Even though there is debate on the realization of long term vision of the budget announced by the Finance Minister Arun Jaitley, there is no doubt that it has presented clear advantages for the common man by giving some respite on the tax burden. The IT industry is also applauding the growth direction given in the budget. Here are some comments from the industry players.
Vijay Shandilya, CEO at E-Vision
“This Budget sets out a clear direction for growth of country with major focus on scale and skill which helps to improve the capability of individual at the rural/small scale to make them self- sustained. We are happy with the Modi Govt’s decision to support start ups in technology space, announcement of 7060 crore for smart cities and creating venture Capital fund of 10000 crore for MSME will inspire many product based companies which increases the job opportunity. It is much welcome step which are the potential of fuel future growth.”
Sundeep Popli, COO at LAPCARE
“We welcome the newly formed government’s first budget of structural reform aimed at reviving growth and connectivity. The hike in Tax exemption limit will provide respite to consumer and in turn, boost their spending power. This is encouraging for IT sector as well because it will help consumption and demand from consumers. We can say that, this Union Budget 2014-2015 comes with the optimistic approach and move by the Govt. for entire Industry.”
P.G Lakshminarayan, Vice President-Finance, eScan
“The Budget looks pragmatic and realistic and was in line with expectations. Defined focus on domestic manufacturing & infrastructure, investment allocations to build Smart Cities & to increase broadband penetration of Indian villages, liberalization of FDI in ecommerce sector, promised actions to finalize GST this year, clarity on transfer pricing along with a collaborative framework to minimize future disputes etc., are all steps in the right direction and indicative of a positive start to a long-term process. To conclude, this Budget is quite optimistic with clear roadmap ahead and it will be quite interesting to track how it plays out eventually”
Sushmita Das, VP – Business, Kobian Pte Ltd
“Governments’ initiatives have given the Indian IT industry some reason to cheer the Budget 2014 by allocating Rs.7060 crore for smart cities, Rs.500 crore for bridging the digital divide, a 100 crore for technology development fund and several other e-governance. It is a good sign that there will be no additional duty on components that go into the manufacturing of PCs, as earlier; there was a 4 percent tax. This year, we can also expect support towards our production and research from GST law. Online and mobile advertisements, digital/ web/ social media agencies will have additional service tax now; this may face a negative impact.”
Pankaj Jain, Director, ESET India
“This time the Finance Minister has given a special attention to the software product industry. The announcement of Rs 10000 crore funds for start-ups is also a very good move. These initiatives would improve competitiveness among the Indian small and medium enterprises. Software product industry can aide many other industries like defense, electronics and communications etc. Also we forecast a positive change, knowing that the government has recognized the existing tax related issues (Dual taxation).”
Picture Courtesy: www.freedigitalphotos.net
