IT industry seeks bigger allocations for advanced tech, data security in Budget 2021
Besides, the nation’s maiden Data protection bill is also likely to be tabled during the upcoming Budget session.
BENGALURU: At a time when data privacy concerns have assumed significance, the tech industry leaders are pinning hopes on fresh investments in advanced technologies like artificial intelligence (AI) and machine learning (ML) to build cloud-based infrastructure. India’s $190 billion IT sector, which managed to post strong quarterly profits amid the pandemic, will also benefit from digital–first budgetary allocations and policy announcements especially for critical sectors like finances, healthcare, education and agriculture.
Besides, the nation’s maiden Data protection bill, which is reportedly being considered by the Joint parliamentary committee, is also likely to be tabled during the upcoming Budget session. According to Deepak Mittal, co-founder of digital tech firm To The New, investing in AI and ML will be a critical support as Indian organisations move to cloud-based services and remote working continues to play an enhanced role in everyday life. “Making data and assets that were previously on-premises to the cloud, in order to reap performance and efficiency gains, is a smart move.
"But it also introduces risk to these data and assets. Attackers can use unsecured credentials and permissions to access what they shouldn’t, putting sensitive data at risk. AI and ML can automate the process of getting these vast numbers under control,” he added. As India emerges from the economic slowdown, experts say that the IT industry will be at the forefront of this recovery and hence the government should offer tax rebates to software exporters as well as for import of technology products into India. “Providing the right incentives to the IT industry will be the key for the country’s economic revival.
One such incentive is to simplify the tax-related complexities to encourage global trade of software products from and to India. This will help increase revenue for the exchequer that can flow back into the country for socio-economic welfare. Another important area for improvement is to introduce measures that encourage corporates and individuals to pay taxes and contribute to the nation’s progress,” said Sameer Nigam, chief executive officer and co-founder, Stratbeans.