Jidoka Technology Quote Pre-Budget 2024 expectation
Sekar Udayamurthy, Co-founder and CEO, of Jidoka Technologies shares pre-budget expectations – Union Budget 2024
With a positive outlook on AI-based opportunities in India, the Interim Budget 2024-25 should prioritize the seamless integration of AI technology into the manufacturing processes. This presents a significant opportunity, particularly in the quality control domain, and the government should incentivize AI adoption. Offering incentives and grants, especially by encouraging AI and tech adoption in the sector, along with facilitating access to funding for initiatives like smart warehousing and shopfloor automation, will yield substantial long-term benefits. The government should also take steps to create more awareness of Startup schemes and a single window platform for budding entrepreneurs.
A more favorable funding environment for tech startups is crucial and the reduction of import duties for raw materials, such as steel and copper will further fortify the success of the ‘Make in India’ initiative’. The government should come up with more initiatives to create platforms and business exchange programs to connect startups with manufacturing companies overseas.
The Government should introduce a streamlined procedure that eliminates the need for extensive documentation when investing or paying for services overseas, enabling Indian startups to establish themselves abroad. Additionally, Indian consulates overseas should actively support Indian startups by showcasing the latter’s capabilities at international events.
I anticipate a forward-looking budget that not only encourages innovation but also allocates funding for Research and Development activities in the AI domain. Strategic investments in Skill Development will be essential for ensuring the workforce is equipped for the evolving landscape. I look forward to witnessing more policies that foster a conducive environment for tech-driven growth. Such initiatives from the government will propel our industry towards increased global competitiveness.