Information Technology: Industry hails budget, terms it encouraging

Thursday’s Union budget presentation was welcomed with a cautious optimism by the city’s IT, ITeS and biotechnology industry.

Published: 02nd February 2018 02:28 AM  |   Last Updated: 02nd February 2018 03:38 AM   |  A+A-

No. of Wi-Fi hotspots planned in rural areas 5lakh

By Express News Service

BENGALURU: Thursday’s Union budget presentation was welcomed with a cautious optimism by the city’s IT, ITeS and biotechnology industry. Many termed the budget a comprehensive and exhaustive one considering that the budget came after the implementation of the Goods and Services Tax (GST). However, the introduction of the long term capital gains tax was a grouse, the focus on fintech, artificial intelligence and research was welcomed by companies.

Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon, termed the focus on science and technology as ‘encouraging’.“In the budget, there is a huge outlay of `1 lakh crores to revitalise our research centres,” she said.“The announcement by Finance Minister Arun Jaitley discouraging the use of cryptocurrencies has come as a big blow to the segment which has been trying to establish itself as an alternate, secure and transparent payment mechanism,” said Tarun Bhatia, Managing Director, Kroll, a risk consulting firm.

According to C P Gurnani, Managing Director and CEO, Tech Mahindra,  the steps taken to strengthen the presence of Fintech in the MSME space along with the plans for smart cities showed that the country
was on the right track to becoming a trillion dollar digital economy by 2025. The mention of wide-scale broadband access was welcomed by Anil Valluri, President of NetApp India and SAARC.

No. of Wi-Fi hotspots planned in rural areas

5lakh

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