The Union Budget 2020 will be presented on the 1st of February 2020 and PM Modi recently tweeted asking suggestions from citizens. Here is what the expectations of IT industry leaders from the budget.
The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development.— Narendra Modi (@narendramodi) January 8, 2020
I invite you all to share your ideas and suggestions for this year’s Budget on MyGov. https://t.co/zVCL06TdLn
Here are some suggestions from the IT industry leaders on Union Budget 2020:
Shibu Paul, VP – International Sales at Array Networks
With more and more security breaches happening every day, we expect the government to have a greater focus on creating more funds to battle the growing concern of cybersecurity in India.
The government should provide a strong thrust for core R&D investments as part of its ‘Make in India’ initiative, enabling more indigenous innovation and increased investments in future technologies to shape the IT infrastructure and increase adoption of technology to encourage digitization.”
Arvind Didwania, Founder at ANT MY ERP
We believe that allowing SOPS for the MSME sector that involves less and easy steps to access credit will surely boost the Indian MSME sector.
We expect the budget to highlight startup-friendly policies and tax reformations to boost the economy. The government should focus more on implementing a refined education policy with an added focus on skill development for crucial next-generation technologies such as AI, big data analytics and robotics. Education loans should be made easily available to all at lower interest rates.
Ritesh Keshavrao Deokar, Country Manager at Milestone Systems India
The India Government’s “Digital India” initiative has kicked-off well as expected. Adoption of technologies such as Cloud, IoT, Blockchain, Machine Learning, etc., has seen significant benefits across both the private and government sectors and especially so in areas of Retail, Transportation and Smart cities.
Our expectation from the union budget 2020 is that the government should emphasize more on the personal security of individual citizens and their data. We hope that more budget can be allocated in the form of subsidies and tax exemptions to the companies, and or manufacturers dealing with security products.
Sriram S, Co-Founder at iValue InfoSolutions
We expect new policies and frameworks promoting homegrown IT innovations to be a vital part of the budget.
There is a need for continued reforms for inclusive growth in areas of home, education, health, and employment. As most banks spend most of the time nowadays managing NPA issues, we expect the Prime Minister and the Finance Minister to restart bank lending on priority.
Startup, SME, and SMB need to be efficiently addressed so that they grow and provide employment in a sustained way. Also, we expect the Finance Minister to expedite TDS refunds which are stuck for 3 to 5 years helping business with cash flow in the absence of bank funding.
Rajendra Chitale, CFO at Crayon Software Experts India
Last year’s budget took serious considerations for jurisdiction-free and faceless assessment and scrutiny to simplify compliance, reduce manual work and speed up the tax processing.
The budget from an indirect tax perspective was mostly aligned to digital initiatives of the government and promoting ease of business in India. The recent slash in corporate tax was a major reform for the industry. However, for sustained growth in business, more people must buy products/solutions, so we are expecting reliefs in personal income tax rates this year.
Satish Kumar V, CEO at EverestIMS
Amidst the economic slowdown in 2019, the Union Budget 2020 should revive the specific growth elements which will boost the economy.
FM needs to focus on offering special budgetary concessions to manufacturing, IT, transport, and farming industries. We suggest our government for an extension and relaxation in GST payment cycles for start-ups.
The time period of tax rebate approvals for start-ups should be minimized. The Government should allocate more funds for programs which help Indian start-ups grow bigger and gain presence in international markets too.
Tarun Bhutani, Managing Director at AMANI
IT Industry leaders are excited about the Union Budget 2020. We are expecting that the upcoming budget will have measures to spur the ‘Make in India‘, ‘Digital India‘ and ‘Smart Cities‘ initiatives.
The industries have flourished a lot, but there has been a full stop for the grey channel market or grey imports. With initiatives like ‘Digital India’ ‘Make In India’, the government is committed to the growth of the manufacturing sector.
We expect the budget to address the dip in GDP growth rates and take constructive steps to boost India’s economy. We hope that 2020 will be a better year for the markets as compared to 2019.