Budget reactions from Shekhar Sanyal, Director & Country Head, the Institution of Engineering and Technology.
The new government’s Union budget for the year 2014-15 is a welcome move with a more strategic focus, concentrating on mid-long term implications towards sustainable growth. The commitment to achieve 7-8% economic growth in the next 3-4 years anchoring on the core sectors is much needed to revive the sluggish economy. We, at The IET, are very positive about the fiscal prudence reflected in this budget. It is a validation of the Government’s promise to leverage technology for India’s next phase of growth. There is a holistic view of riding on technology right from creating a foundation for talent to an ecosystem for entrepreneurial projects and intelligent tech implementation such as for farmers, remote communication, renewable energy, manufacturing and smart cities.
The government’s move to establish more IITs and IIMs is great to strengthen the pool of quality technical talent that will enable India’s journey to be a scientific power. The IET’s vision is also to build a strong engineering ecosystem in India that contributes to the society in resolving critical societal challenges. We are happy to note that the budget is aligned with our vision and we see immediate opportunity from each section of the society – government, corporate and academia to collaborate for economic development.
The budget’s special emphasis on encouraging entrepreneurs by providing funds and establishing business incubators in each district will provide a platform to build the next big global companies from India, many of which will leverage technology for growth. Significant fund allocation to the solar and power sector is a positive step towards a result oriented transition to a more sustainable energy independent country. Government’s focus on domestic manufacturing sector which has not seen progress is set to evolve with the fillip in investment allowance. This will generate more employment opportunities and attract young talent.
Lastly, the budget’s focus on urban development and smart cities will open a plethora of opportunities for technology implementation that benefit citizens. The creation of new urban centers on the principles of sustainable urbanization is at the core of any developing country’s success.
To sum up, the budget is certainly a first step towards the government’s vision to transform India. With some new initiatives in each sector, it will definitely bring together a revolution and the IET, being a professional body to streamline engineering and technology can partner with the government to play a critical role in bringing the change
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