We genuinely welcome the budget’s emphasis on giving a friendly environment and financial incentives to business start-ups, especially in the IT sector. The FM has proposed Rs 1,000 crore to help IT start-ups, and support funding needs of small firms. The FM rightly recognized the IT sector as one of India’s leading employers in the services sector. The financial proposal will boost entrepreneurship in the IT sector and create more jobs.
This is a manufacturing friendly budget, very much in line with the ‘Make in India’ thrust. From the point of view of the IT industry specifically, the streamlining of the Special Additional Duty will pave way for local manufacturing benefits to some IT products.
Overall, it is a positive growth friendly budget that gives the right direction to the economy by giving incentives to business, infrastructure and manufacturing. The proposal to reduce corporate tax from 30 % to 25 % for the next four years will give a healthy boost to spending, business and employment generation.