Union Budget 2020 India: In first pre-budget consultation, Finance Minister Nirmala Sitharaman on Monday held a meeting with representatives of the digital economy, fintech and startups. The issues discussed in the meeting included big data technology, the use of big data for MSMEs and the introduction of big data in public governance. Other than this, issues related to digital infrastructure and the role of government, infrastructure gaps for digital India taxation among others were also discussed. The representatives also expressed their view on incentives needed to encourage set-up of data centres, fiscal incentives for data localisation and establishment of agencies for checking cross border financial crimes. The representatives also gave suggestions for budget 2020 on tax sops to startups and ways to nurture them in India.
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Anurag Thakur, Minister of State for Finance and Corporate Affairs, Finance Secretary, Rajeev Kumar, Atanu Chakraborty, Krishnamurthy Subramanian, Chief Economic Advisor were among others who attended the meeting. The representatives of the digital economy, fintech and startups included Deepak Acharya, Global Chief Legal Officer (CLO), Wipro, Mandeep Singh Puri, Chairman, Electronic and Computer Software Export Promotion Council, Hari Om Rai, Chairman & Managing Director, Lava International, Madhur Deora, Paytm.
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It would be the second time that finance minister Nirmala Sitharaman would be presenting the budget in the Parliament. The budget 2020 would be seen keenly amid the ongoing economic slowdown on account of both domestic and global factors. The budget is expected to provide for tax relief for the corporate sector and income tax rate cut for the common man. There is also a demand from the various industry bodies that the government should provide for the exemption of up to Rs 5 lakh on the income of individual taxpayers as against existing Rs 2.5 lakh to prop up demand for goods and services.