Union Budget is set to be presented on February 1. And, ahead of the big presentation from Modi 2.0, various sectors are pinning high hopes on the Union General Budget 2020-21. Amid all this, the technology sector spoke on what it wants from FM Nirmala Sitharaman.
Amit Gupta, CEO & Co founder at Rapyder, says, “We are optimistic about the country’s economic growth. India, no doubt continues to remain the software development hub for the world. More hurdles in the path of MSME growth would be removed as I foresee a significant relaxation in the lending aspects for MSMEs to survive the current economic changes. Government could relax some of the compliances, which were mandatory earlier. It will also address the issue of delayed payments to MSMEs. The ecosystem of MSME lending is set to see significant transformation. Thanks to better access to authentic data from various credible sources that provide a better understanding of the nature of the specific business, its growth potential and profits. Government will become even more citizen friendly, by providing a boost in consumer confidence with lowering personal income tax in the coming budget. This is inturn is expected to fuel demand of goods and services, leading to consumer-spending more for buying and consumption.”
Shailesh Shah, Co founder at Strta Consulting, says, “India needs to garner over $10 trillion to get its urban infrastructure going in the correct direction. We need relevant, innovative and bold policy interventions to help make this happen. In the short term, we need to foster exports and domestic consumption while we start thinking beyond taxes the way we currently are to balance budgets. The Insolvency and Bankruptcy Code is a step in the right direction. As a nation, we need to commit to monetary policy that helps align inflation and interest rates to massive growth.”
Vaibhav Kapoor, MBBS, MS & Co founder at Pristyn Care, says, “As a startup trying to increase the accessibility and affordability of minimally invasive surgical technologies beyond the confines of corporate hospitals in Tier-1 cities to Tier-2 and Tier-3 cities, we could benefit a lot from partnerships with the government. Existing infrastructure of government hospitals, coupled with experienced surgeons and latest technology from the private sector can go to great lengths in ensuring that the vast majority of the population, that was previously bereft of the benefits of quality secondary care, can now be guided on the path to health. As the largest and sole provider of Laser General Surgery treatments in India through Ayushman Bharat, Pristyn Care has already taken steps in this regard to extend the benefit of Government schemes through a hassle free patient experience, but now the Government must also include provisions for such partnerships in the upcoming Union Budget.”
The Halwa ceremony, marking the commencement of Budget printing process for Union General Budget 2020-21, was held in North Block on Tuesday morning in the presence of the Union Finance & Corporate Affairs Minister Nirmala Sitharaman.