Union Budget 2023: The wish list from the technology sector
Founder, Director of Avaali Solutions Srividya Kannan speaks to cxotoday and shares some valuable learnings as a successful business woman.
“The IT/ITeS industry is a significant driver of India’s economy, emerging as one of the few sectors that remained resilient during the 2020 pandemic despite many other industries struggling. Over the past decade, India has made incredible progress in digital infrastructure, and we eagerly await this year’s budget to continue its solid digital growth. In this decade of network creation, where we are going to create the next leg of the digital economy for India, in regard to the same, one of the factors that warrants review is corporate taxes and the simplification of the overall tax structure. The corporate tax rate is as low as 15% in several countries, whereas domestic companies are charged 30% in India. The current tax structure and lack of digital literacy in India make it very complicated to conduct business, which hinders the economy’s growth. Tax exemptions, reductions and simplification will encourage investment, R&D, and innovation in the technology sector. To help young entrepreneurs grow and build successful businesses, the government should provide seed money or support in securing venture capital funding. Promoting digital literacy is also very important nowadays. The government must focus on providing resources and training to citizens so that they understand how they can utilize technology for their benefit. This would ensure that everyone can benefit from technology and help reduce India’s digital divide. Increasing the limits for CGTMSE loans while lowering their interest rates and reducing the credit term to 30 days for all MSME businesses will create a conducive environment for the youth to bring their business ideas to life. Now is the right time to revisit the tax structure as well as transfer pricing laws to make it easier to conduct business.” – Srividya Kannan, Founder & Director, Avaali Solutions