On Wednesday, 1 February 2023, the Hon’ble Finance Minister, Nirmala Sitharaman, presented Union Budget 2023 in the Lok Sabha.
We bring to you a detailed analysis on tax & regulatory amendments announced by the Hon’ble Finance Minister at her budget speech in respect of technology sector.
India’s technology prowess continues to make its remarkable advancements evidenced by the surge in digital payments, growth of e-commerce players and digital start-ups.
The Hon’ble FM in her speech stated “Our vision for the Amrit Kaal includes technology-driven and knowledge-based economy”, which echoes Government’s focus on making India a leading digital force in the world.
Budget 2023 brings forth the importance of AI in the technology sector by announcing the establishment of three ‘Centres of Excellence’ for AI to enable ‘Make AI for India’ and ‘Make AI work for India’.
Overall, the budget maintains the country's robust growth for tech industry as it provides strong impetus on infrastructure, technology and entrepreneurship thereby unleashing its potential in the economy.
