Based on the reactions received from several players across the IT industry it is safe to say that the Union Budget 2019 has been received well
The Union Budget 2019, which was announced on 1 February 2019, has been lauded by industry experts. While some of the initial reactions have been reported by DataQuest, several more IT leaders expressed their gratitude towards the Indian Government for announcing a ‘visionary budget’.
Some announcements that were made and have been perceived well by Tech honchos are as follows:
- India is now leading the world in the consumption of mobile data and the cost of data and voice calls in India is now possibly the lowest in the world.
- Under Make in India, mobile and parts manufacturing companies have increased from 2 to more than 268 providing huge job opportunities.
- More than 3 lakh Common Service Centres (CSCs) employing about 12 lakh people, are digitally delivering several services to the citizens.
- The Common Service Centres are expanding their services and also creating digital infrastructure in the villages, including connectivity, to convert the villages into Digital Villages.
- The Government will make 1 lakh villages into Digital Villages over next five years.
- National Programme on ‘Artificial Intelligence’ that has been envisaged by the Government. This would be catalysed by the establishment of the National Centre on Artificial Intelligence as a hub along with Centres of Excellence. Nine priority areas have been identified. A National Artificial Intelligence portal will also be developed soon.
“This budget is providing major boost to real estate segment through fiscal incentives like extension of benefit Under Section 80 IBA, no tax on notional rent on unsold inventory for two years, no notional rent on two self-occupied properties instead of one. Additionally, direct benefit of INR 6,000 to small farmers will provide positive sentiments and will have positive cascading effect on GDP growth. We welcome the step to promote AI hubs in India which will help to build technical competence and have long lasting impact from technology point of view for the future of India. This budget has populist and election oriented flavour, Government will have to balance the spending and keep the fiscal deficit under control,” said Arun Nathani, CEO, Cybage.