Sumana Iyengar – CEO & Co-Founder, Goavega Software Pvt. Ltd.
The initiatives to widen the scope of portals meant to support MSME’s is a good move, and in combination with the ‘One Nation, One Registration’, it will help in ease of doing business. However, while the ECLGS will be extended till March 2023 and its guarantee cover will be expanded by Rs 50,000 cr to total cover of Rs 5 lakh crore, several MSME’s and start-up’s like us, who seek support in terms of tax benefits and access to low interest rates for business loans, have little to look forward to.
On the other hand, the announcement of the 5G spectrum auction in 2022 to roll out 5G services across India and defined timelines to laying of optical fibre in villages by 2025, is definitely a big boost to IT services sector as it will help accelerate innovation and make it more financially accessible to businesses. Steps to further enhance financial technology infrastructure is another positive step towards strengthening the overall digital infrastructure in the country, laying the strong foundation for a tech enabled economy.
Dharmender Kapoor, Chief Executive Officer and Managing Director, Birlasoft
“I would like to applaud the efforts of the Finance Ministry on the Union Budget 2022, which is technology-focused and will be a catalyst for growth. It is apparent from this budget that we are on track to achieve our objective of a truly digital India. The adoption of emerging technologies like blockchain and artificial intelligence in the RBI-backed Digital Rupee, E-Passports, Geospatial Systems, etc. will be a game-changer in terms of strengthening the country’s economy.
Additionally, the Union Government’s push towards skilling, reskilling, and upskilling people through the digital ecosystem for skilling and livelihood – DESH-Stack E-Portal, will help address the talent gap and open the doors to newer opportunities.
We are also happy to see that the budget is focused on an overall ‘ease of doing business’ theme, which will prove to be a boon for the country in the long run.”
Dayapatra Nevatia, COO and President at Infogain, would like to share his thoughts:
“As expected, thanks to digital tech’s incredible support in helping India Inc. brave the pandemic, this year’s budget takes a ‘digital first’ stance. A significant focus on new initiatives and progressive policy interventions, such as opening defence R&D, promoting drone start-ups, digital university, giving datacentres infra status will propel further adoption of technology across industries.
The budget highlights the Governments’ focus on digital inclusion, quite evident with the introduction of the Digital Rupee. This progressive move will give a big boost to India’s digital economy. This also reaffirms our vision and approach to leverage emerging technologies like blockchain to build future-ready solutions with our team at Nggawe Nirman Technologies (recent acquisition).
I believe digital literacy will be the key to realizing India’s 5 trillion-dollar economy dream. To create a digital ecosystem for skilling and focus on digital inclusion through 5G and investment in technologies such as Artificial Intelligence and infrastructure, the government will continue strengthening the development of entrepreneurship, productivity, and quality of IT talent in the country, thereby scaling the adoption of new-age technologies across industries.”
Piyush Somani – Managing Director and Chairman ESDS Software Solution Ltd.
“The FY-22 union budget gives massive boost for the data center sector, as Data Center sector has been given infrastructure status. We believe that this will help data center operators get long term debt at a much lower cost. Ambiguity around data center operations would also ease out. This allows the data center operators to buy power from multiple power discoms eventually helping in avoiding monopolies, high tariffs and dependencies. We believe that these decisions will amplify the growth of data localization and the data center industry overall. The Budget rightly focuses on amplifying the digital currency with correct measures and initiatives. Overall the budget brings hopes for Data Center sector and Digital rupee.”
Avneesh Kumar Agarwal Founder & CEO at SpeckyFox.
“In my view, the best part of today’s budget is that it is not focused on the elections that are due to happen in the five states. This budget is a balanced one focussed on long term growth for the country’s economy and infrastructure. In the whole of the speech, it was evident that our Finance Minister was highlighting on “Make in India” regime, sectors like agriculture, digitization, eCommerce, defence. Huge capital expenditure in these sectors is proof of the govt thought process. The decision to provide 60 lakh jobs under the Make in India is a welcome move. Reserving Rs 2.7 Lack crores under MSP for the farmers will boost the agriculture sector. The govt has also reserved 65% of the stake in defence manufacturing for our national manufacturing companies, rather on imports, helping them to create more job avenues and playing a vital role in our defence sector. Increasing the budget to Rs 1500 crores for road infrastructure and other digital as well as telecom channels for the eastern states will help the border states to develop at a fast pace. The plan to bring the bidding process in 5G tenders this year will boost this further.Bringing eBanking, ePassport, connecting post offices with the banks and all these similar measures will bring a lot of digitization. As far as cryptocurrencies are concerned and as expected, the government is seen strict in levying 30% flat tax on the income. RBI will bring its own digital currency this year and clearly gives the signal that the government is looking to regulate its use. Though it was not clear how they are going to levy this 30% tax on gains that people earned in the past years. But this decision also shows positively that the government recognizes crypto as an asset.As far as GST is concerned, it is proving as one of the best revolutions that this country has brought. This year, the GST collections are the maximum. Maybe the government could have brought some sops and benefits for small scale industries and MSMEs in its rate and flexibilities but I am sure this will be taken care of in future budgets.Now coming to tax slabs for the common man, there is no change seen. This could have been better if the tax rates were reduced for the first 10L as most of the people in this bracket have lost their jobs or have got lower earnings during the pandemic. But overall, it is a balanced budget aiming to achieve long term benefits for the economy and the country.”
CP Gurnani, MD & CEO, Tech Mahindra
said, “The budget truly echoes India’s vision towards inclusive development and building a truly ‘Atmanirbhar Bharat’ by providing a blueprint for the economy over ‘Amrit Kal’ from India at 75 to India at 100. FM’s key announcements on blockchain and setting up e-passports with futuristic technologies are a step in the right direction to help India emerge as a global technology leader. The focus on innovation and R&D (Research and Development) with an emphasis on strengthening talent capacity through STEM (Science, Technology, Engineering, Mathematics) universities and skilling courses in IIT’s will enable India to become a global hub for skilled talent. Overall, Budget 2022 promises to provide the much-needed impetus to sustain India’s economic and digital growth.”
Rajiv Bhalla, MD, Barco India
The emphasis on growth, digitization and being future ready outlines the government’s commitment to cohesive development and ‘Make in India’. Focus on Gati Shakti masterplan, youth, women, job creation, technology and infrastructure development among others will drive India’s Amrit Kal, journey from 75 to 100 years as a democracy. India has the potential to be a world-class infrastructure centre, and the Budget has provided enough impetus to propel the same. In addition, we expect the digital ecosystem for skilling will boost human capital and empower industries significantly.
Virender Jeet, CEO, Newgen Software Technologies Limited
The union budget 2022 is progressive and has come with encouraging announcements capital investments and infrastructure for long term growth. There is a clear focus on accelerating digital economy. The introduction of the central bank’s digital rupee using blockchain technology decision to establish 75 digital banks in 75 districts by scheduled commercial banks to encourage digital payments is another encouraging step towards building a digital economy.
Furthermore, the announcement to boost digital education—setting up digital universities—is a step in the right direction.
Puneet Gupta, Managing Director & Vice President, NetApp India
“I am excited to see the government’s focus on technology sector, as a whole. The incentives towards creating digital infrastructure, education, and skilling, spell out the intent on developing the country’s human capital. The emphasis of digitised skilling will help make our country’s youth future-ready. Additionally, the announcement on RBI introducing digital currency and the government providing infrastructure status to data centers, will help create a framework for emerging technologies making the digital India Inc better and stronger.”
Kunal Nagarkatti, CEO, Clover Infotech
“The Government’s focus on creating a strong digital ecosystem to enhance banking and financial inclusion is a step in the right direction. Bringing all post office banks under the core banking ambit will enable seamlessness in digital payments and online transfer of funds and accelerate financial inclusion. The setting up of the Digital DESH e-portal for skilling initiatives is the need of the hour as it will bridge the gap between the supply and demand for digitally skilled and technically strong resources.”
