Last year, due to unfavourable global factors, India’s economy was largely affected. This year, the Finance Minister has proposed a fair bill which is for the most part populist in nature. It bodes well for new investors and also creates a wonderful picture in the health, education, NREGA etc. sectors. For the IT industry however, this is a moderately encouraging bill and has made few strides in the development of the sector. Certain benefits we see that will accrue to the industry at large would be:
- Scale and roll-out UID in 50 districts: As mentioned in our pre-budget quote, we firmly believe that UID will be a catalyst for the development of the country. Not only will it enable financial inclusion, it will also help the rural populous in gaining identity and for the daily wage workers.
- Introduction of mobile-based Fertilizer Management System has been designed to provide end to-end information on movement of fertilisers and subsidies. Nation-wide roll out during 2012: Pervasive technology so that all sectors in the country can avail the benefits for the betterment of their living. This will benefit more than 12 crore farmer families.
- A central “Know Your Customer” depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep: A brilliant reform movement, this will not only reduce duplicity in our system but also help the banks in maintaining the correct financial requirements of every individual. This will go a long way in the financial inclusion movement.
- DTC and GST Bills: We welcome these proposals that are aimed at bringing in uniformity in the taxation process.