By Sudhir Kothari
“Covid-19 pandemic has left a huge mark on every sector and one thing that everyone wants from the Union Budget 2021-22 is to bring the economy back on track. While every the sector has faced its own ups and downs in the past year, there is one sector that has seen tremendous growth and potential i.e. technology and automation.
The technology and automation sector has become a significant contributor to India’s mission of digital empowerment. We should take measures to expedite its development to enable start-ups, small businesses as well as enterprises to compete at a global level. Investing in the latest technology for the manufacturing sector can prove to be an ultimate game-changer and support the growth of the Indian economy.
The current decrease in the economic growth rate can be dealt by implementing landmark policies and stronger governance to bring back the required liquidity and put the economy on track. Relaxation in taxes for technical advancements can create a thriving for deep tech businesses in the country, inviting more foreign direct investments (FDI) and trades.
It will also boost the profits, quality, and productivity of businesses of all sizes and result in an enhanced contribution to the economic growth of the country. The budget should also introduce crucial measures to support the digital industry and augment sales.
The government should also focus on creating an investor-friendly climate as may sectors such as infrastructure, aviation, automobile, travel, and hospitality heavily depend on this, apart from consumer demands.
The Union budget 2021-22 should also launch schemes to facilitate ease of businesses and come up with a strategy where the taxpayers can file a single return at regular intervals, rather than filing different returns for different departments at different periods.
Business often spend a lot of time in obtaining state-wise registration, filing of multiple returns, generation of e-bills and maintenance of separate account books for each registered entity. Introducing more transparent norms in the entire process can prepare the Indian economy for its next phase of growth.
Its high time government to focus on the start-ups. Last year budget didn’t have many inclusions for the technology start-up sector, would be curious to see what’s in store for Small-Medium Businesses and Startups. As India is becoming a hub for homegrown start-ups, technology, innovation, and automation, it would be really amazing if this year’s budget will allocate more funds and announce policies that would be encouraging for this sector. This will help create a more welcoming environment for the digital industry and catalyse innovation.”
(Sudhir Kothari is Founder and CEO of Embee Software. Views are personal)
