Budget 2023: Government should provide resources to build robust cybersecurity system

India has seen great strides in the economy’s growth, fuelled by remarkable performance across sectors. Last year, our nation embarked on a journey towards India@100 to see a more resilient and flourishing country by 2047. Over the next quarter century, while multiple industries will help to achieve new milestones, pioneering technologies will significantly contribute towards accelerating growth. India’s IT and BPM (Information Technology and Business Process Management) is diversified across verticals such as BFSI (Banking, Financial Services and Insurance), telecom and retail, to name a few. The industry also sees strategic partnerships between businesses to meet the requirements of all kinds of clients. NASSCOM states that FY2022 recorded a 15.5 percent growth, the highest-ever, to reach $227 billion in revenue. The government has also extended policy support in last year’s Budget with an allocation of Rs 88,567.57 crores for the IT and telecom sectors. Further, the government also introduced the STP Scheme, a 100 percent export-oriented scheme for developing and exporting computer software and professional services. NASSCOM also reported that over the next few years, the enterprise technology sector is expected to contribute approximately $350-400 billion to India’s dream of becoming a $1 trillion digital economy. While 2020-2022 saw hybrid cloud gaining popularity, we can expect to be reigned by a multi-cloud implementation. India is rapidly emerging as the Data Centre Capital for Asia-Pacific (APAC), paving the way for Cloud adoption and increasing its usage velocity. Multi-national hyperscalers are also boosting the industry by setting up massive data centres. JLL has also stated that the capacity expansion by existing and new players in the data centre industry is expected to result in an additional capacity of 804 MW during 2022-2024. What the govt should focus on With growing Cloud adoption, mushrooming data centres, and a bright future for the sector at large, we hope to see the government putting added focus on the following areas: With data centres being accorded infrastructure status, we hope to see incentives or capital subsidy programs concerning land, construction, mechanical, and plumbing costs in the upcoming budget. Seamless power supply and connectivity are essential to adequately functioning data centres. If the government can allocate adequate expenditure to ensure a steady supply, it could propel this industry to newer heights. Domestic data centres should also be brought under the Vocal for Local policy, and government bodies should be encouraged to use Indian-owned data centres. Offering incentives to private sector entities to use locally owned data centres can also be helpful. Data shield needed to keep pace with global players As countries across the globe mature to the next level in ensuring their citizens’ data privacy, a complete data shield will be needed. Last year, we saw the redrafted version of the Data Protection Bill, which will ensure that companies are accountable while dealing with consumers’ personal data. Safeguarding and preventing data breaches is of utmost importance in a time when technology is constantly evolving. There are also increasing cases of complex data security threats that must be mitigated promptly. Keeping this in mind, Security as a Service will become a necessity, and we hope the government provides adequate resources to build a robust cybersecurity system in the country. Additionally, we are seeing a rise in organisations levelling up their automation efforts across sectors like banking, financial services, insurance, telecommunications, public sector undertakings (PSUs), healthcare, and pharmaceuticals. Sops, subsidies needed to boost integrated automation Integrated Automation provides integration across people, processes, and technology. It lets businesses focus on core operations and aids in faster scaling of businesses. This would eventually contribute towards economic growth, and we hope this area is factored in for the upcoming Budget through capital subsidies, tax sops, and similar incentives for private players, directly propelling the government’s Digital India Mission and aiding in the digital transformation journey across sectors. The technology sector also provides ample scope for employment generation. The IT industry added 4.45 lakh new employees in FY22 alone, which brought the total employment in the industry to around 50 lakh employees. The sector is poised to flourish even more but will need a solid workforce to unlock the maximum value of the Digital India mission. Investments and reforms in the education sector and upskilling initiatives as part of academic curriculums will prepare a talent pool of the future to bolster the digital movement. Additionally, incentives to companies to upskill their existing employees for a digital future and economy will accelerate growth. Reduce corporate tax rate We also hope that the government will support further growth of corporate India by reducing the current corporate tax rate. This would help companies compete globally and scale new avenues. We are optimistic that the government will take steps in the right direction to steer this Industry 4.0 revolution and be a solid ally to India Inc. Together, the country can script a new success story. (The writer is CEO, Writer Information Management Services, a multi-services IT and ITeS setup. He tweets @Satyamohany @WI_Tweets. Views are personal) Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. 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