Announced on 1st February 2019, the Union Budget 2019, has been welcomed with high accolades by industry experts. Several IT leaders have expressed their gratitude towards the Indian government for announcing a “visionary” budget. The following are some of the aspects of the budget that have been well-received by the tech honchos-
1. When it comes to the consumption of mobile data, India is currently the world leader. Also, the cost of data and voice calls in India is now possibly the lowest in the world.
2. Thanks to the Make in India initiative, mobile and parts manufacturing companies have risen from 2 to more than 268, thus generating huge job opportunities.
3. The citizens are digitally receiving several services, owing to more than 3 lakh Common Service Centres (CSCs) employing about 12 lakh people.
4. The Common Service Centres are expanding their services, besides developing digital infrastructure in the villages, including connectivity, to convert the villages into Digital Villages.
5. The Government aims to transform 1 lakh villages into Digital Villages in the course of the next 5 years.
6. The Government has also envisaged a National Programme on ‘Artificial Intelligence’. This would be brought about and facilitated by the establishment of the National Centre on Artificial Intelligence as a hub along with Centres of Excellence. Nine Priority Areas have been marked. Additionally, a National Artificial Intelligence portal will soon be established.
The industry leaders and experts are of the belief that the Union Budget has extended a helping hand to the real sector and attempted to ease some of the negative dimensions. Tanuj Shori, Co-Founder and CEO of Square Yards, states that exemptions under Section 54 for capital gains up to Rs. 2 crore for two properties purchased will prove to be a game changer of sorts. Likewise, zero taxes on notional rent on self-occupied second homes will also be a major change. Some of the much-awaited measures in favour of the developers are, the extension of benefits under Section 80 (i) BA for housing projects till 31st March 2020 and extension of the period for tax levy on notional rent on the unsold inventory to two years. That being said, he also added that the government as expected to give some kind leeway to homebuyers by way of lower interest on home loans, especially for the first time and women buyers, but that front has not been particularly satisfactory.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.