by Suman Gupta
“At the outset, it is laudable that the Union Budget 2021-22 lays an increased emphasises on use of data analytics, artificial intelligence and machine learning across industries. We welcome the Government of India’s move in taking definitive steps towards using the power of digital technologies and boosting the fintech and startup ecosystem through initiatives such as fintech hub in Gujarat International Fintech Tec (GIFT). The benefits accrued through the allocation of Rs. 1,500 crores for promoting digital modes of payment as well as the increased tax audit limit for those who carry 95% of their transactions digitally will enable businesses, especially MSMEs to digitise their entire value chain and drive exponential impact on key business levers – innovation, growth and efficiency. Add to it, the proposed setup of Asset Reconstruction Company (ARC) and Asset Management Company (AMC) for stressed assets, which will help accelerate the much-needed credit line in B2B payables and receivables financing from the banking system. Further, the allocation of INR 3000 crore for skill development and facilitating a National Digital Educational Architecture (NDEAR) within the context of a Digital First Mindset will help bridge a sizeable technological skill gap in the country and offer the right engine of incessant growth, while setting the foundation for India’s future in the right direction.”
