Prime Minister Narendra Modi's vision for a technologically advanced nation and a strong broadband highway connecting rural India was shadowed in many statements announcements in the Budget.
The Finance Minister may not have pleased all sectors but he has left most tech and software enthusiasts dancing with joy. Prime Minister Narendra Modi's vision for a technologically advanced nation and a strong broadband highway connecting rural India was shadowed in many statements announcements in the Budget.
Also read: It is not the end, but start of the journey, says Jaitley
- NATIONAL RURAL INTERNET AND TECHNOLOGY MISSION
The FM has proposed an investment of Rs 500 crore to increase broadband penetration in Indian villages. For this he has set up the national rural internet and tech mission to increase broadband connectivity in india and expand e-governance and e-kranti in Indian villages. While not many details have been given on how this will be carried out the highlight is that this will be done now at a centre and not just at the state level. This may also bring in larger e governance IT deals for players like IT software players like TCS , Infosys , Wipro , HCL Tech and Tech Mahindra that have seen challenges in their domestic businesses.
- RS 7060 CR FUND TO SET UP 100, SMART CITIES
While on the face of it this move seems ambitious and has already received a thumbs up from most IT software players, there are some issues. The announcement basically entails overhauling and modeling existing middle- sized cities with state of the art facilities. The cities will use new technologies for waste management and energy use, based on concepts developed in Singapore. However at Rs 7060 crore and 100 cities, this works out to be just Rs 70 crore per city which may be a meagre sum for such a mammoth task.
Also read: Hits, misses in Arun Jaitley's maiden policy statement
- PUSH FOR START UPS
1) Startup Village entrepreneurship scheme
The FM has allocated rs 100 cr for the setting up of a Startup Village entrepreneurship scheme. The push for this seems to be in rural India.
2) Fund for SC entrepreneurs
The union Budget also highlighted an additional allocation of Rs. 200 crore, to extend credit enhancement facility for young start up entrepreneurs belonging to the Scheduled Castes. The capital will be allocated by a scheme by IFCI.
3) National incubators
The finance minister also highlighted the need to set up national incubators for Start ups. But again, the lack of clarity of the details leaves the impact of the move uncertain
4) Rs 10,000 crore VC fund for start ups:
this move shows us that the FM is serious about his push towards entrepreneurship. He has allocated a Rs. 10,000 crore VC fund for startups which will help easier availability of capital and reduce the pressure of capital availability to the smaller start ups, at least partially.
- ONLINE BILLING PLATFORM:
The budget also highlighted building a unified payment system, a single website from where all bills can be accessed and paid. Again... Its unclear how this will be executed and what will be the impact of independent payment gateways. Yet, if it is executed, this will e another opportunity to IT software service vendors.
- FDI IN E-COMMERCE
The Amazon, Flipkarts and Snapdeals of the nation have some reason to cheer finally after a rather tough year. The budget has allowed companies to sell their products through retail including e commerce platforms without any additional approvals. Yet if implemented well, liberalisation of FDI in e-commerce will end up providing much-needed certainy to foreign players and to a sector that has the promise to provide increased commerce and generate employment in the country. This may also provide boost to the sector and create healthy competition so as to benefit all the constituents in the ecosystem - consumers, government, eCommerce players, and retailers in general.
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