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Impact of Budget 2020 on Indian Tech Sector

The technology industry has encouraged the Union Budget 2020’s thrust on the technology area praising various announcements, including the Rs. 8000 crore mission on Quantum Computing. Also, this policy is for the private sector to build data center places and the freeing of the Dividend Distribution Tax. Thus, during the presentation of Union Budget, finance minister Nirmala Sitharaman said that:

  • Technology is helpful to monitor the economic data.
  • It has used for developing a preventive administration for diseases under Ayushman Bharat.
  • Technology helps to capture and protection of intellectual property rights, improving agriculture, sea-ports, and delivery of government services.

Also, A new scheme for incentivizing domestic production of electronics, specifically mobile phones, will be announced, Nirmala Sitharaman added.

Above all, Sitharaman said that India’s new market would be led-by technologies like the internet of things (IoT), Artificial Intelligence (AI), 3D printing, drones, data storage, etc.

Views over Budget 2020

  • President of NASSCOM Debjani Ghosh said, “Budget 2020 and the finance minister’s speech has well-articulated. India’s vision of not just being a leading provider of digital solutions, but one where technology is the bedrock of progress and growth.’
  • Subho Ray, President of the Internet and Mobile Association of India (IAMAI), said that “The focus on technology and digital infrastructure is a move towards achieving the trillion-dollar economy and will start up new possibilities for demand generation.”
  • Sandeep Bhambure, Vice President and Managing Director of India & SAARC, Veeam Software, said that the government’s declaration of setting up a strategy to develop data center parks throughout India for digital connectivity. Also, the allocation of Rs 6,000 crores for BharatNet is a significant move towards a successful Digital India initiative. It will boost the selection of technologies such as IoT, Analytics, and AI, leading to an unusual amount of data generation.
  • Suganthi Shivkumar, Managing Director of ASEAN, India & Korea at Qlik, said that “We appreciate the government’s declaration in the 2020 Budget. They apply the needed funds and resources towards developing revolutionary and breakthrough technologies such as ML, robotics, and AI to further the skills that will make us for the next wave. And quicken India’s journey towards becoming a digital giant.
  • Rakesh Kharwal, Managing Director of India/South Asia & ASEAN, Cyberbit said that “Great event to set up bridge courses on cybersecurity skilling to satisfy the 4 million global deficiency of experienced cyber people under Skill India. Apprenticeship Courses in Financial Budget 2020. The government has highlighted the reality of skill sets for which various knowledge translation clusters for rising technologies like Analytics, IoT, AI, and Cybersecurity will be setup.
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