Union Budget 2021: Here’s how Indian tech industry reacted – India TV News

budget 2021

Union Budget 2021: Here’s how Indian tech industry reacted 

Union Budget 2021: Finance Minister Nirmala Sitharaman today announced the Budget 2021 that will be applicable for the upcoming fiscal year starting April, 2021. Here’s how the tech industry reacted:

Ketan Patel, Managing Director, HP India Market, said, «Today’s budget announcement confirms government’s focus on developing infrastructure and skills which will have short and long term benefits to Indian economy & people. From a technology point of view, the incentives for creating digital infrastructure, education and skilling spells out the government’s intent on developing the country’s human capital. Steps like international collaboration to develop new skills will help Indian youth prepare for modern job requirements and make them global-ready.»

«The announcement of the National Digital Educational Architecture (NDEAR) is a welcome step, which will help build a Digital First mindset in the entire education system in India and help students and educators adopt new ways of learning and teaching. In addition, we welcome the doubled allocation for MSME sector which will incentivise digital transformation of our small businesses that are the backbone of our economy,» he further added.

Mr. Hari Om Rai, CMD, Lava International Limited, said, «It is a historic budget making a mark of the beginning of a new India. Government has given a clarion call to the industry with the announcement of creating global champions from India and backing this strategy with new, ‘development finance institution’. Now the responsibility shifts to the industry to not only dream but dream big and stand together with the government to make the country progress from poverty to wealth over the next three decades.»

Mr. Nanda, CO-Founder, WinZO Games, said, “The measures announced by the government demonstrate its bullishness towards the startup ecosystem. The extension of long-term capital gains by another year will offer tailwinds to early-stage funding. Extension of tax holiday by one year is also an encouraging offering, however, most of the new-age startups don’t start booking profits in the early years. The Budget’s focus on economic development, infrastructure and health will definitely put India back on the growth trajectory after an unprecedented past financial year.”

Rajan Navani, Vice Chairman & Managing Director, JetSynthesys, said, «I’m happy to see the Union Budget 2021 is a forward-looking one, with massive spend commitment by the government across many sectors combined with large divestment and monetisation, along with the privatisation of two public banks and one insurance company. This is a great trajectory for banking in India. Also, the increase in FDI in insurance to 74% with management control will help in attracting FDI from the world, further boosting the economy. I’m particularly excited about the government’s commitment to set aside an outlay of INR 50000 Cr for the National Research Foundation, the setting up of a new Fintech hub, and an allocation to incentivise digital payments. Also, as we complete 75 years of independence, the move to exempt senior citizens over 75 years from filing tax returns if they are only on pension is a great tribute to their contribution to India.»

He further added, «The budget also had a number of bold initiatives to simplify tax processes for businesses and honest tax-payers. The extension of the tax holiday and exemption of capital gains will also enable businesses and startups to focus on growing their business. Most importantly, the proposed use of data analytics, Artificial Intelligence and Machine Learning, optimising the Ministry of Corporate Affairs and tax portals, is indicative of the New India of 2022. I hope this forward-looking budget will help revive India’s economy, propelling it further towards a digitally empowered tomorrow.»

Mr. Agendra Kumar, President, Esri India, said, “The budget seems to have lot of promise for GIS industry, the investments announced in Urban Jal Jeevan Mission, waste management, road infrastructure,  electricity distribution, city gas distribution are the steps in the right direction and are likely to give boost to the usage of geospatial technologies in these key sectors.”

Atul Rai, CEO, Staqu, said, «In the Union Budget 2021, FM Nirmala Sitharaman made several encouraging announcements when it comes to India’s technology sector as well as the startup ecosystem. It was announced that cutting-edge tech including data analytics, AI, ML, and MCA-21 version 3.0 will be launched to have additional modules for e-adjudication, consultation, and compliance management and monitoring. This, along with the proposed extension of tax holiday for start-ups by one more year, will enhance ease of doing business and encourage the next generation of tech companies to step up and carry the mantle of development towards a digital-first future in line with the PM’s Digital India mission. The Finance Minister also proposed to revise the definition of small companies under Companies Act, 2013 by increasing their threshold for capitalization to not exceeding INR 2 crore from the current INR 50 lakh and turnover to not exceeding INR 20 crore from the current INR 2 crore. With this step, the Government aims to benefit about two lakh companies.»

Mr. Rajit Bhattacharya CEO Data Sutram, Location Intelligence Enterprise, said, «We welcome this budget as it steers growth in the right direction. Extension of tax holiday by one year is a great move that will give startups more time to evaluate and fix things, owing to the pandemic-related challenges. We are also happy to see the government’s increased focus on technology by leveraging data analytics, AI, ML to revamp MCA-21 portal. This will ensure seamless compliance across businesses of all sizes. With the integration of these advancements, we can expect the MCA-21 3.0 to be equipped with new features like a single source of truth, ease of doing business, e-adjudication, online compliance monitoring, to name a few. Incorporation of one-person companies to incentivize innovation is another ground-breaking move for startups and will help them grow without any restrictions, mainly on paid-up capital and turnover. The technology-driven moves taken by the government will also help streamline India’s healthcare and pharma industry while widening the avenues for recruitment across the startup ecosystem in India.»

Rakesh Deshmukh, Co Founder and CEO, Indus OS, said, «The announcement of the National Language Translation Mission is a much needed effort by the government to reach our citizens in the language they understand. At Indus App Bazaar, the usage of apps in Indian languages on our platform has increased 2.2 times last year. We believe that with an enhanced app store ecosystem we will be able to break linguistic barriers and adding more value to the next half a billion Indian customers. Moreover, for Atma Nirbhar Bharat to be successful, the focus should be on technology innovation as a whole. We appreciate the government’s focus on innovation and R&D in the budget 2021.»

Mr. Mike Chen, General Manager, TCL India, said, «We do welcome the recent PLI scheme of the government. However, we need to ease up the duty imposed on raw materials keeping in mind the make in India thought. We should also be getting added incentives so that transformative measures can be taken. The industry contributes 25% of the country’s GDP.»

Mr. Abhishek Kumar, Regional Director, Oncam, said, «One of the key focus area in annual union Budget is on infrastructure. The decision to boost the transport sector by allocating increased budgets for National Highways and Metros shall create opportunities for overview and incidence detection solutions. Oncam with its unique position in the market as the best overview surveillance solution is strategically placed to further increase its market share in roadways safety security solutions. The union budget is intelligently thought of and shall propel India as the fastest growing economy of the world.»

Varun Saxena, CEO and Founder, Bolo Indya, said,  “Skill India empowers Indians to build a sustainable financial career around their interests. This is where the passion economy driven model of Bolo Meets adds value to the next half billion internet users of India, by letting them monetise their social capital and become Aatmanirbhar. We welcome the increase in Skill India expenditure by the government.” 

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