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Technology Industry’s Reaction on Union Budget 2019

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SMEStreet brings reactions on Union Budget 2019 from technology industry leaders, here is what they have said:

KT Prasad, Country Sales Director, Zendesk India:

“This is a forward-looking budget designed to accelerate commerce by encouraging foreign investment while also giving local home-grown businesses a leg up, and propelling job creation are encouraging steps towards boosting India’s long term economic growth. The impetus on improving youth skills in disruptive technologies like Artificial Intelligence (AI), Internet of Things (IoT) and robotics reinforces the government’s efforts towards building a Digital India. It is also encouraging to see initiatives that will boost India’s standing on the global technology stage, such as establishing National Research Foundation (NRF) to promote research in AI, accelerating the Standup India program for budding women entrepreneurs, easing FDI rules, and proposing a host of enhancements to the digital payment systems among others. Businesses in India – large or small, new or established – are well-positioned to harness these opportunities by breaking free from outdated legacy technology and infrastructure and adopt more agile, scalable technologies that will empower them to achieve rapid growth. I would give this budget a thumbs up.”

Nikhil Arora, Vice President and Managing Director, GoDaddy India:

“We welcome the Government of India’s Union Budget 2019 that promises an all-round and inclusive growth of the country. The reforms presented in the Budget 2019 reiterate government’s commitment to foster a friendly environment for small businesses, women-owned MSMEs and startups. While steps like exemption of scrutiny on angel taxes, e-verification of taxation and dedicated TV channel for the startup community, will help bolster the spirit of entrepreneurship in the country; the government’s increased focus on providing better incentives to women entrepreneurs is a commendable initiative. The Budget also offers big slew of reforms for the MSME sector such as creation of payment platform for filing bills, easy access to loans up to INR 1 crore within 59 minutes and credit boost through INR 350 crore interest subvention – all of which will encourage more people to start their business journeys. With India poised to become a $3 trillion economy this year, we at GoDaddy, are committed to continue working with the government and our partner ecosystem, helping entrepreneurs and small businesses to successfully grow their ventures online, with our easy-to-use and affordable tools and solutions.”

Sanjay Gupta (India Head), Vice President and India country manager of NXP  

“We welcome the government’s move to lower the GST rate from 12% to 5% for purchase of Electric Vehicles and the vision to make India as the global manufacturing hub. The push for FAME II by providing the right incentives can encourage a faster conversion rate. Semi-conductors and host of other components will be vital in developing the EV Ecosystem in the country and as NXP, we will play a vital role to foster this goal. Initiatives such as complete elimination of customs duty on some EV components could prove to be a gamechanger for the auto-industry. Currently, over 80% of the cars in India use NXP chip for RFID key”

“Research and Development is crucial for an advanced ecosystem of infrastructure to exist. The government’s focus on incentivizing research by forming a National Research Foundation and encouraging foreign engineers and researchers to come and collaborate is a landmark announcement for India’s electronic industry. For NXP, India is majorly the innovation hub. We run three design/ R&D centres in India which innovate technologies for the world. There are more than 2000 people in Design Centers (Noida, Bangalore and Hyderabad) who are involved in development of semiconductor hardware and software designs across various verticals – Automotive (connected cars), digital payments (NFC enabled), 5G (RF solutions) and many more.”

Prashant Ganti, Head of Product Management – Global Tax, Accounting and Payroll Solutions at Zoho Finance:

“The budget 2019 is forward looking with an eye towards making India a $5 trillion economy. It aims to create a business ecosystem characterized by easy access to funds, simplified GST compliance, and availability of payment collection infrastructure for MSMEs that can help improve their cash flow.”

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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