The Union Budget for 2017-18 addresses all the issues which have been debated about during the last one year and those which are paramount to the interest of the common man.
The biggest benefit will be for start-ups, especially technology start-ups. There are several sops for them. Corporate tax for MSMEs with R 50 crore or below turnover will get a tax reduction of 5%, which means they will have to pay only 25%. It also needs to be noted that earlier, tax breaks were applicable only for start-ups which were between three and five years old, and it has now been extended to companies that are up to seven years old. This is a positive and realistic move.
The finance minister has also made good his promise with the roll out of demonetisation for initiatives that will make cashless India possible. Ola’s initiatives around cashless transactions have received a fillip and we completely support the Digital India vision. Demonetisation emerged as a successful measure towards a cleaner GDP and improved focus on creating a safe digital payment ecosystem. With e-wallets gaining prominence, and more and more enterprises accepting e-cash, we see cashless India becoming a reality soon. This is further supplemented by the government’s steadfastness on promoting UPI, Aadhaar Pay, amongst other initiatives. As one of the leading e-wallets in the country, Ola Money has partnered with thousands of merchants including utilities, petrol pumps and leading banks over the last year. Seeing the government’s focus on formalising this is both encouraging and in the interest of a new cashless India.
You may also like to watch this video
The government has decided to invest further on skilling. We ourselves have taken a major initiative with the NSDC and various state governments to train upwards of 50 lakh drivers over the next five years. This will fuel micro entrepreneurship and sustainable livelihoods and that will go a long way in making a self-reliant economy.
By Pranay Jivrajka, Founding Partner, Ola