7, Feb 2024
Indian Government Doubles Cybersecurity Funding from Rs 400 Cr to Rs 750 Cr 2024
The landscape of cybersecurity in India is set to undergo a significant transformation as the 2024 interim budget reflects a momentous decision by the Indian government. In a strategic move to fortify the nation’s digital defenses, the allocation for cybersecurity projects has witnessed an unprecedented surge. From a modest Rs 30 crore in 2022-2023, the budget allocation experienced a substantial leap in the 2023-2024 period, reaching Rs 400 crore. However, the most noteworthy revelation lies in the latest budget, where the Indian government has nearly doubled the allocation, elevating it to a formidable Rs 750 crore for the fiscal year 2024-2025. These substantial funds are predominantly dedicated to projects spearheaded by the Ministry of Electronics and Information Technology (MeitY).
Dr. Kailash Katkar, Managing Director of Quick Heal Technologies Limited, mentioned “I applaud the government’s dedication to advancing our nation comprehensively, focusing on the pillars of demography, democracy, and diversity. The ‘Sabka Prayas’ approach promotes inclusive growth, a vital component of our progress. The doubling of the allocation for cybersecurity projects reflects a commitment towards making India ‘atamnirbhar’ in the cybersecurity sector, evident from measures like the announcement of a one lakh crore rupees interest-free loan over fifty years, which will catalyze entrepreneurship. Strengthening deep-tech technologies for defense purposes is also a step in the right direction.
The emphasis on robust Digital Public Infrastructure (DPI) and cutting-edge technologies, coupled with the recognition of increased digital risks, underscores the immediate need for heightened cyber safety awareness and secure digital practices. As our nation actively contributes to economic growth, the role of cybersecurity providers becomes even more crucial in ensuring holistic protection for individuals, businesses, and government enabling a digitally resilient ecosystem thereby creating cyber secure India.”
Raj Sivaraju, President APAC, Arete IR LLP added, “We appreciate the Union Government’s visionary commitment to nurturing a Golden Era for our tech-savvy youth. The substantial boost in funding for cybersecurity projects in the 2024 interim budget stands as a testament to our nation’s recognition of the pivotal role technology plays in our lives. As we embark on this journey of digital transformation, the infusion of Rs 750 crore, nearly doubling the allocation from the previous year, reaffirms our collective responsibility to fortify our cyber defenses.
In the words of Finance Minister Nirmala Sitharaman, ‘As innovation is the foundation of development,’ let us harness this financial impetus not only to secure our digital landscape but also to catalyze pioneering research in the sunrise sectors.
The increased investment underscores the government’s commitment to staying ahead of evolving cyber threats, ushering in an era where technological changes empower our nation and its citizens. A resilient digital future awaits, ensuring that our strides in cybersecurity mirror the rapid advancements in technology, safeguarding our progress for generations to come.”
As the government allocates a significantly increased budget to bolster cybersecurity initiatives, the trajectory for the nation’s digital resilience takes a promising turn. The surge from Rs 30 crore in 2022-2023 to the current allocation of Rs 750 crore in 2024-2025 underscores a clear commitment to fortifying our digital infrastructure. With the Ministry of Electronics and Information Technology (MeitY) at the forefront, these cybersecurity projects are poised to shape a more secure and resilient digital future for India. As we navigate the complexities of the digital age, this substantial investment is a testament to the government’s unwavering dedication to safeguarding our digital assets and ensuring a robust cybersecurity framework for the years to come.
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- By Rabindra
6, Feb 2024
Post Budget Quote For Healthcare 2024
Quote by, Mr. Shivam Dixit, Co-Founder and CEO of Counsel India
In India, mental health issues are common, but their story is often hidden by cultural differences, stigmas, and complex interplay between socioeconomic circumstances. In India, mental health is the most ignored factor that contributes to suicide and Depression. This problem is occurring because there are now only 7–10 lakh counselors in the country, and over 50 lakh will be needed in the next year. A 12.6% rise from the Union Budget 2023–24, which improved India’s health sector, was allotted to the healthcare sector in 2023 (rs. 89,155 crs). The health budget is reviewed and dedicated to enhancing the health sector. It is evidence of a dedication to developing resilient minds. Funding the institutions that provide psychology courses is an investment that would be beneficial to people’s well-being.
As we channel allocation of finance towards Education and mental health treatment will be helpful for the common people suffering from mental health. A well-supported health budget that will be attentive to mental health signifies our recognition of the interconnectedness of mental well-being with overall health, productivity, and societal harmony.
2, Feb 2024
Budget Reaction – SK Chaudhary, Founder Director, Safex Chemicals
SK Chaudhary, Founder Director, Safex Chemicals
“The decision to step up value addition in the agriculture sector, reduce post-harvest losses and boost farmers’ incomes by improving productivity is commendable. We believe that the move to help micro food processing enterprises via 2.4 lakh SHGs and individuals through credit linkages and promoting of public and private investment in a range of post-harvest storage solutions will not only give a fillip to faster growth but will also benefit domestic agri players.
Further, formulation of a strategy to achieve self-reliance in oilseeds is laudable since this will be backed by research on high-yielding varieties, value addition, deployment of modern farming practices, crop insurance and other measures.”
31, Jan 2024
Budget Quote – Reema Dube Yerawar, Founder, Chipmunk
Reema Dube Yerawar, Founder, Chipmunk:
“As a representative of the beauty sector, we eagerly anticipate the forthcoming budget to act as a catalyst for transformative growth and sustainability. The beauty industry in India stands at the precipice of innovation and evolution, and our expectations harmonize with the broader goals of fostering a thriving and resilient sector. Given the distinctive characteristics of our sector, we advocate for targeted measures. It is our sincere request to the government to consider incentives that champion research and development in clean beauty formulations, aligning seamlessly with global trends and consumer preferences. We also encourage investment in the development of eco-friendly packaging solutions, positioning the Indian beauty sector as a responsible contributor to environmental conservation.Recognizing the pivotal role of skilled professionals in our industry, we emphasize the need for skill development initiatives tailored specifically for the beauty sector. Focused training programs incorporating the latest techniques and trends will not only empower individuals but also bolster the overall competitiveness of the sector on a global scale.Sustainability in formulations and ingredients remains a paramount focus, and we eagerly anticipate measures that encourage businesses to adopt green technologies. Incentives for the adoption of sustainable practices will not only accrue benefits for individual companies but also contribute to the industry’s collective efforts in building a greener future. Moreover, we advocate for a streamlined tax structure and the reinforcement of compliance norms and safety tests to ensure consumer safety within the beauty sector. Strengthening regulations on labels, transparency about ingredients for all brands, and a stringent focus on high-quality ingredients will fortify entrepreneurship, foster the creation of safe products, and contribute to overall economic growth.In conclusion, the beauty sector looks to the government to craft a strategic and sector-focused budget that recognizes and addresses the unique challenges and opportunities within our industry. We firmly believe that a forward-looking budget will propel the beauty sector to new heights, solidifying its role as a key contributor to India’s economic resurgence.”
24, Jan 2024
Quote on Pre Budget Expectations || Shoonya
By Ramneek Singh Ghotra, Chief Growth Officer, Finvasia Group
The previous budget introduced strong women-centric policies, including Free Skill Development, Beti Bachao Beti Padhao, and Digital Skilling Initiatives amongst others. As we approach Budget 2024, I anticipate continued progress, emphasizing economic opportunities, social safety nets, and health-centric empowerment. I hope for a more robust focus on skill development, rural entrepreneurship, and improved access to capital for women. Strengthening social security, enhancing safety, and prioritizing accessible healthcare and financial inclusion will contribute to a more positive and empowered society.
23, Jan 2024
Budget Expectation_CYFIRMA an External threat landscape management platform
Quote:
By Kumar Ritesh,Founder and CEO, CYFIRMA
We would like to see the upcoming budget carry a strong focus on helping businesses overcome the threats of cyberattacks and other digital risks. Indian businesses are adopting digital solutions at an accelerated pace but yet their cybersecurity maturity remains low. A budget that supports SMEs and start-up’s growth while ensuring their cybersecurity needs are taken care of is much needed in the current AI and digital age. The government’s approach needs to move beyond building compliance frameworks to providing tangible subsidies for cybersecurity protection solutions.
