The Interim Budget is going to be presented on 1st February, 2019, which is also going to be the final one by the Narendra Modi government ahead of the general elections. Unlike most other budgets, this typically isn’t a high-octane affair; governments are discouraged from locking their successors into any new spending or taxes.
While the 2018 budget witnessed increased impetus from the government on promoting new technologies like AI, ML, IoT, the 2019 Budget is expected to bring more easy funding opportunities for start-up growth, given the interests shown by the Modi government in providing impetus to start-ups with initiatives like Start-Up India and Digital India. The Interim Budget is also wished to focus more on Digital India initiative in order to shape the IT infrastructure and increase adoption of technology to encourage digitization.
As far as the IoT ecosystem is concerned, the industry expects the government to give more focus on driving domestic innovations coupled with fiscal incentive schemes and liberalisation norms.
Here is what Arun Nathani, CEO, Cybage expects from the budget:
“Budget 2019 is an Interim Budget and the last roll of the dice for the current government before the General Elections. Hence, populist measures are expected.
Currently from an industry perspective, there is a double taxation on dividend. The companies have to pay corporate tax and tax on the dividend declared. Dividend received by shareholders is also taxable in the hands of an individual. So simplification of the tax structure will help the industry as well as encourage businesses. This will boost the economic growth further.”