Budget 2020: What Finance Minister Offers The Technology Industry
Highlighting the use and importance of IoT, AI, analytics and quantum technology, Nirmala Sitaram addresses the technology industry with initiatives.
Finance Minister Nirmala Sitaraman walks into the parliament with the infamous bahi-khata she introduced in the last budget. Laced with golden borders, the emblem beams prominently. In July 2019, the budget was presented by FM was the first time where she broke the colonial tradition of carrying a briefcase to present the budget and instead chose a bahi-khata that is used by Indian businesses.
She began her speech at 11:30 am by saying that fundamentals of the economy are strong and the focus will be laid on cross-cutting streams of AI, ML, and analytics.
“Digital revolution will see the next wave, will achieve seamless delivery of services through this: Nirmala Sitharaman , Finance Minister”
The Indian spirit of entrepreneurship was also acknowledged and she elaborated on the government’s aim of the digital revolution and their move towards digital governance.
Here is everything the technology industry should note from the budget 2020:
- GeM (Government e-marketplace) moves to create a unified procurement system that will provide a single platform for the procurement of goods, services, and works. Zero defect-zero-effect manufacturing will be a big push to make the online marketplace GeM a Rs 3 lakh crore market.
- 5 new smart cities will be set up under the PPP Model which will be developed with states in private partnership mode
- The manufacturing of electronic devices and medical devices has been encouraged, highlighting on taking initiatives under ‘Make in India’.
- A policy will soon be in place to allow the private sector in building Data Center Parks in the country. Sitaraman supports this statement by saying data is the new oil and it will enable firms in incorporating data at every stage.
- FM has proposed 8000 crores to be allocated to quantum technology under the National Mission over a period of 5 years
- FM announces Rs 99,300 crore outlay for education sector in 2020-21 and Rs 3,000 crore for skill development
- Fiber to home connections via Bharatnet to link 1,00,000 gram panchayats this year
- An investment clearance cell will be set up to provide end-to-end support to entrepreneurs which will guide them on investments, information available on land banks and facilitation of clearance at the state level. All of this will happen through a web portal.
- New policy to focus on integrated information portal and focus on timely dissemination of information
On the cybersecurity front, Mr. Trishneet Arora (Founder & Chief Executive Officer, TAC Security) has shared his views on the budget-
” With the allocation of Rs. 8000 crore for the National Mission on Quantum Computing and Technology and an indication at the opening of Cyber Forensic University, the govt. ‘s proposition for digital penetration to make FTTH accessible to 10 lakh Gram Panchayat via Bharat Net will help position India against global leaders in the sector. This will give a big boost to the cybersecurity industry.
These budget announcements shall boost the Indian players’ morale in the cybersecurity space, giving a boost to the further success of the Make in India and Digital India flagship campaigns of GoI.”