Budget-Farsighted or Shortsighted?

Some sections of the IT Businesses feel confident about this budget, while others have given a lukewarm response

- DR ARCHANA VERMA, BHARTI TREHAN

The recently present Budget of the FY 24-25 by the Finance Minister has evoked a diverse array of responses. In the mainstream media, it is being criticised for raising the taxes on sale of gold and stocks and abolishing the adjustment to inflation while selling property while lowering the sales tax on property. On the other hand, MSME businesses in the IT world are giving a mixed reaction. They are elated at the abolition of Angels investment tax and at easing of imports from China, but are also disappointed at some other measures which may not help the reseller community of the IT world.

Interacting with the different segments of the IT community, we received insghts into the impact of this Budget on the IT sector. Presented below are their responses –

DR AJAI CHOWDHRY, CO-FOUNDER, HCL

The new budget is a game-changer! Significant impetus has been provided by the government to further strengthen the startup ecosystem. Happy to see support for a Rs1 Lakh Crore allocation for R&D in the private sector. The abolishing of the Angel Tax will go a long way in bringing greater investments, making it a big win for startups. Similarly, there’s great support for MSMEs and an impressive job-linked incentive scheme. The focus on Ease of Doing Business and the introduction of plug-and-play manufacturing infrastructure under PPP, along with worker dormitories, is a wellrounded approach to foster growth and innovation.

PUNEET GUPTA, VICE PRESIDENT & MANAGING DIRECTOR, NETAPP INDIA/SAARC