This year Union Budget 2021 has huge expectations from technology sector


This year Union Budget 2021 has huge expectations from technology sector: There are lots of hope from expectations from the Finance Minister Nirmala Sitharaman and Union Budget 2021. Finance Minister Nirmala Sitharaman has promised a never before like Union Budget as the Modi government looks to give a further boost to Indian economy ahead.

 

Minister of State for Finance Anurag Thakur and senior officials of the finance ministry on Saturday participated in the symbolic 'Halwa Ceremony' that marks the beginning of compilation of budget documents. Union Budget 2021 is scheduled to be presented in Parliament on February 1, 2021.

 

The unprecedented Covid-19 pandemic has; without doubt; adversely impacted world economy at large. Almost every industry has borne the brunt and MSMEs are severely affected with many closing down, probably permanently. However, IT & ITeS sector has seen spike in growth across some industry verticals in the wake of the pandemic. Retail industry came to a virtual standstill during the pandemic and was one of the worst-hit sectors. The cascading effects impacted the entire value chain that serves the industry.

 

Many are expecting on the rigid regulatory compliance and tax burdens should be revised, which can provide impetus for growth and expansion. This will increase hiring and businesses can largely contribute to the GDP. Revised tax policies, less complex GST structure and relevant policies that provide thrust for digital innovation can incentivize home-grown start-ups and brands.

 

The government can’t raise taxes across the board because the pandemic has hit the poor and middle income group below the belt. It may increase taxes in certain categories and will have to depend largely on non-tax revenues and market borrowings for the post -Covid-19 reconstruction of the economy.

 

However, many experts believes that, the economy is on huge crisis and it can’t be move further without an increased government spending and the government spending can only revive an almost muted demand as also the private investment and business sentiment.... ... Read More

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