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How Budget 2019 to Benefit IT ?

By: DT News Network
February, 04, 2019

The interim budget announced by Mr. Piyush Goyal, (Temporary Handling Finance Ministry, in absence of Mr. Arun Jaitley) made some big announcements which was criticized by opponents as election agenda.

But there is no doubt, he played very cleverly by making some big perks to middle class, labour class and farmers. The major announcements were rebate in income tax upto 5 Lakh, some initiatives for farmers and labour class, reductions in the interest on loans, advancement of real state and most importantly making 1, 00, 000 digital villages and setting up the national centre for Artificial Intelligence. Eventually we can say that the budget has slightly fulfilled the demands of everybody in some context. The ICT industry has come up with the reactions on the overall budget presented by Minister in charge, and here we have compiled all key reactions of big IT leaders. Please see the insights below:

“This Union Budget Reflects The Government's Commitment To Digitalisation”

Vishal Parekh, Marketing Director, Kingston Technology

“This Union Budget reflects the Government's commitment to digitalisation as a right step to help India gain a rightful place on the global technology map. Being one of the leading manufacturers of storage & memory solutions, we believe this initiative of extending a strong digital infrastructure to villages will facilitate significant penetration of computing-capable devices, hence further fuelling the growth of Data centres, internet-of-things and profitability of businesses. The Government has also envisaged a national programme on 'Artificial Intelligence' which is a progressive step towards leveraging technologies in every sector of economy impacting the life of all citizens. As Kingston has already contributed towards enhancing the productivity of businesses, we are also looking forward to encouraging the Government’s vision of building an exceptional digital infrastructure for our nation till 2030. We see a great potential in the aim of achieving country’s growth by leveraging digital technologies as it will further encourage innumerable initiatives to promote digital literacy in the country, and millions of opportunities in this eco-system.”

“We Appreciate The Government’s Budget Focus On Empowering The Middle Class And The Rural Population”

Sumeer Chandra, Managing Director, HP Inc. India

“The focus on leveraging emerging technologies like Artificial Intelligence to enable a positive impact on the lives of people is an encouraging step. Further, the expansion of rural industrialization using digital technologies, development of clusters encompassing the MSMEs, village industries and start-ups, will boost rural manufacturing, job creation and strengthen the overall economy. We appreciate the government’s budget focus on empowering the middle class and the rural population. Initiatives such as monetary support for farmers and higher exemption limit in personal income tax slab would provide higher disposable income, thereby, leading to higher spending. I believe, this will lead to consumption growth, giving impetus to overall economy.”

“Mr. Piyush Goel Announced 9 Top Dimensions To This Budget And Make In India And Digital India Were Central To It”

Rajiv Bhalla, Managing Director, Barco India

“We laud the budget presented by Mr Piyush Goel today and believe it is a populist budget overall. Mr Piyush Goel announced 9 top dimensions to this budget and Make in India and Digital India were central to it. Expanding rural industrialisation using modern digital technologies to generate massive employment is the Fourth Dimension of the vision. This will be built upon the Make in India approach to developing grass-roots level clusters, structures and mechanisms encompassing the MSMEs, village industries and start-ups spread in every nook and corner of the country. India is now on the way to becoming a global manufacturing hub in various sectors including automobiles and electronics, defence and medical devices. At Barco, we believe, building an ecosystem to spur local manufacturing is key for India’s success and a steadily growing economy. Not only does it amplify job opportunities, but also gives a competitive edge to build products and solutions “In India, For India.” This will allow companies like us to build quality products in the country, and focus on helping drive better outcomes for our customers. This will also help local manufacturers negate a price-focused strategy rather than a quality focused strategy.”

“We Were Hoping For A Solution For The Current Credit Issue Troubling MSMEs”

Nikhil Arora, Managing Director and Vice President, GoDaddy India

“We welcome the Union Interim budget 2019-20 and the government’s focus towards helping small businesses, startups and women-owned MSMEs. With impetus on strengthening the digital infrastructure, e-marketplace, initiatives supporting rural India and emerging technologies like artificial intelligence, government has reiterated its commitment to bring a holistic and sustainable technology-led development for the country. Moves to allow tax payers with income upto Rs. 5 lakh to get full tax rebate and abolish custom duty from 36 capital good are consumer friendly steps that will help put the money back in the consumers’ pocket and encourage ease of doing business. In this year’s budget, we were hoping for a solution for the current credit issue troubling MSMEs. But at the same time, we are positive about the India government’s push towards digitally transforming the nation, and will continue working with our partners to ensure we play our part in realizing this vision, providing right tools and solutions to enable small and independent businesses to get their ventures online and grow successfully.”

“This Is A Budget That Has Something For Everyone, But More Particularly The Middle Class”

Anil Valluri, President, India & SAARC Operations, NetApp

“The Government, in its Budget 2019 today has articulated a compelling vision for India, both for the medium and long term. It has provided direction, and a finite and ambitious goal for India, of becoming a USD 10 trillion economy by 2030. I look forward to the details and to the Government marking progress against it. For the short term, this is a budget that has something for everyone, but more particularly the middle class, the agricultural community and marginalized sections of society. The sense of inclusion, financial as well as welfare is welcome and much needed to build the force for a stronger nation that can march towards what I call Vision 2030.” 

“The Concept of Digital Villages And Rural Industrialisation Opens Up Great Avenues For Companies & Start-Ups”

Neel Juriasingani, Co-Founder & CEO, DataCultr
"Startups and the industry can take clues out of the various topics touched upon in this budget, to understand the direction and focus. Startups will have an integral role to play towards Vision 2030, it’s a great opportunity. The concept of Digital villages and rural industrialisation opens up great avenues for companies & start-ups like us in the IOT & AI space, as well as for those working on building digital infrastructure of a connected India"

“More Focused Announcements Around Skilling And Higher Education For Youth Would Have Made The Budget More Holistic”

Dr. Sanjay Gupta, Vice-Chancellor, World University of Design

“Overall, the Interim Budget is focused on people, progress & prosperity and that will lead to the rise of a #NewIndia by 2022. Being an election focused budget, there was no big announcement for the education sector which requires a long term focus. The reduction in the interest on education loans is a good move towards ensuring education for all. At the same time, the allocation for Higher Education Financing Agency (HEFA) has been reduced from Rs 2,750 crore last year to Rs 2,100 crore this year. More focused announcements around skilling and higher education for youth would have made the Budget more holistic.”

“We Have To Wait And Watch How This Budget Ultimately Impacts The Country”

Kushal Nahata, CEO & Co-founder, FarEye

“We have to wait and watch how this budget ultimately impacts the country. It was a great move by the Customs authorities to introduce comprehensive digitalisation of export and import transactions. Using RFID to enhance export logistics was a much-needed initiative. This will ensure seamless movement of goods, drastically improve visibility and reduce transportation costs. Digitizing core logistics processes is a key when it comes to building a sustainable supply chain. Developing 27 kilometres of highways every day is a great feat to achieve. It will surely enable faster long-haul deliveries and will reduce the burden on existing roadways. The aim to digitize one lakh villages and speed up road development in rural areas will go a long way when it comes to driving financial inclusion and expanding and monitoring logistics activities. Abolishment of duties on 36 capital goods and single point of approval under section 65 of the Customs Act will definitely help manufacturers.”  

“We Are Glad To Find Out The Government’s Plans Of Developing A National Artificial Intelligence Portal”

Arun Balasubramian, Managing Director, Qlik India

“The interim budget, the government has rightly comprehended the necessity and competence of digital technologies such as AI, machine learning, big data and more. We are glad to find out the government’s plans of developing a National Artificial Intelligence portal, which will significantly boost research and development measures and thus allow businesses of all sizes and sectors to gain better data-driven and decision-making insights and advance the nation in competitive global space.”

“We Believe That The Next Crucial Step Will Be Addressing Cybersecurity Concerns”

Rahul Kumar, Country Manager India and SAARC, F-Secure

“Leading the world in mobile data consumption is a big milestone for India and promises a great opportunity for development. The lower rates of 4G data are pushing the opportunities for digital growth, even in the hinterlands of India. We believe that the next crucial step will be addressing cybersecurity concerns, as a number for first-time users; and users with a lack of nuanced understanding of cybersecurity are expected to on-board the digital bandwagon. Hence, educating the new internet users about data privacy and online safety should be highly prioritized. As the world moves towards digitization and IoT connected devices, personal data is the most vulnerable commodity and must be carefully safeguarded.” 

“The Inclination Of IP Surveillance Industry Towards The AI Technology Is Expected To Further Boost With The Establishment Of National AI Portal”

Sanjeev Gulati, Country Director India and SAARC, VIVOTEK                                    

"The inclination of IP surveillance industry towards the AI technology is expected to further boost with the establishment of National Artificial Intelligence Portal. Not only this, the ongoing smart surveillance projects in railways is another positive development as Indian railways have been allocated a lion's share in this year's budget. India, on the other hand, is also fast-developing its highways with a prime focus on rural roads. Smart surveillance can tangibly increase the efficiency of authorities on keeping a track of such projects which will later also ensure safe and secure traffic management."

“We Welcome The Step To Promote AI Hubs In India”

Arun Nathani, CEO, Cybage

“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 a 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 a long-lasting impact from the 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.”

“Budget 2019 Looks Really Optimistic”

Yogesh Bhatia, MD, Detel
"Budget 2019 looks really optimistic. With GOI, taking major step towards Digital Villages, it opens new opportunities for the Consumer Electronic brand especially in TV segment. This rejig will increase the TV penetration in Rural India, hence strengthening our focus of “HAR GHAR TV” under #connecting40croreindians"

“Budget 2019 Brings A New Dimension Towards Digital India”

Soumitra Gupta, CEO, Togofogo

"Budget 2019 brings a new dimension towards Digital India. In the last few years, ecosystem in India has already witnessed the first level of growth and situation is improving.  Start-ups will have a huge contribution to make towards Vision 2030, its a great opportunity.  The concept of digital village will open up new avenues for companies like us and will help to reach to the core India and hence accessibility to a wider audience" 

“The Focus On The Digitisation Will Go A Long Way In Improving The Social And Economic Fabric Of The Country”

Prashanth G J, CEO, TechnoBind

"The one thing that stood out in the Budget is the putting up of the Vision 2030. While there are no details available as yet in terms of the implementation of this vision the fact that the government is thinking long term is well appreciated. The focus on the Digitisation will go a long way in improving the social and economic fabric of the country - be it creation of jobs, uplifting the lower end of the society reducing the income gap and many more. The announcing of the 5 Lakh Digital Villages is really welcome. It will go a long way to leverage the benefits of technology right up to the grass root level. Especially in a country like India which has always been challenged from a penetration of technology this will be a big boost. Also, another good thing that we got from today's budget is Income Tax returns being processed within 24 hours. While one needs to wait and watch in terms of the practicality of this but it's a welcome move in the right direction. Overall a pretty good budget!!"

“Good To See FM Recognizing And Rewarding Honest Tax Paying Middle Class Citizens With Tax Exemption”

Krishna Raj Sharma, Director & CEO, iValue InfoSolutions

"Despite being an election year, it's good to see Government allocating money where its required - farmers, middle class families, pension scheme for unorganized sector, more allocation to health, education and defense. Despite missing out on Fiscal deficit target for current as well as next fiscal, the FM took rating agency and investors in to confidence by explaining the need for supporting farmers which was well received as seen by the market reaction. With GDP growth being upgraded, 0.1% to 0.2% slip of Fiscal deficit should be manageable. Good to see FM recognizing and rewarding honest tax paying middle class citizens with tax exemption up to 5L salary along with higher TDS. Overall good interim budget sending the right signals."

“It Is Specially A Poor And Middle Class Centric Budget”

Rajendra Chitale, CFO, Crayon Software Experts India Pvt Ltd

"It's a budget with many sections of the society being the beneficiaries. It is specially a poor and middle class centric budget as it increases the money in these households. This can trigger consumption and lead to further growth. Phasing out human intervention in tax returns, verification and scrutiny is a good initiative which can help reduce corruption. Overall, it is a good budget."

“Vision Of Creating 1 Lac Digital Villages Will Empower The Real India And Fuel Overall Growth In The Economy”

Ashwin Bhandari, CEO, iVOOMi

Focus on digital India in the budget, vision of creating 1 lac digital villages will empower the real India and fuel overall growth in the economy and will bring comprehensive growth for the industries. Declaration on schemes for incentives for SMEs and start-ups is a welcome move, to enable small businesses that in turn will support services to different businesses, this should promote smaller manufacturers too to build on the ecosystem. Boost in the direct tax collections, enabling bigger capital expenditures (declared in budget), incentives to farmer, basic tax slab raised to 5 lac - are noticeable moves towards economic growth that will fuel the industrial growth in midterm.”

“The Union Budget 2019 Provides A Great Push Towards Technology Adoption”

Raman Mittal, VP - Marketing, TO THE NEW
 “The Union Budget 2019 provides a great push towards technology adoption. With the National Artificial Intelligence portal to be developed soon, it is good to see the focus increasing on leveraging best-in-class technologies to improve the overall quality of life in India. The idea of Digital Villages & Rural Industrialisation is a great impetus for companies like us building digital infrastructure for a connected India.”   

“Announcements To Set Up A National Centre For AI Will Be Critical To Promote The Adoption Of These Emerging Technologies”

Vartul Jain, VP – Finance, GreyOrange 

“It is heartening to see the Government’s continued focus on its flagship programs, Digital India and Make in India, as key drivers to the nation’s economic growth, with a greater focus on digitisation in the rural economy. In line with this agenda, the announcements to set up a national centre for Artificial Intelligence and development of an AI portal through identification of nine priority areas in the segment will be critical to promote the adoption of these emerging technologies in the country and to position India as a front runner in this space across the globe. On the whole, we believe the Government’s thrust on technology along with the emphasis on internal trade in this year’s budget are defining steps, the results of which will be crucial in realising the vision of the $10-trillion economy in the long run.”

“This A Well-Balanced Interim Budget For Both Urban And Rural Indians”

Sreeraman, Co-Founder, Agrahyah Technologies

“A ‘no harm budget’ for both India and Bharat. With interest subvention for farmers and high rebates on income tax, this a well-balanced interim budget for both urban and rural Indians. The budget puts more money in the hands of people, a welcome move. With the election around the corner, the budget aims to focus on increasing consumption and expedite revival of an economy which faced headwinds from the previous initiatives such as DeMo, RERA, and GST. A revival of demand in real estate, auto, and consumer goods are obvious which also increases the number of loans disbursed by a bank, thus blowing tailwinds for all major sectors driving the consumer economy. India is leading in mobile data consumption in the world, coupled with increased connectivity and cheapest data plans, we can expect increased consumption not just in consumer goods, but also multimedia content consumption on mobile. With 1 lac villages poised to be transformed into Digital Village, it will be a windfall for digital payments, e-services, and content-driven companies.”

“The Step To Create A Portal On Artificial Intelligence Will Help The Common Man To Understand The Importance Of AI”

Varun Rathi, COO and Co-Founder, Happay

“This is certainly a budget with full of long term vision and the government is undoubtedly poised towards building India into a stronger economy which is modern and technology-driven. Digitization and automation has clearly become the new mantra of the government- the 10 dimensions for Vision 2030 reinforces the importance of technology in transforming India. Additionally, the step to create a portal on artificial intelligence will help the common man to understand the importance of AI. Data is the backbone of AI. Currently, there is a lack of structured data availability in India. Having said that, this doesn't look infeasible at all and timing couldn't be better than this to launch a nationwide AI center. UIDAI, NPCI and GST council has laid the foundation of the most important piece of the puzzle - getting the identity, demographic, financial and skills data recorded in a structured manner. An AI council can now start laying some ground rules and create a regulated and open platform for anyone to innovate and create value for India”

“We At The IET Are Particularly Happy As We Are Aligned With Government’s Focus On New Technologies”

Shekhar Sanyal, Director and Country Head, IET

“The interim budget 2019 with its focus on the futuristic technology-- Artificial Intelligence is a heartening news. We are at the cusp of technological disruption, a national program with the portal on Artificial Intelligence will bring India on the global map and help build an ecosystem to fuel its ambition to become a world leader in AI in the coming years. We at The IET are particularly happy as we are aligned with government’s focus on new technologies and will extend our full support through continuous efforts from The IET IoT Panel.”

“We Are Glad To Find Out The Government’s Plans Of Developing A National Artificial Intelligence Portal”

Atul Rai, CEO and Co-Founder, Staqu

“The government has been banking on digital technologies such as AI, machine learning, big data and more. Thus, in the interim budget we had expected a significant boost by the government. We are glad to find out the government’s plans of developing a National Artificial Intelligence portal, which will significantly boost research and development measures in the field of Artificial Intelligence.”

“We Congratulate The Government For This Forward-Looking Budget”

Aakrit Vaish, CEO and Co-Founder, Haptik

"With the announcement of National Artificial Intelligence portal, we expect India to be propelled on the path of leveraging advanced and disruptive technologies for economic prosperity and growth. We congratulate the government for this forward-looking budget.”

“Interest Subsidy Extended To GST Registered MSMEs Will Help Smooth Some Of The Pain Faced By Small Promoters In The Last 3 Years”

Satyam Kumar, co-founder and CEO, LoanTap.

"Interest subsidy extended to GST Registered MSMEs will help smooth some of the pain faced by small promoters in the last 3 years. This will also reduce resistance towards formally adopting GST Practices, and expand formal credit market. LoanTap believes this will benefit a very important segment of economy, which has been ailing for quite sometime."

 

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