Finance Minister Nirmala Sitharaman’s focus on digitalisation, research and development, and business reforms in the Union Budget 2024 fully aligned with the momentum of India‘s rapid digitalisation growth, said a senior government leader.
Sharing his views on the Union Budget, Arvind Kumar, Director General, Software Technology Parks of India (STPI), said: “We applaud Finance Minister Smt. Nirmala Sitharaman for presenting a visionary Union Budget that underscores the momentum of rapid growth by putting a spotlight on Research & Development, next-generation reforms, and digitalisation.”
Stating that Prime Minister Narendra Modi’s government’s focus on leveraging technology to digitalise the economy aligns seamlessly with the collective dream of a ‘Viksit Bharat’, STPI DG said, “The PM Modi government‘s keen focus on leveraging technology for digitalisation of the economy aligns with the collective dream of Viksit Bharat.”
A significant highlight of the budget is the abolition of the Angel Tax, a move widely hailed by the startup community. “The decision to abolish Angel Tax is hailed as it will help start-ups thrive,” Kumar said, pointing out that this policy change will reduce the financial burden on start-ups, enabling them to grow and innovate more freely.
According to STPI chief, this is particularly important as India handles a vast amount of data, and the government’s initiative to facilitate sectoral databases for improving data governance is expected to bolster India’s position as a global technology leader.
Moreover, Kumar expects that the introduction of the Jan Vishwas Bill 2.0 will significantly enhance the ease of doing business in India as it will simplify regulatory frameworks and promote a more business-friendly environment.
“The Jan Vishwas Bill 2.0 will improve ease of doing business, helping start-ups and unicorns flourish, thereby boosting the foundations for an Atmanirbhar Bharat,” he said.
Stressing that the provision to incentivise states to implement business reforms, action plans, and digitalisation initiatives is expected to have a multiplier effect on Digital India and overall economic growth, he said: “The provision of incentivising states to implement business reforms, action plans, and digitalisation will have a multiplier impact on Digital India and economic growth.”
