Tech industry captains and IT industry forums alike congratulated finance minister Nirmala Sitharaman for the third successive year of emphasis on technology-led growth. This digital transformation, they reckon, is silently and surely taking India to another orbit of economic efficiency.
“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,” said Arundhati Bhattacharya, chairperson & CEO Salesforce India.
Nasscom said the Union Budget 2022 sets the tone for India’s ‘techade’ and for establishing the country as a global hub in terms of technology innovation. The IT body said while there were certain areas that were left unaddressed like enabling clarifications to allow units in SEZs flexibility to adopt hybrid work model and taxing employees only when they sell the shares, overall this is a healthy Budget with a focus towards the future.
“Strengthening the collective vision for an inclusive Digital Bharat, the Union Budget 2022 sets the tone for India’s techade. The government’s sharp focus on technology-enabled development and aligned investments in key sectors like healthcare, fintech, education, infrastructure, R&D, startups, agriculture and manufacturing is a testament to India’s technology prowess and the capabilities of the Indian technology industry to provide a fillip to sectors across,” Nasscom said in a statement.
Similarly, MAIT said the use of technology and digitisation will lead to demand for electronic products and technology solutions. “The focus of the government on support for R&D by bringing in public funding for R&D over and above the current academic and academia-industry framework is very encouraging, along with allocation of 5% of USO Fund for R&D in products to take broadband into rural India,” said Nitin Kunkolienker, president, MAIT. “India has led the world in fintech. The announcement of India Digital Currency in this year’s Budget is another pioneering step by India in this direction.”
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