Budget 2019: Major industry players are hoping that Digital India measures will drive the next step of the revolution in India's tech sector
Union Budget 2019: The budget presented by the government in its second term is a roadmap of how Modi’s dream of making India a $5 trillion economy can be achieved. Many flagship schemes, including Digital India, Start Up India, Skill India, and BharatNet among others, are the catalysers that government is focussing on heavily. This is also something that the executives from major companies mutually agree to.
CP Gurnani, MD & CEO, Tech Mahindra said, “We completely hail the government’s vision of a New India that will thrive on the confluence of new-age digital technologies, quality education and apt skilling.” He added, “We look forward to partnering with the industry and academia to nurture the startup ecosystem, and to fuel a culture of research and innovation that will help travel the road to India becoming a five trillion dollar economy.”
The growth of India’s startup ecosystem, particularly, has been impeded by a horde of levies by the government that the Income Tax Department has used to collar startups. Having been termed as ‘clinically detrimental’, the angel tax is sitting at the helm of the process of turning India a far more hospitable place for investors and entrepreneurs. “This law was used arbitrarily by the Income Tax department to scrutinise and harass start-ups that did not have a battery of lawyers and tax experts to fight against the department,” said Devendra Parulekar and Tejas Parulekar, co-founders of SaffronStays.
Finance Minister Nirmala Sitharaman also proposed setting up tech incubators across India to promote entrepreneurship in various sectors. “…the announcement to set up national tech incubators will promote business and economy. This is further visible in the government’s efforts towards boosting investments in MSMEs,” said Vartul Jain, CFO and Senior Vice-President, GreyOrange.
He further said, “The government is actively looking to enhance skills and proliferation of emerging technologies such as Artificial Intelligence, Big Data, robotics. Overall, we believe that the government’s thrust towards digitisation to promote manufacturing and innovation are incremental steps for making India a front runner in technology, across the world.”