India boosts IT/ITeS 2024 budget by 8%
NEW DELHI, INDIA — The 2024 Indian budget saw an 8% increase in allocations for the information technology (IT)/IT-enabled services (ITeS), rising to Rs.130 crore ($15.7 million).
The boost aims to spur tech investments and job creation in digitally lagging areas of the country through key promotion schemes like the North East BPO Promotion Scheme (NEBPS) and the India BPO Promotion Scheme (IBPS).
The two schemes, launched in 2017, are expected to provide financial support in the form of viability gap funding to eligible companies.
Additionally, cybersecurity projects received a nearly 90% hike in funding to Rs. 759 crore ($91.5 million) for 2024-25, reflecting rising digital threats and infrastructure protection needs.
According to India’s Finance Minister Nirmala Sitharaman, rapid digitalization has powered India’s expansion while digital public infrastructure enabled economic formalization.
The new budget sustains investments in new-age technologies and fuels continued progress across the country.
Overall, the strategic prioritization of the IT/ITeS industry and cybersecurity signals India’s commitment to boosting the country’s tech industry. It also promises to kindle innovation, bolster defenses, spur job creation, and cement India’s standing as a global digital leader.
