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CP Gurnani,
Managing Director & CEO, Tech Mahindra
We welcome the new Government’s first Budget of structural reforms aimed at reviving growth and connectivity, though there’s no clarity on how the Government plans to cap the big fiscal deficit which is pegged at 4.5 per cent for FY15.
The Finance Minister’s decision to revive MSMEs is a step in the right direction as MSMEs are the backbone of any economy. We at Tech Mahindra feel that the only way forward for the IT industry is ‘Collaborate, Connect and Co-Create’ and this thought seems to echo with the Government as the Budget proposes an allocation of ₹7,060 crore this financial year for developing 100 ‘smart cities’ in the country.
Further, Jaitley’s ₹500-crore National Rural Internet and Technology Mission aims at connecting rural and urban India and thus connect the nation with technology.
But in a bid to halt a two-year spell of weak growth, the Government seems to have announced some incremental steps to boost capital spending and reassuring foreign investors of fair treatment.
Though we feel the Government should also have pondered over renegotiating tax treaties, facilitating cross-border transfer pricing adjustments for Indian MNCs to penetrate emerging markets in IT.
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