Quote from MD & CEO of Y-Cash Software Solutions Ravi Jagannathan on Pre-Budget expectations:
Over the past two decades, we have proved our mettle in the field of Technology Talent to the world. It is amazing to note that top technology companies across the globe are managed by Indian CEOs, worlds best projects are developed by Indian tech professionals, yet India is only known as “technology service or talent provider”. Despite having the best in technology, we haven’t built top technology product companies. The new Government should strategize to create an identity for India as a strong technology nation which can further enable sustained growth.
However, the start-ups in India face a lot of challenges. There are a lot of areas where the government needs to focus such as funding, taxation, infrastructure support, research and commercialisation of innovative ideas, the ease of forming, operating and closing the company. We believe that India being a large country has a great potential to create large technology startups which can generate greater employment opportunity.
The next phase of growth for technology entrepreneurs is to foster the eco-system for entrepreneurs, startups and innovation. Good governance, investments and progressive policies are the key repositories of India’s technology startups in the web, mobile, e-commerce, SAAS, marketplace space and will act as a discovery platform for investors, enterprises, media and government authorities. Enabling easier venture funding (including maybe a government sponsored fund such as Singapore’s Temasek Holdings), provide tax sops, set-up IT innovation centres in tier 2-3 cities and strengthening the technical education infrastructure etc. should also be considered for this.
Given the complexities arising out of diversity and population size, we expect certain Technology Industry promotion schemes that will give a solid identity to India.