Union Budget Reflects the Government’s Aim to Create a Robust and Inclusive Digital Economy: IAMAI

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    The Internet and Mobile Association of India [IAMAI] welcomes Budget 2022 for its commitment to creating a robust and inclusive digital economy. “This year the Union Budget has an all-around focus on the digital economy from creating an access infrastructure to harnessing digital for social sectors such as agriculture, education and health tech to promoting digital startups,” said Dr Subho Ray, President, IAMAI. 

    From the digital payments and fintech sector, Mr. Vishwas Patel, PCI Chairman and Director Infibeam Avenues said, “The formal announcement on launch of India’s CBDC – the Digital Rupee, was a much awaited and positive move, and will trigger a wave of preparatory activity amongst retail payments providers and applications to offer payment mechanisms using the Digital Rupee. We are also very pleased to note that, 100% of 1.5 lakh post offices will come under core banking system, enabling financial inclusion which will be helpful for farmers and senior citizens in rural areas.”

    The social sector representatives too reflected positively on the Union Budget. Mr. Mayank Kumar, Chair, India Edtech Consortium and Co-founder and Managing Director, upGrad remarked “… Changes like introducing digital universities, development of e-content in vernacular languages, expanding of ‘one class one TV channel’ programme from 12 channels to 200 channels under the PM e-Vidya scheme, and the overall increased financial allocation will not just accelerate digital learning but will improve the growth prospect for the ecosystem.  Another critical aspect which has been covered is the skill gap situation  – with the launch of the Digital DESH e-portal for skilling, upskilling, and reskilling for the youth, we are sure to witness a more dynamic sector with value additions like better employability and strengthened economy”.

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    On a similar vein, Ms Divya Gokulnath, Co-Chair, India Edtech Consortium, co-founder and director of Byju’s noted “The Budget announcement goes a long way in acknowledging Edtech’s importance to education in India. The focus on setting up a digital university as well as government’s promise to deliver high quality e-content in all spoken languages for delivery via internet, mobile phones, tv, radio and digital teachers will incentivize the Indian Edtech sector and further consolidate its position as world leader. The Budget also confirms that Edtech will play an integral role in bridging gaps in education caused by the pandemic.”

    “The budget announcements are mainstreaming India’s digital economy. It points to deepening role of tech across sectors – from agri to education to health to financial services – in making value chains efficient and resilient. The finance minister is also opting for innovative financing of capital investments. Sovereign green bonds, co-invested and thematic funds in deep-tech, digital and climate action to be managed by private asset managers are steps in right direction. The extension of tax incentives to startups will further boost the entrepreneurial momentum,” reflected Mr. Vikas Agnihotri, Chairman, IAMAI Venture Capital Committee and Operating Partner, SoftBank Investment Advisers.

    Welcoming the AVGC Promotion Task force, Mr. Manish Agarwal, Chair, IAMAI Digital Gaming Committee and CEO, Nazara Technologies responded “India is now becoming a global talent hub for the gaming industry. With ‘AatmaNirbhar Bharat’, ‘Make in India’ and Animation, Visual Effects, Gaming and Comics (AVGC) taskforce, Indian game developers will create huge returns and help India position itself as a market leader. Skill Based Games played for real money + Competitive multiplayer + eSports will drive the overall gaming market going forward.”

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    “We welcome the Hon’ble Finance Minister’s announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. The announcement highlights the need to build capacity to serve both domestic and global markets and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government’s commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon’ble Prime Minister’s vision for the Indian digital gaming sector to be a global powerhouse.” Mr. Sai Srinivas, Co-chair, IAMAI Digital Gaming committee and Co-Founder and CEO, Mobile Premier League (MPL) said in his reactions.

    The budget provides clarity on taxation and shows the government’s intent to take a business-friendly approach while protecting the interest of consumers and the exchequer. We hope to work with the government to help bring crypto-asset taxation at par with other asset classes and participate in the central government’s vision to promote economic growth” responded Mr. Ashish Singhal, Co-chair Blockchain and Crypto Assets Council (BACC) and Founder and CEO, CoinSwitch.

    Mr. Sumit Gupta, Co-Chair of Blockchain and Crypto Assets Council (BACC) and Co-founder and CEO, CoinDCX, said, “The budget is forward-looking and inspirational. It has touched key points that’ll help us create modern, powerful, digital, and sustained growth”