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Pre-Budget meet - Start ups share suggestions

Published: Jun 17, 2019

By TIOLCORPLAWS NEWS SERVICE

NEW DELHI, JUNE 17, 2019: THE Minister of State for Finance & Corporate Affairs, Mr Anurag Thakur, on Saturday held a Pre-Budget Consultation Meeting with the representatives of Digital Economy and Start-ups here today in connection with the forthcoming General Budget 2019-20. The main areas of discussion during the aforesaid Meeting included Data Issues such as use of Big Data technology in improving the forecasting of Economic, Financial & climatic phenomena by analysing large data sets, Use of Big Data Technology for SME Sector and unleashing the power of Big Data for Public Governance. Other issues which dominated the discussion included Digital Infrastructure &Role of Government, Regulation of Digital Economy especially in privacy, Consumer protection and Financial Regulation and Software as service among others.

The representatives of Digital Economy and Start-ups shared their views and suggestions regarding Big Data, data mining, building of digital infrastructure as the big challenge before Indian economy besides scaling-up and incentivising Research & Development (R&D)within India. While the experts discussed the issues ailing their respective fields, they also suggested a variety of solutions to the sector specific problems. Development of Start-Ups and Micro Small and Medium Enterprises (MSME) eco-system in the country also featured in various suggestions.

Experts and representatives gave suggestions related to enhancement of public services through data analytics, development of efficient citizen-Government interaction by development of public services applications, building big data capacity for MSME sector, inter-linkages and data sharing within the Government and with private players, suggestions related to Angel Tax, need for assessment and dealing with digital frauds especially cross border digital frauds and deceptive practices and setting-up of an Agency to deal with them, incentivize Indian IP Products and Funding of Open Source Innovation, differential tax structure for assembled and manufactured goods, instituting advanced mobile communication, need for separate mobile and fixed landline bandwidth for business and entertainment, industry-friendly review of spectrum auction norms, reduction of dependence on international software service providers and increased support to domestic software service providers, continuation of existing tax benefits to digital companies, reduction in Corporate Tax, tapping into Artificial Intelligence for streamlining health services, development of legislation for data governance and incentivising Indian Intellectual Property professionals among others.

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