Union budget 2021: This is how the Indian technology industry reacted
Union budget 2021: Finance Minister Nirmala Sitharaman today announced the budget 2021, which will apply for the coming financial year from April 2021. This is how the tech industry reacted:
Ketan Patel, Managing Director of HP India Market said: “Today’s budget announcement confirms the government’s focus on developing infrastructures and skills that will have short and long-term benefits for the Indian economy and the Indian people. From a technology perspective, it shows the incentives for digital infrastructure creation, education and training Qualifying the government’s intention to develop the country’s human capital. Steps such as international cooperation to develop new skills will help Indian youth prepare for modern job demands and prepare them globally. “
“The announcement of the National Digital Educational Architecture (NDEAR) is a welcome step that will help build a digital first mindset across the Indian education system and help students and educators adopt new learning and teaching methods. We also welcome them this double allocation to the MSME sector will incentivize the digital transformation of our small businesses that are the backbone of our economy, “he added.
Mr. Hari Om Rai, CMD of Lava International Limited, said: “It is a historic budget that marks the beginning of a new India. The government has clarified the industry with the announcement that it will create global champions from India and support this strategy with a new ‘development finance institution.’ The responsibility is shifting to the industry not only to dream, but to dream big and work with the government to bring the country from poverty to prosperity over the next three decades. “
Mr. Nanda, Co-Founder of WinZO Games, said: “The measures announced by the government show that the startup ecosystem is optimistic. The extension of long-term capital gains for an additional year will provide tailwind for early-stage financing. Extending tax leave by one year is also an encouraging proposition. Most new age startups, however, only book profits in their first few years. The budget’s focus on economic development, infrastructure and health will definitely get India back on a growth path after an unprecedented fiscal year. “
Rajan Navani, Vice Chairman and General Manager of JetSynthesys said: “I am pleased that the 2021 Union budget is forward-looking, with massive government spending in many sectors, coupled with a major divestment and monetization, and the privatization of two public banks and an insurance company. A great path for banking in India. Increase also of FDI in insurance at 74% under management control will help attract FDI from around the world and further stimulate the economy. I am particularly pleased with the government’s commitment to reverse an expense of Cr INR 50,000 for the National Research Foundation , the establishment of a new fintech hub and a digital payment incentive allocation. After 75 years of independence, the move to exempt seniors over 75 from filing tax returns is a huge tribute to their contribution if they are just retired to India. “
He added: “The budget also included a number of bold initiatives to simplify tax processes for businesses and honest taxpayers. Extending tax vacation and capital gains exemptions will also allow companies and startups to focus on growing their business Most importantly, the proposed use of data analytics, artificial intelligence and machine learning to optimize the Department of Corporate Affairs and tax portals points to the new India of 2022. I hope this forward-looking budget will help revitalize and continue to fuel India’s economy towards a digitally strengthened morning. “
Mr Agendra Kumar, President of Esri India said: “The budget seems promising for the GIS industry. The announced investments in the Urban Jal Jeevan Mission, waste management, road infrastructure, electricity distribution and town gas distribution are steps in the right direction and should stimulate the use of spatial data in these key sectors. “
Atul Rai, CEO of Staqu, said: “In the 2021 Union budget, FM Nirmala Sitharaman made several encouraging announcements regarding the Indian technology sector as well as the startup ecosystem. It was announced that cutting-edge technology including data analysis, AI, ML and MCA-21 version 3.0 will be introduced to provide additional modules for the Provide electronic jurisdiction, advice and compliance management and oversight, which, along with the proposed extension of tax leave for start-ups for an additional year, will improve business operations and encourage the next generation The Minister of Finance also proposed that the definition of small business be changed in the To revise the framework of the Companies Act 2013 by raising the capitalization threshold in order to advance the cloak of development towards a digital-first future in line with the Prime Minister’s Digital PM mission INR 2 crore from currently INR 50 lakh not to exceed and Umsa tz INR 20 crore not to exceed the current INR 2 crore. With this step, the government is aiming to profit from two lakh companies. “
Mr. Rajit Bhattacharya, CEO of Data Sutram, Location Intelligence Enterprise, said: “We applaud this budget as it will steer growth in the right direction. Extending tax vacation by one year is a great move that will give startups more time to assess and resolve issues due to the challenges posed by the pandemic. We’re excited See also how the government is focusing more on technology using data analytics, AI, and ML to revamp the MCA-21 portal, which will ensure seamless compliance for businesses of all sizes, as these advances integrate we can expect the MCA-21 3.0 Equipped with new features such as a single source of truth, easier business dealings, electronic jurisdiction, online compliance monitoring to name a few, the involvement of one-person companies to incentivize innovation Creating another breakthrough step for startups will help them grow without a one restrictions, mainly related to paid-up capital and turnover. The government’s technology-driven actions will also help streamline the Indian healthcare and pharmaceutical industries while expanding opportunities for Rec throughout India’s startup ecosystem. “
Rakesh Deshmukh, Co-Founder and CEO of Indus OS, said: “The announcement of the National Language Translation Mission is a much needed government effort to reach our citizens in the language they understand. At the Indus App Bazaar, the use of Indian language apps on our platform has increased by the past year Increased 2.2X. We believe that with an improved App Store ecosystem, we will be able to break down language barriers and create more value for the next half a billion Indian customers. For Atma Nirbhar Bharat to be successful, the focus should be on technological innovation as a whole. We welcome the government’s focus on innovation and R&D in the 2021 budget. “
Mr. Mike Chen, General Manager of TCL India, said: “We applaud the government’s recent PLI system. However, we need to relax the tax on raw materials, taking into account the brand adopted in India. We should also be given additional incentives to allow transformative action to be taken as industry contributes 25% of GDP Country. “
Mr. Abhishek Kumar, Oncam Regional Director, said: “One of the main focuses of the annual union budget is infrastructure. The decision to boost the transport sector by allocating increased budgets to national highways and subways is to create opportunities for oversight and incidence detection solutions. Oncam with its unique position in the market as the best Surveillance solution is strategically placed to further increase its market share in road safety solutions. The Union budget is being intelligently thought out and is intended to drive India as the fastest growing economy in the world. “
Varun Saxena, CEO and Founder of Bolo Indya said: “Skill India empowers Indians to build sustainable financial careers that suit their interests. Here, the Bolo Meets model, shaped by the passion economy, creates added value for the next half billion Internet users in India by enabling them to monetize their social capital and become aatmanirbhar. We welcome the government’s increase in spending on Skill India. ”
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