The nation is looking forward to the Union Budget 2015. Indians are expecting some “Ache din” as promised by our current Prime Minister Mr. Narendra Modi.
Mr. Arun Jaitley, Finance Minister of India will table the Union Budget 2015 in the Parliament tomorrow and we have lots of expectations from him. We would like to share some of the expectations which are coming from the technology industry.
Budget 2015 Expectations from Mr. Ambarish Gupta, CEO and Founder, Knowlarity Communications
With last year’s budget release of nearly Rs 11,000 crores, the expectations of the start-up industry have definitely increased. Programs like Make in India and Digital India are great initiatives for the technology revolution, but what the IT sector and start-ups in particular are looking forward to in the upcoming budget, is service tax exemption. With an expected increase in the number of start-ups going from 3100 currently (as reported by Nasscom) to 11500 in the next 5 years, we expect to attract a lot of anger investments. Hence, tax reforms will definitely help in facilitating faster growth over the short duration. The new tax reforms are expected to boost revenue and make it easier to do business in India. Adopting policies in the same line as the Singapore tax regulations will definitely benefit the start-up industry on a large-scale.
Impact on employment and sectors
The improvements to the income tax system will also carry major benefits for the enterprise and for job-creation in the start-up industry. With an expected increase in investments and implementation of tax holiday policies, recent start-ups are expected to make higher investments in hiring skilled talent to facilitate faster growth. Also, by increasing the basic tax exemption for limit to 20-30% will help to keep the salaried happy.
Most of the IT/ITES and power industries are expected to receive the benefits of the new tax reforms. The new budget is expected to welcome bigger investments for various industries. But the manufacturing industry will attract most of the domestic and international players for investment considering the growth of our economy on a larger scale.
Change in manpower outlook
The new government has definitely realized that we need to scale up our skill development programs to include the rural population for the nation’s overall progress. Hence, launching new programs like “Skill India” will definitely be one among the revolutionary programs. The current institution and educational system does not believe in practical training programs and is restricted to theoretical knowledge which does not help individuals find employment opportunities to match their skill set. But since most of our industries are struggling to employ skilled labor, they are investing a lot in providing training programs. By proper budget 2015 allocation for education and vocational training, productivity and profitability can be increased tremendously.
Budget 2015 Expectations from Mr. Kenny Ye, MD, UCWeb India:
“We expect PM Modi government’s first complete Union Budget to outline the policy and regulatory framework to aid business sentiments and bolster growth. We have high expectations in terms of attention and budget allocation for the IT sector. We hope the new government is able to provide adequate thrust to investments in IT and its infrastructure. Digital literacy and mobile internet penetration are other areas onto which we would like to see the Finance Minister’s focus. The budget should allocate substantial funds to develop a robust network infrastructure and realise the government’s “Digital India” mission that will impact the nation.”
Budget 2015 expectations from TheTecholic
We should clearly focus on tax reforms in Budget 2015, which would give more number of people in India the courage to open their own start-ups. It would also help in getting foreign investments into our country. There should be more focus on practical training and engaging rural Indian population through programs like “Skill India” which will help us develop skilled manpower.
We need digital boom in India and that is only possible when most of Indians have access to fast and cheap broadband internet. Internet is the source of everything we learn in today’s world. Thus, no one should be denied an opportunity to use Internet because of lack of infrastructure. “Digital India” and “Make in India” programs should be implemented across India as quickly as possible.
We are looking forward to a positive Union Budget 2015 by Mr. Arun Jaitley, Finance Minister of India which would impact our life and push India towards being a superpower.