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Union Budget 2022 expectations – ProcessIT Global

Rajarshi Bhattacharyya, Chairman and Managing Director, ProcessIT Global

Rajarshi Bhattacharyya, Chairman and Managing Director, ProcessIT Global

By Rajarshi Bhattacharyya, Co-Founder, Chairman and Managing Director, ProcessIT Global

Government should support organisations to adopt the practices of Industry 4.0 by removing major barriers, especially those delaying modernisation of MSMEs and making them globally competitive. This sector is crucial as they play a key role in the nation’s development, contributing significantly to the GDP. Government support can provide further stimulus to the ‘Make in India’ initiative and boost up employment rates.

Massive boost is required for urban and transportation infrastructure development with increase fiscal stimulus and private sector participation to meet the growing demand of industries.

The budget should have policies to incentivise innovation in the banking industry by leveraging technology and digital transformation.

The focus now should also be on policy reforms that will boost private investments. More favourable policies for 100% owned and incorporated IT services and technology companies in India should be put in place as they play a key role in boosting the economy and generating employment.

With data privacy and security taking centre stage across industry verticals, government should incentivise organisations to strengthen their data security infrastructure. A robust cybersecurity policy is required and more focus should be on Cybersecurity services and products sector to increase investments and innovation here.

The Government should further support in innovation and R & D in the sector, especially in digital technology research to remain competitive.

More Learning & Development initiatives pan India to the district and town levels to train freshers in new-age skills should constitute a major part of the skill development agenda. Secondly, as the demand for cybersecurity professionals is on the rise with limited number of skilled candidates to fulfill the requirement. Government should support in developing next generation cyber security professionals with various skill-building and re-skilling programs.

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