“The Indian technology and services sector has in the past few years undergone a massive transformation. These efforts have been aided by the startup sector with the strong backing of the Union Government. This year’s Union Budget will hold a stronger influence in terms of invigorating the market.
Every year the focus is given to refining on ease of doing business, the Make In India initiative and introducing tax reforms. In addition to giving a clear focus, more impetus is needed on ease of doing business and the announcements should not be just part of the budget speech. It is vital to implement the policies announced during the budget. Clarity on tax policies will help reduce volumes of tax notices and litigations enabling entrepreneurs to focus on business. Further, this year, the Digital Protection and Data Privacy (DPDP) Act is one of the most awaited policies the industry is waiting for. This Act will have a big impact on not just data sharing policies and the business reforms that come with it, but also on cybersecurity, data storage and sharing, data utilisation and its impact on revenue. The government needs to be practical in its implementation and give adequate time for organisations to gear up to the requirements.”
