The 2017 budget focuses on Digital India which is positive for the growth of the industry this year as well. In the financial year 2016, IT industry has contributed nearly 76% of the revenue and 45% share in the Indian service export.
As the budget for the financial year 2017, presented yesterday, also focuses on digitalization of India so it will be beneficial for the IT industry in the financial year 2017-18. The budget also shows the effects of demonetization as the growth in GDP. The budget concentrates on digitalization and Make in India campaign started by the Honorable Prime Minister of India. The Finance Minister announced DigiGaon initiative as the initial step for connecting every part of India digitally. The budget also talks about making India one of the top country in the electronics manufacturing industry.
The promotion of BHIM app and digitalization of money transactions using the AADHAR based system is one of the great initiative of the Indian government towards the growth of IT industry. On the other hand, this budget doesn't talk much about the cyber security which is the slag and the government should focus on this as well, for security in this era of digitalization.
The 2017 budget is appreciable as digitalization is the main focus of the budget. The budget also focuses on encouraging the emerging industry to grow by reducing the corporate tax for companies with less than 50 Crore annual turnover. The proposal of new initiatives for the digitalization through Make in India will also continue to open more employment opportunities for the youth. This will help to take our country to a brighter future.
So, overall the budget presented for the financial year 2017 is in the favor of the IT industry as well as for the common man.