What's In Store For The IT Industry

While the expectations around the budget mainly revolved around jobs, economy and regenerating growth, whether or not the Government has met with those expectations can only be gauged after analyzing the consequences of the initiatives announced

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The Union Budget 2020 was announced by Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, Government of India. The Union Budget 2020, which the Government of India had asked for suggestions and feedback on from the citizens of India, has been just been presented in the parliament. This was the second Union Budget that was presented by Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, Government of India.

Highlights of the union budget 2020

Nirmala Sitharaman started the announcement taking into fact that growth was indeed the agenda for the Union Budget 2020. “Our people should be gainfully employed, our businesses should be healthy, for all minorities, women and people from SCs and STs, this Budget aims to fulfill their aspirations,” she said.

Highlighting on the government’s achievements, she said that GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted MSME. Consumers have got an annual benefit of 1 lakh crore rupees by GST.

“With renewed vigour, under PM’s leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy,” she added. Furthermore, she claimed that talent, technology and entrepreneurship are the key themes for this year’s budget.

Due to the proliferation of technologies such as analytics, machine learning, artificial intelligence, and bioinformatics, the number of people in the productive age group at its highest, said the finance minister.

Here is what the Government of India has announced for the IT industry, startups and employment:

1. Aspirational India, economic development and caring society with ease of living are the 3 themes of the Union Budget 2020.

2. Artificial intelligence and machine learning will be used in the healthcare sector.