BANGALORE: Prior to the budget there were other speculations about the new government’s benefits, which it promised to fulfill the common man, industries or others on a whole. Expectations were voiced out as what is needed by the people or the industrial sectors or IT sectors, reports LiveMint.

The union budget released on Saturday made the headlines and from the view of tech sector

Supporting IT startups

1000 crore was allocated to the IT sector in the union budget, to help IT come up with startups, and also providing additional funding avenues which will entail to raise more money and employment. 

Increase in Transfer Pricing

The startups can bridge up small deals, as the new government raised the bar of transfer prices to 20 crore. Earlier, the maximum limit was of 5 crore by making a change in this it justifies that this ‘govt means business’.

Tax Reduction

The change in taxes will benefit the technology sector, as the startups will now grow in number. As the royalty and related taxes has been reduced from 25 percent to 10 percent.

Networking Villages

Breaching the slow pace of growth, the govt has speeded up the process of networking villages. The number of villages is nearly 2.5 lakh, for which the project is undertaken by National Optical Fiber Network Program (NOFNP) to circulate 7.5 lakh kms.

Defining Broadband

The govt as expected from them has flanked the broadband, keeping it at par or greater than 512 kbps download speeds. Most of the shopping and online transactions are carried out these days through internet and this is where the govt has focused on.

Read Also:

Outstanding Innovations By Talented Indians

PMO To Seek Ideas For Mobile App: Prime Minister Narendra Modi