Union Budget 2017 : How India Reacts

Finance Minister Arun Jaitley today presented the Union Budget 2017 for the fiscal year 2017-18. While we come out with our analysis of the budget and its impact on the nation, here is what industry leaders from the India Inc. thought about it.

“Union Budget 2017 aims to boost Digital Economy, which will have a positive impact on the telecom sector. Additional outlay of Rs 10,000 crore for BharatNet and creation of ‘Digi- Gaon’ a definite positive to Broadband penetration; however BharatNet implementation track record needs to significantly improve for benefits to reach rural India. MSIPs benefits for domestic manufacturing of mobile devices & components will strengthen ‘Make in India’ and add to employment. Broadband penetration has a direct impact on economic growth, employment, innovation & prosperity. Strong push on transport connectivity, and healthcare and education through digital media, are likely to have significant long term impact on the telecom ecosystem.” – Jaideep Ghosh, Partner, KPMG.

“Though it remains to be seen if the proposed setting up of Payments Regulation Board under RBI and amendments in the Payments and Settlement Act will bring about fundamental changes to accommodate the fast changing digital payments ecosystem in the country. The budget 2017 will help Transforming India into a less cash economy to tackle the issue of corruption and clean up the system is one of the integral strategies of the government. Digital payment infrastructure would be strengthened, along with the grievance handling system”. Up gradation of digital infrastructure will encourage non-cash payments.” – Rahul Gochhwal, co-founder, Trupay.

The Union Budget 2017 is at par with our expectations. We welcome the move by the Financial Minister meant to strengthen the digital infrastructure in rural India, by allocating INR 10,000 Cr for Bharat Net Project. The same is slated to empower over 150,000 gram panchayats with high speed internet and Wi-Fi hotspots. While this sets the right impetus for rural India to come online, the government has further taken the steps necessary to ensure optimum level of cybersecurity. We especially appreciate the Computer Emergency Response Team to be setup post the budget announcement and dedicatedly monitor cyber hacks, ensuring the security and integrity of online data. The synergy created by these announcements, along with the efforts of cyber security solutions is going to further inspire new users to come online, aiding India’s transition to a digital economy.” – Amit Nath, ‎Head of Asia Pacific – Corporate Business at F-Secure.

Budget 2017 highlights the government’s focus on enforcing greater transparency and accountability with a clear attempt being made to widen the tax base. Finance Minister Arun Jaitley made several references to using data mining to improve the efficiency of the various tax departments specifically with regards to transforming India from a cash driven to a digital economy using new measures such as Aadhaar Pay. This is a step in the right direction which will have a relevant impact in widening the tax base and make India fiscally stronger and have a positive impact on national growth and development.” – Sunil Jose, Managing Director, Teradata India.

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