Budget 2020: AI and ML On Backdrop. What Are Industry Leaders Saying?

Finance Minister Nirmala Sitharaman said that the Union Budget’s current objective is to boost the income of people and also enhance their purchasing power. New technologies like Artificial Intelligence (AI) shall remain on the backdrop.

Going by the Finance Minister’s words, she said that the Union Budget is to boost the income of people and enhance their purchasing power. Adding the fact that the proliferation of new technologies like Artificial Intelligence and Machine Learning is at the backdrop of Union Budget 2020-21.

The Finance Minister added that the number of people in the productive age group, is at its highest and that the digital revolution would also see the next wave of growth, and decipher the delivery of services through e-Governance.

As per the NDA Government, they are banking hugely on digital economy, as per the Prime Minister’s prestigious ‘Digital India’ program that was launched in 2015. 

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Budget 2020: What Finance Minister Offers The Technology Industry

Express Computer spoke to various thought leaders who had varied views on the Budget.

Shrenik Gandhi, Chief Executive Officer, and Co-Founder, White Rivers Media talks below on how the budget is digital-friendly.

There will be views that support right and views that support left, but I strongly believe, data and digital occupied the centrepiece of the budget! The fact that we moved beyond jargon war and marching towards embracing digital technology is a very strong positive move. New-age technologies, keeping data and digital at the heart of it shall lead to big reforms. Focus on IoT, Data Parks, AI shall make India a strong contender amongst the top digital economies, globally.

The ambitious fibre to home proposal shall get the next 100M in the Digital universe soon. All in all, it’s a very positive budget for digital by the government which has always vouched for the power of digital. The same coupled with reduced tax slabs and abolition of DDT shall lead to higher disposable income; thus enabling more consumption.”

“The budget 2020 represents a big win for the country’s startup ecosystem. We are pleased to see that the Government has paid heed to our concerns and rolled out the reforms like 5 year tax holiday for ESOP, Tax exemption for startups with turnover <Rs 100 crore for 10 years, reducing DDT and the establishment of a seed fund that will definitely serve to spur the startup activity in the coming years. More importantly, this budget has informed the industry of the empathy the Government caters towards Indian enterprises. This positive sentiment is evident in the Government’s drive to roll out “no tax harassment” policies along with the establishment of the investment clearance cell for assisting entrepreneurs in India.” by Padmaja Ruparel, Founding Partner, IAN Fund.

“The FM has delivered a fantastic budget for startups. The measures announced on ESOPs, taxation and seed fund will infuse tremendous energy in the ecosystem. The clear message on no-undue harassment will provide renewed confidence to entrepreneurs to create new innovative startups which create jobs and wealth in India and strive to take over the world. The startup ecosystem is extremely grateful to the PM and the FM who have taken the trouble to listen to startups and address some of their very serious concerns. And to DPIIT for piloting our cause so well” by Saurabh Srivastava, Chairman, Indian Angel Network

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Budget 2020: Startup Update – Seed Funding and Tax Relaxation

Ritesh Jain – Co-Founder at FlexiLoans.com said,

Nirmala Sitharaman has presented a holistic budget and it is an extension of ambitious schemes announced by the government for doubling farmers’ income, infra boost, etc. This instills confidence in the industry that the government is serious about its programs and deadlines. If these schemes are successfully executed it will put the economy on a growth path and create demand in the economy.