AI and Machine Learning Highlighted in 2020 Budget: Insights from Industry Pioneers
The Union Budget 2020-21, presented by the Finance Minister, has been hailed as a positive move towards embracing digital technology and supporting the startup ecosystem in India.
The budget focuses on digital technology as a centerpiece, with the aim to make India a strong contender among top digital economies globally. The delivery of services through e-Governance is being deciphered, as per the Finance Minister. The proliferation of new technologies like Artificial Intelligence (AI) and Machine Learning is at the backdrop of this year's budget.
The government's fibre to home proposal aims to bring the next 100 million into the digital universe. New-age technologies like IoT (Internet of Things) and Data Parks are a focus of the budget. The digital revolution is expected to see the next wave of growth, as per the Finance Minister.
The budget includes measures to support the country's startup ecosystem. The government has rolled out reforms such as a 5-year tax holiday for ESOPs (Employee Stock Ownership Plans), tax exemption for startups with turnover less than Rs 100 crore for 10 years, and the establishment of a seed fund.
The budget has been praised for its empathy towards Indian enterprises and its drive to roll out 'no tax harassment' policies. The Finance Minister stated that the Union Budget 2020-21 aims to boost people's income and enhance their purchasing power.
Jack Altman, the co-founder of the HR software startup Lattice, announced the plan for founding a new startup fund amounting to 275 million US dollars for his company Alt Capital. This move is expected to further boost the startup ecosystem in India.
The NDA Government is banking heavily on the digital economy, as per the Prime Minister's 'Digital India' program launched in 2015. The investment clearance cell is being established to assist entrepreneurs in India.
Ritesh Jain believes the budget instills confidence in the industry that the government is serious about its programs and deadlines. Shrenik Gandhi, CEO and Co-Founder of White Rivers Media, believes the budget is digital-friendly.
In conclusion, the Union Budget 2020-21 presents a significant step forward in India's digital transformation and startup growth. The budget aims to make India a global leader in the digital economy and provide a conducive environment for startups to thrive.
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