Ahead of the Union Budget 2022 the Indian tech industry shares their wish list from the government, as well as emphasized on the need to incentivize digital transformation. The Union Budget in India is always eagerly awaited by everyone, from corporates to taxpayers, with all hopes attached to having simplified compliances. In the wake of the third Covid wave, there is a certain expectation in terms of rebates and relief from the Finance Ministry on Indirect and Direct taxes. Stimulus packages and tax exemption policies designed for the COVID impacted era would help revitalize the economy. The Union Budget should accelerate the growth of the digital economy by making it easier for businesses to invest in tools and technology that are crucial to their growth. The government can spur innovation in India by creating policies that incentivize technology product exports and encourage startups to make in India for the world.Secondly, the startup ecosystem requires a more focused approach in terms of access to capital, allocation of more funds by the government, policy reforms for ease of doing business and creating a more supportive ecosystem. “We believe the upcoming fiscal policy will encourage technology adoption. From a macro perspective, we expect it to support innovation and drive business resilience by leveraging new-age technologies. The government should continue to encourage digitalization, creation of rural e-infrastructure, and to provide additional incentives for research and development spending. This time, we expect the budget to address two critical areas. One is the country's emphasis on the information technology industry and digital technologies like artificial intelligence. The other is to create a strong startup ecosystem in the country.
