Budget 2019 Introduced 6 Ways To Boost Technology Development In India

With the 2019 Union budget, the future of technology in India is turning into a whole new chapter. Nirmala Sitharaman - Finance Minister of India - states out some highlights which will help to boost the country towards a higher-manufacturing and more digital trend.

1. Free-charged cashless payment

Cashless payment, from now on, will no longer be charged any cost. This cost was mostly associated with MDR tax on card payment. However, this cost will be absorbed by the government and banks. Moreover, companies with more than Rs 50 turnover a year must provide digital payment modes for Debit cards, Aadhaar, and so on.   

2. Easing FDI

The Indian government decides to loosen local sourcing conditions for foreign direct investment (FDI). That means foreign companies who want to have shops in the country will have more preferabilities and fewer challenges to deal with. Apple probably will benefit the most from this decision as the company has been struggling to manufacture iPhones locally. 

3. Local manufacturers get tax exemptions

Finance Minister Sitharaman also declared that there will soon be a governmental scheme to help international firms with the setup of manufacturing plants for advanced technologies like semiconductor fabrication. Essentially, the government is considering imposing tax exemptions on firms manufacturing products such as computers, server components, photovoltaic cells, and lithium-ion batteries.

4. A Common Mobility card

With this card, people will be able to pay for all of their public transports such as a bus or train ticket. It's worth noting that the card would be RuPay-capable, meaning people may avoid waiting in line for a ticket.

5. National Research Foundation

The budget called for a 'National Research Foundation' which should be funded by all of the ministries. With this foundation, we can keep track of all sort of scientific research from all of India's universities for no more research duplication in the future. 

6. Improving young professionals' skills

According to the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) in the budget, the government will launch a scheme to train 10 million young people in future-looking and forward-thinking jobs in technology. The jobs cover such fields like Artificial Intelligence, Big Data, Robotics, and Virtual Reality.