image credits: indiabudget.gov.in
This was the first run through when the finance minister presented the budget digitally.
Nirmala Sitharaman used a tablet to read out the budget announcements rather than the customary 'Bahi Khaata'. This critical change in technology adoption shows that technology has now gotten more coordinated with our lives, because of the Covid pandemic.
To give you a simplified view of the budget, we have curated portions with a unique spotlight on the technology world.
Proposal to develop a Fin-Tech center in Gandhinagar
In Budget 2021, the government proposes to develop a first-rate Fin-Tech center at GIFT City in Gandhinagar, Gujrat.
In her speech, she said India is now becoming capable of exporting smartphones and other equipment to international markets. The domestic manufacturing of electronic appliances has also grown exponentially.
image credits: epthinktank.eu
Increase in import duty on parts of mobile phones, chargers
The government might increase 2.5 percent duty on the “some parts” of the mobile manufacturing process.
However, it is unclear to which parts the new tax will be imposed. This will eventually force manufacturers to set up local manufacturing units of smartphone components in India.
Rs 1,500 crore-scheme to boost e-payments
The government has proposed a Rs 1,500 crore-scheme to promote digital transactions in the country, a move that the industry believes will drive the adoption of e-payments in smaller cities and spur innovation by fintech firms.
Delivering her speech, the finance minister said that there have been numerous increases in digital payments in the recent past. "To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote a digital mode of payment," she said.
image credits: gadgetsnow.com
Digital census to boost IT services companies and hardware companies
The finance minister announced that the country will see the first-ever Digital Census 2021. The proposal will boost software companies that run and build the technology-enabled backend.
The digital census will also mean a lift in business for hardware companies. As it will likely see a rush in sales of laptops, tablets, smartphones, and printers.
image credits: censusindia.gov.in
Reconstruction of the ministry of corporate affairs portal
The Finance Minister also proposed the updation of the Ministry of Corporate Affairs portal MCA 21 3.0. The government will use data analytics, Artificial Intelligence, Machine Learning to launch MCA 21 3.0 which will add the facility of e-scrutiny, e-consultation, compliance management, and e-adjudication among others.
The project is currently run by Infosys and is expected to come up for renewal in July 2021. It was given to Infosys in 2013, earlier TCS was handling the project. With new digital capabilities to be added, the next version of the project may accumulate more interest from foreign as well as Indian IT companies.
image credits: thehansindia.com
Government to give Rs 3000 crore for realignment of NATS
The government will provide Rs 3000 crore for realignment of the existing National Apprenticeship Training Scheme (NATS) towards post-education apprenticeship, training of graduates, and diploma holders in engineering. This may help boost the quality of talent for Indian technology companies.
image credits: aerocareers.in