It is true that the IT industry had many hopes for the Union Budget 2016-17, and many in the industry have found it lacking, however, there are still numerous aspects of it worth talking about, as they will greatly affect the information technology industry. In order to properly understand these adjustments and what they will mean for the IT industry globally, read on.
Continued Backing to AADHAR Platform
This will ensure the benefits continue to reach the right people. This is encouraging, but many have expressed disappointment that it does not include protecting vendor payment.
IT Industry: Widespread Digitization
While it is too soon to tell if this particular stipulation will result in business for the information technology industry or not. This widespread digitization includes expansion in three areas within information technology, which may prove beneficial to the industry. These areas are e-assessments, modernization of land records, and the establishment of a “Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets.”
A New Rural Indian Digital Literacy Mission Scheme
This will cover ten millions households within the next three years. Certain experts have pointed out, however, that this has failed to mention Bharat Net, which has the goal of connecting rural areas through broadband. Perhaps this crucial piece is missing.
What The Budget Means For IT Start-ups
The budget’s implications may have some impact on start-ups. It outlines a 100 percent deduction of profits for three out of five years for units set up between certain dates. This time period encompasses April, 2016 to March, 2019. MAT will apply during this three year period, however this may have a limited impact.
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