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The introduction of digital currency using blockchain technology and digitisation of land records indicates that the government is paving the way for a digital and open economy.
A digital currency will bring in greater transparency to transactions and reduce the use of black money and cash-based transactions. As an analytics company serving some of the largest digitally-native companies in the world, we believe this will open up multiple new use cases for data and analytics in India.
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Move will open up funding avenues for the sector, besides making them eligible for incentives and credit availabilityData centres are to be given infrastructure status and this will definitely help in getting easy access to long term financing.
The Finance Minister also noted that private equity and venture capital investors invested ₹5.5-lakh crore in start-ups. This demonstrates the confidence of investors in the entrepreneurial talent, and the business climate and sentiment in India. She has further said that an expert committee will be set up to bring up measures to help attract more investments in start-ups.
Clarity on income tax for the crypto industry is a step in the right direction. The Budget had some positive surprises for MSMEs and start-ups. The tax concession period has been extended by one more year, which in my opinion is a very positive move.
Likewise, the 15 per cent tax for newly incorporated manufacturing units and the increase in the period of incorporation by one more year to March 31, 2024 will further boost manufacturing activities.
Extension of Emergency Credit Line Guarantee Scheme (ECLGS) — which provides collateral free loans to MSME and will help companies impacted by the Covid-19 pandemic — till March 2023 and expansion of the scheme by ₹50,000 crore is a critical measure in ensuring faster recovery amongst MSME and create jobs.
Overall, this is a well-balanced budget with growth-oriented policies that create jobs, boost manufacturing, and help the agri-economy and creation of infrastructure.
Venkat Viswanathan is the Founder and Chairman of LatentView Analytics
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