As you are aware, the Union Budget for the next fiscal year will be announced on 1 February 2021. As the prolonged lockdown has drastically impacted the economy, former RBI Governor Duvvuri Subba Rao says that India will witness a V-shaped recovery. We can expect from the upcoming budget, the strengthening of the digital infrastructure in India. Look at what Industry experts in the market and economy expect from the upcoming Budget 2021.
Eddie Chandhok, President of Global Delivery at Infogain: “The COVID 19 pandemic significantly disrupted economic and business outlook for the year 2020. The integration of technology and digital transformation of organizations across sectors such as retail, manufacturing, travel and hospitality, insurance, etc., will help build resilience as well as play an important role in business recovery over the next year.
With India Inc. reeling under the stress caused by a drop in GDP, weak market, job losses, cash crunch and more, the government needs to continue positioning India as an international IT hub and invest more in the technology for faster creation of digital infrastructure for economic recovery.
In the Union Budget for 2021, we could see emergence of new initiatives and progressive policy interventions that will propel digital adoption across industries. This year, the government will also need to strengthen its focus on the development of emerging technologies, IT, entrepreneurship and quality of talent in the country. Only by incentivizing the use of emerging technologies like 5G, IoT, AI, Cloud and more, will India still have a chance at realizing, what at present looks like, ‘an ambitious goal’ of becoming a 5 Trillion Dollar economy by 2025.”