Budget 2020: M&E lauds BharatNet drive to promote digital connectivity

Nachiket Pantvaidya, CEO, ALTBalaji and Group COO, Balaji Telefilms:
“The overall Budget has been exemplary with equal consideration given to entrepreneurship, job creation and youth of the nation. We appreciate the step to promote digital connectivity through its BharatNet programme and connecting 100,000-gram panchayats through optical fibre network. This is one more important step taken in the direction of achieving the vision of a Digital India, where rural India gets placed on the digital map.” 

Navin Khemka, CEO, Mediacom South Asia:
“What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and Kisan Express helps in achieving this objective in the long run. Short term, however, I think this Budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates.”

Gautam Sinha, CEO, Times Internet:
“Budget 2020 is a promising step towards establishing India’s future as an enduring digital economy. The increased focus on improving data connectivity under BharatNet, steps to boost the smartphone manufacturing industry and the Rs 8,000 crore allocation for the National Mission on Quantum Computing & Technology will help build better digital infrastructure to support this sector’s rapid growth. Finally, deferring tax on ESOPs for start-ups is also a major move that will help promising start-ups attract and retain talent that would fuel our burgeoning digital ecosystem.”

Sabyasachi Mitter, Founder and Managing Director, Fulcro:
“The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail of the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation, which has been increased to 5 years. The turnover of availing 100% Income Tax benefit has also seen two key changes; increasing the turnover threshold to Rs 100 crore as well as increasing the block of years from which to avail three years of exemption to 10 years from the current 7 years. All of these will increase the cash in hand of corporates, individuals as well MSMEs, leading to a spur in demand. Specifically to the digital ecosystem, the aggressive plans to increase the coverage of Fiber-to-Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need of data and, therefore, the policy announcement on data centre parks is also a welcome move.” 

Girish Menon, Partner and Head, Media and Entertainment, KPMG in India:
“Although there was no direct reference to the media and entertainment sector in Budget 2020, the focus on improving India’s digital connectivity bodes well for the sector. The Honourable Finance Minister’s announcement that an amount of Rs 6,000 crore will be spent on BharatNet initiatives will see more citizens connected to the proposed pan-India FTTH network. Media and entertainment is increasingly becoming a digital medium and an enhancement of the underlying digital communications infrastructure will support more immersive experiences. Finally, the focus on building a vibrant start-up ecosystem with measures to improve access to funding and IP protection will help India emerge as a global hub for technological innovation.” 

Ambika Sharma, Managing Director & Founder, Pulp Strategy:
“The latest Budget announcement for the year 2020-21 bears vast potential in shaping India’s road towards achieving its target of emerging as a 5 trillion dollar economy. With India currently posed as the fifth largest economy in the world, I am particularly enthralled by the Government’s decision to optimise new-age disruptive technologies such as Machine Learning, robotics and Artificial Intelligence (AI) towards attaining a seamless and integrated service sector. Further advancing the digital revolution in the country is the Government’s resolution of developing state-of-the-art data centers across the nation. Moreover, the FM’s proposal to allocate Rs 6,000 crore for connecting 100,000 Gram Panchayats by FY21 will also prove instrumental in accelerating India’s journey towards becoming a tech-enabled nation. 

Also admirable is the Government’s successful implementation of the Beti Bachao and Beti Padhao scheme, which was reflected by the high gross enrollment of girls in all levels of school education. With the Budget modelled towards realising a progressive and equal women-centric society, the Finance Minister also highlighted the fact that presently more than 6 lakh Anganwadi workers are equipped to upload status of more than 10 crore households. The Government’s decision to provide Rs 35,600 crore for nutrition-related programmes and Rs 28,600 crore for women-linked programmes will vastly help in furthering women empowerment and gender equality.” 

Akshaara Lalwani, CEO and Founder, Communicate India:
“The Budget is rightly woven around Aspirational India, and following its implementation, it will result in a wave of entrepreneurship in our country, which has been the core of innovation. This will provide a valuable impetus for economic growth through employment generation. With the Government requesting the RBI to consider extending the window of debt structuring by one year to March 2021, it will go a long way in aiding MSMEs and is pivotal to help grow India to a 5 trillion dollar economy, and as a nation, we can look forward to this impetus driving better GDP growth. Additionally, women are at the heart of change in a country, be it social environment or economics. The Union Budget 2020 shows their much-needed commitment to the development of women and protection of their rights and helping them overcome hurdles they face.”