Stating that technology has been at the forefront of India’s recent economic growth, Rajiv Srivastava, Managing Director, HP Inc India on Tuesday listed out his expectations from the upcoming Budget 2017 for the technology sector. He said that the government should look at rolling out initiatives to boost adoption of technology for education, skilling, manufacturing and infrastructure development. “For the digital empowerment of citizens, the Government should look at making technology more affordable and introducing initiatives to encourage PC buying in the country, ” he said. “While the relaxation of FDI and the introduction of several initiatives have helped citizens embrace economic transformation and digitization, additional initiatives to boost domestic manufacturing will also help them adopt technology in its most tangible form,” he added.
Ministry of Electronics and Information Technology (MeitY) today proposed that there should be income tax exemptions for new units under the software technology park (STP) scheme and harmonisation of tax rates for angel investors in the upcoming Union Budget 2017-18. Among the recommendations, the MeitY has proposed that fiscal incentives of income tax exemption under section 10A of the Income Tax Act be restored for new STP units with annual turnover less than Rs 25 crore, or for a period of five years, whichever is earlier.
Narendra Modi government will be presenting Budget 2017 on February 1. Yesterday, Supreme Court dismissed the plea to change the Budget date from February 1. The Budget is special not only for the fact that it has been preponed but more importantly because it comes within months after Modi government’s massive demonestisation drive. Most analysts and economists expect Budget 2017 to be tax-payer friendly, especially given the pain that common man has faced after old Rs 500 and Rs 1000 notes ceased to be legal tender money.
Meanwhile, the Cabinet Committee on Parliamentary Affairs (CCPA) recommended holding of the Budget Session from January 31. The first part of the Budget Session will run till February 9. The 92-year-old practice of presenting a separate Rail Budget is going to end from this fiscal, with the Finance Ministry accepting Railway Minister Suresh Prabhu’s proposal to merge it with the General Budget.