Sanjay Rohatgi, Senior Vice President, Asia Pacific and Japan, Symantec believes skilled workforce is crucial, not just to digitize operations across the country, but also safeguarding the digital framework from attacks. He explains, “Alongside investment in infrastructure, we need to focus on developing a world-class and competent work force. To this effect, Symantec has partnered with NASSCOM towards building a cadre of certified cyber security skills in the country.” This is seconded by Tenon’s Major Manjit Rajain who expects, “The security industry is the second largest employment generator in India, which provides fresh workforce through facilitating pre-job and on the job training. Considering recent initiatives taken by the current government in the areas of agriculture, job creation, skill development and education, we hope this budget to be beneficial for companies like us.
Expectations from the Enterprise World
With February on the horizon, corporates and enterprises are abuzz with expectations and suggestions in anticipation of favorable policies, tax benefits, clarity on new laws and regulations as well a push towards digitization of the economy leading to advancement of IT in the country. Rajiv Srivastava of HP India comments, “Technology has been at the forefront of India’s recent economic growth and digital transformation. With the upcoming Union Budget 2017-18, the Government should look at rolling out initiatives to boost adoption of technology for education, skilling, manufacturing and infrastructure development that are key to India’s growth story.
“I look forward to a budget which carries forward the Prime Minister’s vision of a Digital India and implementation of the Startup India program.”
Vinaya Varma
CEO, mjunction
a Tata Steel and SAIL JV
For digital empowerment of citizens, it should look at making technology more affordable and introducing initiatives to encourage PC buying in the country. Government needs to create conducive environment and support eco-system where we have at least one PC per family as a means to accelerate technology proliferation and migration towards a digital economy.” Acer’s Alok Dubey seconds this saying, “We are expecting favorable change in the Income Tax slabs and rates, as customer spending is still anticipated to decline for short term due to demonetization. We also expect the budget to focus on shaping the IT infrastructure and urge the government to provide tax deductions on purchase of PC for consumers as well providing easy short-term loans for retailers for working capital requirement.”
“Government should consider setting aside at least 8% of its overall IT budget specifically for cyber security starting with the upcoming budget.”
Sanjay Rohatgi
Senior Vice President
APJ, Symantec
Symantec’s Sanjay Rohatgi is hopeful security will be one of the main talking points, “As India digitalizes rapidly, holistic approach to cyber security is a prerequisite to foster and sustain trust of all the stakeholders – consumers, businesses as well as government. Similar to the decision in 1998 to set aside a specific budget for IT, the government should consider setting aside at least 8% of its overall IT budget specifically for cyber security starting with the upcoming budget.” HDS’ Venugopal expects analytics and data management to be big in the budget, “With large scale digital transformation, data is becoming increasingly valuable. It is important to institute industry friendly policies to better manage data through centralized data hubs and drive smarter decision making with help of data analytics. Additionally, corporates and enterprises are expecting a cut in tax rates at various levels to grow more business opportunities in India to allow the Make in India dream come true.”
“Clearly laid out research and development policy will help bring component manufacturing base in India to save precious foreign exchange.”
Rajeev Jain
CFO
Intex Technologies
Intex Technologies’ Rajeev Jain expects the indigenous mobile and smartphone industry to get more backing owing to the needed proliferation of smart devices to make the idea of a cashless economy successful, “The entire country is looking forward towards mobile banking which shall create a new user base and fuel the growth in mobile Industry. In the end, to create a truly inclusive digital economy, affordable mobile handset or consumer durable items up to certain value should be given a concessional duty treatment.” Talking about startups, there is an expectation with regards to tax benefits and incentives driving cashless and online transactions and promoting e-commerce. Directi’s Bhavin says, “To achieve the goal of financial inclusion, the government should rationalize indirect taxes and charges levied with respect to digital payment transactions, and further incentivize companies operating within this space. As a natural corollary to the demonetization process, the time is ripe to increase the tax exemption limit and also the corporate tax limits. Qtrove.com’s Vinamra adds “Entrepreneurs are awaiting the implementation of GST at the earliest to enable cross state logistics with minimum constraints and friction.” Livehealth’s Abhimanya is hopeful of favorable policies, “We are hopeful that the government promotes authentication of e-based payments, where the entire process from signup, authentication and transfer is smooth, simple and secure.”
In Anticipation of a Digital Budget
The budget 2017-18 is all set to be one of the most crucial budgets in recent history. Major developments in the last year have induced the need for a revolutionary budget. The government needs to give a further push to business in the country, rejuvenate a disillusioned startup landscape, enable a cashless digital economy and catalyze manufacturing in the country in few of the major implications faced. With GST on the horizon, flawless SOPs and uncomplicated tax policies need of the hour, the Finance Ministry has a full plate. This year’s budget is expected to put India firmly on the path of coast to coast digitization, propel business, and consolidate the economy.
With implications like the pressures of demonetization, GST compliance, and cashless transactions, the IT industry expects major announcements that might catalyze the sector. Initiatives like Make in India, Digital India and Startup India are expected to gain further traction as the government tries to revive the economy and consolidate the country’s wealth against reliance on foreign trade and export. The Indian IT industry is nearing maturity and has seen favorable policies in the past couple of years. This trend is expected to continue with this year’s announcements. Players across verticals are hopeful of a business-pro budget. Will the Budget 2017-18 be a mixed bag for the IT sector like last year or will this year’s budget succeed in driving the country to an IT enabled digital, cashless economy, remains to be seen.
By: Chitresh Sehgal | csehgal@accentinfomedia.com
