of the country. Ensuring that women have the support and opportunities they need to thrive in their careers is essential for building an inclusive and prosperous society.
The focus on digital public infrastructure and innovation by the private sector is a welcome move, poised to enhance productivity and create new business opportunities. The allocation of over Rs 11 lakh crore for infrastructure development, along with supporting policies to promote private investment, will significantly bolster the growth of both digital and physical infrastructure, driving holistic economic progress.
Furthermore, the establishment of the Anusandhan National Research Fund and incentives for R&D will accelerate technological advancements, fostering a culture of innovation. The reduction in corporate tax rates further enhances the competitiveness of Indian companies on the global stage.
Overall, the budget’s comprehensive approach to skilling, infrastructure, and innovation lays a strong foundation for sustained growth in the IT and ITES sectors, aligning with Happiest Minds Technologies’ vision of leveraging technology for transformative outcomes. This budget is a significant step towards realizing the vision of ‘Viksit Bharat’ – a developed India – by empowering our youth, fostering innovation, and building world-class infrastructure.”