#Budget2018 – IAMAI welcomes technology thrust on Budget

#Budget2018 – IAMAI welcomes technology thrust on Budget

- in Analysis, Industry, Opinion

The Union budget recognizes the positive role of digital technologies for development of social sectors like health, agriculture and education, and hence IAMAI would like to term it as technology oriented budget. Welcoming the budgetary announcements made by Finance Minister Shri Arun Jaitley, Dr. Subho Ray, President, IAMAI said “Digital technologies can bring in efficiency and economic scaling up in the critical social sectors. Budget 2018 gives recognition to the emerging sectors like Edutech, Agritech, Healthtech in India and is an encouragement for Digital India”. He further said that “372 basic business reform actions identified for improving ease of doing business in India is a positive step.”

In a statement, IAMAI has said that some of the initiatives like greater digital intensity in the education sector, Special Group under the Ministry of Finance on exploring fin-tech options for MSMEs, allocation of INR 10,000 crores for five lakh public wi-fi spots, are some of the positives in this regard. This in particular will help promote internet penetration in the country.

The association is happy to note that our earlier suggestions for promoting futuristic technologies have been acknowledged in the budget 2018. The National Programme on Artificial Intelligence to be set up by Niti Aayog, the 5G test-bed in IIT Chennai and the mission by the Department of Science and Technology to encourage big data, cyber security and robotics are some of the initiatives that will help promote Industry 4.0, create new skills and jobs and help usher in the next phase of the IT-BPM sector in India. The association further notes that the encouragement for blockchain technology will boost digital economy and will usher in transparency and efficiency in the economy.

The association has also welcomed the proposal to reduce corporate tax for small companies with turnover up to INR 250 crores to 25% which will help the emerging Indian digital services companies.

Dr. Ray further said that for the second year in running, the Union Budget recognizes the importance of digital services and gives a direction. It is now up to the relevant departments to act on these directions and help realize the targets envisaged in budget 2018

The Internet and Mobile Association of India [IAMAI] is a young and vibrant association with ambitions of representing the entire gamut of digital businesses in India. It was established in 2004 by the leading online publishers, but in the last 13 years has come to effectively address the challenges facing the digital and online industry including online publishing, mobile advertising, online advertising, ecommerce, mobile content and services, mobile & digital payments, and emerging sectors such as fin-tech, edu-tech and health-tech, among others

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