On February 1, the Union Budget for 2023–24 is scheduled to be presented in Parliament by Finance Minister Nirmala Sitharaman.
India progressively expands to become a digital capability hub, and with that comes a lot of expectations towards the sector hoping to contribute towards the growth, herein are some expectations, we would like our finance minister to thereby look into
- Introduce tax breaks in GST and TDS for Fintech to expand and deliver the impact of government schemes.
- Bring Service Linked Incentive Schemes like Production Linked Incentive Schemes to improve the workflow.
- Focus on supporting infrastructure and internet penetration in Tier 2 and Tier 3 cities.
- Simplifying the permissions process to facilitate remote working.
- Launch Initiatives and incentives to make-in-India software products and platforms.
Education and Healthcare are the primary sectors for the future of any country.
On Healthcare, we urge the finance minister to:
- Allocate funds for digitization in the healthcare sector e.g. telemedicine / virtual care solutions, referral management systems, Personal Health Records/Electronic Health Records (PHR/ EHR).
- Increase Tax benefits on preventive health check-ups.
- Ensure Health Insurance for India’s Missing Middle Age population.
- To establish an extensive healthcare infrastructure fund.
- Fin ministry should support healthcare by reducing taxes on medicine and hospitalization costs.
- Government hospitals should have start-of-the art facilities, excellent doctors & paramedics by investing in the same which will help society.
- Rural health should be given priority and need to focus on digital transformation in that area so that we can have a healthy society using the data that will be available to the health ministry to address any issues at the right time.
There needs to be constant support in training and upskilling the teachers in the country. The government needs to support & incentivize them to get them motivated and do a great job producing excellent students.
- The government should help create good school infrastructure and reduce taxes for the same.
- Essential funds need to be allocated to talent development and digital skilling, including schools and universities.
- Smart schools with AR&VR should be introduced by funding the schools under them.
- Incentivise private players (by reducing/ making tax-free) to help in creating better infra and other teaching & evaluation tools to measure the real performance of both the students & teachers.
Since key trends and demands largely revolve around digitalization here are some important perspectives on the upward growth
- encourage investment in R&D, Technology Solutions, and Digital Programs.
- cybersecurity should be promoted in all sectors, especially in Healthcare and BFSI.
- upskilling to ensure new age technologies – AI, ML, Cloud services.
- educating the youth through the Skill India program to ensure essential talent building.
- providing huge tax benefits to start-ups and others for creating tools using IoT and AI.