Published date | 24 July, 2019

Union Budget 2019 welcomed by Indian IT sector

The Indian IT sector has been welcoming of the 2019 Union Budget as per reports. The budget has been hailed as truly visionary by the IT sector

The Indian IT sector has been welcoming of the 2019 Union Budget as per reports. The budget has been hailed as truly visionary by the IT sector and some of the key announcements that were praised by tech leaders have been compiled below:

  1. India is the biggest consumer for mobile data globally with the lowest costs for voice calls and data consumption worldwide.
  2. 3 lakh+ CSCs (Common Service Centres) have been setup, offering employment for approximately 12 lakh citizens and are offering digital services accordingly.
  3. The Make in India mission has enabled the growth of companies in the mobile and component production sectors to 268+ from 2, thereby creating more employment opportunities.
  4. CSCs are embarking on expansion of service offerings while building village level digital systems for superior connectivity.
  5. 1 lakh Digital Villages on the anvil over next few years.
  6. National Programme on Artificial Intelligence has been framed by the Central Government and will be driven by the National Centre on Artificial Intelligence and Centres of Excellence. 9 priority zones have been selected while a National Artificial Intelligence portal will also be established in the near future.

The Co-Founder & CEO at SquareYards, Tanuj Shori, stated that the Union Budget 2019 has been supportive of the Indian Real Estate Sector and taken care of some of the core issues. The exemptions provided by it for capital gains for two properties purchased up to Rs. 2 crore under Section 54 could be a huge transformational move for the sector as per Shori. He also highlighted zero taxation on notional rent assumption for second homes which are self-occupied as another pro-active measure. Tax exemptions up to Rs. 5 lakh in personal income should also help escalate budgets of those buying homes for the first time as per Shori. Benefit extensions under Section 80 (i) BA in case of housing projects till the 31st of March next year is another positive move along with extending the taxation period on notional rent to 2 years in case of unsold inventory according to Shori. Shori stated that there were expectations of the Central Government offering some incentives for buyers including lower home loan interest rate, particularly for women and first-timers although this area still needs to be addressed.

Budget Union Budget Tanuj Shori Square Yards

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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.