Anand Maheshwari, Managing Director, Allen Digital Pvt. Ltd
“Glad to see an overarching focus on encouraging paperless and digital advancements in the Union Budget 2022. Right from using a tablet to read out the budget to regarding Startups as the growth driver for economy, Finance Minister Nirmala Sitharaman proposed a wide spectrum of progressive announcements across sectors.
As most of the schools and other educational institutions have chosen for online classes due to the third wave of the pandemic, the digital divide further increases. By introducing ‘One Class One TV Channel’ program by PM eVIDYA, and with fibre optic connectivity for last mile digital reach in villages, the Govt. is trying to shorten the digital divide. It’s a great move as this will also enable all states to provide supplementary education, even in regional languages for classes 1 to 12. By developing digital universities that provide world-class quality education with ISTE Standards, the govt. is also encouraging EdTech start-ups to flourish. FM has also proposed to extend the period of incorporation of eligible startups by one more year (i.e. March 31, 2023) for providing tax incentives. This is going to be a boost for young startups and companies whose plans might have been delayed by the pandemic.”
Geospatial
Agendra Kumar, Managing Director, Esri India
“Union Budget 2022 has announced the PM Gati Shakti program as one of the priority areas of the government. Seven engines of the PM Gati Shakti initiative are roads, railways, airports, ports, mass transport, waterways and logistics infra. As the Indian economy moves towards strengthening these initiatives, geospatial technology will gain more prominence in the process. As shared by the Hon’ble Finance Minister, the Gati Shakti program would involve huge investments in construction of about 25,000 Kms of highways, multimodal transport, and modernization of land records. These are welcome steps, and GIS and other geospatial technologies will facilitate efficient implementation of these schemes. With the launch of Jal Jeevan Mission (Urban), the government is aiming at universal water supply in all 4,378 Urban Local Bodies with 2.86 crores household tap connections, as well as liquid waste management in 500 AMRUT cities. GIS based water distribution network planning, execution and operations will go a long way in bringing these plans to fruition more quickly and efficiently.”
NFT Player
Toshendra Sharma, Founder and CEO, NFTically
“The budget paves a way for digital savvy India, impacting betterment and quality of life and ease of doing business. The Budget 2022 brings super positive news for the Web3.0 Startup ecosystem in India and brings a long term direction. Blockchain Innovations companies have exposure to Cryptocurrencies and this decision by the Government of India will help such core tech innovation to flourish without any fear. The Indian Government legitimatised crypto assets in India in an indirect way by coming out to tax the same. This is a strong step taken to boost a digital economy.
DigitalRupee is a historical decision by the visionary GoI. This will give a boost to the economy and create increased digital financial participation among the youth. India’s Digital currency will bring about an efficient, credible, payments option. It will also reduce dependency on cash, and increase cheaper currency management system in the long run.
We welcome this move and laud the vision of the Finance Ministry which will take India way ahead.”
Arun Pandey, Co-founder, Beyondlife.club
“It has been the industry’s request for some time to bring digital assets and currency in the regulatory framework and it is heartening to note that the Hon’ble FM and Hon’ble PM have recognised the sector. Taxation and TDS on Digital Assets have come as a sudden move for the industry. It might hit user sentiments in the short term; however, we shall see how the ecosystem evolves in the country and are committed to work as per the rule of the land.”
Ecommerce
Dinesh Agarwal, Founder & CEO, IndiaMART InterMESH Limited
With respect to the MSME sector, we congratulate the Union Budget 2022 for the vision. MSMEs will be supported through an extension of the Emergency Credit Line Guarantee Scheme (ECLGS) through March 2023, which will increase the guarantee cover by Rs 50,000 crore to Rs 5 lakh crore. The ‘Effective Capital Expenditure’ which is estimated at INR 10.68 lakh crore will be about 4.1 percent of GDP implies that the Government is focused on strengthening domestic industry which will aid economic growth and job creation. This year’s Budget also emphasized on the startup ecosystem. Furthermore, the focus on digitization will strengthen online marketplaces to reach a wider audience, thereby creating a path for strong growth. The tone of the Budget was clearly pointing toward the priority areas defined as engines of growth for becoming a 5 trillion economy. It was a genuine effort to meet the GDP target as envisaged in the Economic Survey; we wish to see the year as the ‘year of growth’.
Yogesh Mudras, Managing Director, Informa Markets in India
“This year, the Union Budget has been one of recovery and stabilization from the impact of COVID-19. The Budget has taken some initiatives for MSMEs and India Inc for start-ups. The extension of ECLGS scheme is a welcome move for MSMEs. The tax concession period has been extended by one more year, which in my opinion is a very positive move. A tax rate of 15% has been decided for the newly incorporated manufacturing unit which will further boost manufacturing activities. Healthcare and infrastructure were the main highlights of Budget 2022 and immense investment has been allocated for the expansion of roadways and logistics networks. Introduction of ‘Digital Rupee’ using blockchain technology sends a strong message that India is at the forefront of technology implementation. A digital currency issuance by the RBI will result in a structured approach with controlled regulation and bring in transparency to transactions enabling accounting of all money. The push on digitization will make way for more inclusion in the ecosystem. The focus on ‘Ease of doing business’ is a great step, as it will further promote entrepreneurship in the economy. India is to grow at 9.27%, the highest among all large economies. With a focus on contributing to the environment, chemical-free natural farming focusing on soil, biodiversity and human well-being is a welcome move. The budget is growth-oriented with an impetus on capital expenditure to fuel economic growth and employment generation. SEZ Act to be replaced with the new legislation is a much-needed announcement. Introduction of the battery swapping policy and recognizing battery and energy as a service will help to develop charging infrastructure and increase the use of EVs in public transportation. This would motivate businesses to incorporate EVs into their fleet and create new avenues for companies to venture into the business of battery swapping. The formation of a strong charging infrastructure alongside the highways across the country would promote the use of EVs for interstate travel. An additional allocation of Rs 19,500 crore to boost manufacturing of solar modules under the government’s flagship PLI scheme has the potential to create 60 lakh new jobs, while producing 30 lakh crore jobs during next five years. International travel has been severely impacted during the pandemic. We are pleased with the introduction of e-passports as it will provide a boost to the travel industry and add convenience. Extension of ECLGS scheme with an additional allocation for the hospitality sector is a positive move as it would help small and mid-size hotels overcome liquidity issues and pave way for growth.”
SalesForce
Arundhati Bhattacharya, Chairperson & CEO Salesforce India
“Overall, this is a budget with a long-term vision supported by growth oriented policies driving job creation, digital inclusion, climate action and infrastructure development and therefore, is very timely for our country. As we continue to digitally transform, the focus on bolstering digital payments with a consumer-friendly lens, will continue to augment digital adoption across regional India. As a knowledge economy, I cannot emphasise enough on the importance of skilling to lead the digital disruption. Initiatives to drive skilling, reskilling and upskilling, digitally, will ensure we are ready for the digital future much ahead of the curve. Lastly, climate change is the most pressing global crisis that humanity is facing today impacting every individual, institution, government, community, and business. Investments in energy transition and climate action will take us on our path to sustainable development.”
Insurance Tech
Rakesh Goyal, Managing Director, Probus Insurance
“The most important announcement in today’s Union Budget was that Finance Minister has announced that initial public offering (IPO) of the Life Insurance Corporation of India (LIC) will come out soon.
Apart from that, the FM also announced an open platform, for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity, consent framework, and universal access to health facilities. This move will create a strong digital framework for universal healthcare in India.
Government has also announced a ‘National Tele Mental Health Programme’, this will give access to quality mental health counselling and care services. The budget also widens progress for MSMEs and Agriculture sector. We are optimistic that collectively these steps will aid in improving insurance penetration in the country.
