Union Budget 2018: Reactions from the IT Industry - Part II
IT News Online Staff
2018-02-02
Raja Ram, Commercial Director, NetRack
We welcome the Union Budget 2018-19. This budget is an actual game changer and the IT and Manufacturing industry will be benefited by the announcements. The positive change in customs duty will help the manufacturing sector dearly and boost the industry. The Government has undoubtedly considered the issues of MSMEs and the extension in the reduction of corporate tax to 25 percent for companies with turnover up to Rs. 250 crores will definitely work in favor of corporates. The announcements for Infrastructure upgrade and incentives for enterprises are much-needed reforms we were eagerly waiting for. Overall we are happy with the announcements.
Microsoft India
Re-encapsulating yesterday's Union Budget announced by the Finance Minister, Digital India continues to be the thrust of emphasis.
Companies across industries are now looking at Blockchain as the next game changing technology. Such is the impact of this technology, that even the Honourable Finance Minister of India highlighted the potential usage of Blockchain for Digital India as a part of his Union Budget speech. Microsoft Azure cloud has been powering the exponential and disruptive growth of Blockchain and believes the convergence of public and private Blockchains to an ecosystem where firms, customers and suppliers will happen to collaborate in a secure, auditable and virtual. It can already be seen that its potential to reach across non-financial sectors is staggering in India.
Across the globe, companies have been partnering with Microsoft to figure out how blockchain can elevate their business game and bring about the benefits of reducing IT costs, improving CRM performance or simply enabling secure collaboration in real-time.
With regards to this, please find attached an article describing the Blockchain technology and the various businesses it can possibly impact in the times to come. The article delves deep into the Microsoft partnerships to accelerate Blockchain's enterprise readiness.
Anand Bhushan, Partner, Shardul Amarchand Mangaldas
Recognizing the strategic change in technology world, Finance Minister in his budget speech today for the F.Y. 2018-2019, emphasized on promoting growth of cutting edge technologies in digital space - machine learning, artificial intelligence, Internet of things, 3D printing and the like.
To harness more research and adoption of these technologies, the Government has increased the budget allocation for foundational infrastructure to support these cutting edge technologies under the Digital India Program and will launch a Mission on Cyber Physical Systems. The Government will also take steps to promote the development and use of 'Fifth Generation' (5G) technologies.
To settle the dust for once and all regarding the crypto- currencies, particularly the Bitcoin, the Finance Minister, announced that the Government of India does not recognize the non-fiat crypto currencies as legal tender.
However, the Government will encourage the usage of distributed ledger system or the block chain technology, which allows organization of any chain of records or transactions without the need of intermediaries and this would also include the possible introduction of fiat crypto-currency by Reserve Bank of India.
It is encouraging to see the Government's focus on promoting development and use of the cutting edge technologies, which will not only impact the economy but facilitate everyday life for its citizens. At the same a faster pace need to be made to introduce or amend the laws to regulate the usage of these technologies. With this we expect the passage of Data Privacy Bill soon.
Manav Jeet, MD and CEO, Rubique
Today's budget announcements are certainly creating a headway for India to become the largest digital economies in the world. Right from ploughing the seed of digital in education, creating the infrastructure to connect villages to encouraging establishment of advanced technologies like Artificial Intelligence including research and development through Niti Ayog's national program will certainly help the existing market move towards digital.
Providing Infrastructural Support to MSMEs: MSMEs have been the focus even for Rubique. It's the most important sector yet underserved segment when it comes to access to finance. Allotment of Rs. 3 lakh crore for lending in FY 19 under PM's MUDRA Yojana for MSMEs definitely bring cheers to them. Also the government's initiative to focus on process digitization and easing the loan sanctioning process will help and encourage the emerging Fintechs like us which are taking efforts to digitize the ecosystem with increased acceptance by the ecosystem.
Focusing on Digitizing Banking: Although these initiatives will definitely help Fintech companies like us to expand and help bridge the credit gap for MSMEs, we are also hopeful to see government coming up with special tech measures to bring out e-signature facilities within banks and enable access credit digitally removing the need for paperwork which usually delays the disbursal.
Bringing innovative tech support like Blockchain: We are yet to match the security measures implemented in developed countries, hence the decision to eliminate the use of cryptocurrencies and encourage the use if blockchain in payments sector is definitely a wise decision by the government. Although several banks have started adopting blockchain technology within their existing infrastructure, it will be note-worthy to see how this tech implementation is going to shape up the financial inclusion of the country.
Nischint Sanghavi, Head of Exchange, Zebpay
The Finance Minister in his budget speech has reiterated the stand by RBI that Cryptocurrency is not recognized as Legal tender in India. This is being misreported that bitcoin is illegal. This is not true. At Zebpay, we have the highest standards of KYC and AML. We continue to work hard to grow this industry responsibly.
Srinivasan H. R., Managing Director and Vice-chairman, TAKE Solutions
The Union Budget 2018 has taken a huge step in making healthcare affordable and accessible by launching the world's largest government-funded healthcare program. The initiative to cover 100 million families with Rs. 5 lakh per family annual insurance cover is a welcome change. More exposure of the healthcare industry value adds to the Life Sciences sector, which will boost the growth of the sector. The Government's proposed R&D investments in futuristic technologies - Artificial Intelligence, robotics, big data are sure to be a game changer to our industry.
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