Union Budget 2019 India: As the Government holds that IT and youth are India’s two major assets, the industry waits for a booster shot in the upcoming budget.
Union Budget 2019 India: The Information Technology (IT) industry is currently going through a transition phase, as numerous new technologies in the form of artificial intelligence, cognitive computing, data science, machine learning, big data, data analytics, robotics, Internet of Things, blockchain etc are changing the rules of game for incumbent IT players. Having emerged as a global technological powerhouse and proven its core competencies in delivering both onshore and offshore services to clients worldwide, emerging technologies now offers an entirely new gamut of opportunities to IT firms in India in the form of changeover to automated platform-led approach from people-led business model. While the industry is passing through the winds of change, IT firms are also wrestling with game-changing regulations such as H-1B system changes, EU GDPR suite of laws, data localisation and protection laws etc, which have resulted in higher deployment and compliance costs.
As the Government holds that IT and youth are India’s two major assets, the industry waits for a booster shot in the upcoming budget. It is indubitable that Government initiatives such as Digital India campaign, Government e-market place, Atal Innovation Mission, higher allocation of fund for tech start-ups, Smart cities etc have facilitated the advancement of IT sector. A perfect mix of fiscal and monetary measures would help the Government tackle employment crisis, while maintaining the growth momentum in the sector.
Source: Financial Express
