Ramesh Loganathan,
Vice President and Managing Director,
Progress Software & President,
HYSEA
“To target 4% deficit with decent growth stimulants is a good balancing act. It is a reasonably good budget for the IT industry tackling incumbent industry operational elements with enabling serious future growth. With operational aspects addressed such as transfer pricing clarification and also the note on retrospective taxes (hoping for easier remediation of TP assessments), the industry welcomes the move. Transfer pricing clarification is good for existing multinational companies in IT sector. This was single biggest issue the industry had. E -visas is another good provision which will encourage and enable more business travel in the IT sector. The most exciting aspect in the budget is the stipulations to spur the startups. 10k cr startup fund is an amazing enabler. My hope is that most of these funds should be in the seed and angel stage. FDI increase will infuse capital and enable growth. These will help spur economic activity apart from enhancing the infrastructure.”
