NASSCOM welcomes the growth-oriented Union Budget 2021-22 (Budget) presented by the Ministry of Finance. The proposals in the Budget seize important opportunities for growth, besides leveraging India’s existing strengths in areas of financial technology.
As an industry, we are extremely encouraged by the message sent out by the Government on the proposals relating to setting up a world-class fintech hub and the allocation of INR 1,500 crore to provide financial incentives for digital payments. Also, we are encouraged to see the increased focus on innovation and skilling.
Over the last month, we have consulted the Industry on the proposals announced in the Union Budget 2021. Based on inputs received, we have submitted a detailed post budget memorandum to Ministry of Finance highlighting our concerns and recommendations to strengthen the Budget proposals.
Our Post-Budget Recommendations do not suggest for any tax incentives. Our focus is with respect to the unintended outcomes of some of the proposals and the implementation related concerns. We have also highlighted some of our pre budget suggestions which were not addressed in Budget 2021.
The same is attached for your reference.
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