'A moderately encouraging bill for IT industry'

BANGALORE, INDIA: Last year, due to unfavourable global factors, India’s economy was largely affected. This year, the Finance Minister has proposed a fair bill which is for the most part populist in nature. It bodes well for new investors and also creates a wonderful picture in the health, education, NREGA etc. sectors. For the IT industry however, this is a moderately encouraging bill and has made few strides in the development of the sector. Certain benefits we see that will accrue to the industry at large would be:

·         Scale and roll-out UID in 50 districts: As mentioned in our pre-budget quote, we firmly believe that UID will be a catalyst for the development of the country. Not only will it enable financial inclusion, it will also help the rural populous in gaining identity and for the daily wage workers.

 Â·         Introduction of mobile-based Fertilizer Management System has been designed to provide end to-end information on movement of fertilisers and subsidies. Nation-wide roll out during 2012: Pervasive technology so that all sectors in the country can avail the benefits for the betterment of their living. This will benefit more than 12 crore farmer families.

 Â·         A central “Know Your Customer” depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep: A brilliant reform movement, this will not only reduce duplicity in our system but also help the banks in maintaining the correct financial requirements of every individual. This will go a long way in the financial inclusion movement. 

 Â·         DTC and GST Bills: We welcome these proposals that are aimed at bringing in uniformity in the taxation process. 

Jagdish Mahapatra, Managing Director- India and SAARC, McAfee

(The author is managing director, India and SAARC, McAfee)