2020 Budget: Technology Sector Proposals by the Finance Minister
The Finance Minister, Nirmala Sitaraman, presented the 2019 budget at 11:30 am on July 5, breaking from the colonial tradition of using a briefcase, and instead using a traditional Indian business document, the bahi-khata, adorned with golden borders.
This year's budget focuses on cross-cutting streams of Artificial Intelligence, Machine Learning, and analytics, aiming to drive the digital revolution and seamless delivery of services. The government aims to move towards digital governance in the future.
In line with this digital push, five new smart cities will be set up under the PPP Model (Public-Private Partnership) for development in partnership with states. The government also aims to link 1,00,000 gram panchayats this year through Fiber to Home (FTTH) connections via Bharatnet.
The education sector will receive an outlay of Rs 99,300 crore in 2020-21, with Rs 3,000 crore allocated for skill development. The focus on digital penetration, quantum computing, and cyber forensic university, as well as the aim to make FTTH accessible to 10 lakh Gram Panchayat via Bharat Net, is expected to boost the cybersecurity industry in India, according to Trishneet Arora, Founder & CEO of TAC Security.
The Government e-marketplace (GeM) is moving towards creating a unified procurement system for goods, services, and works, aiming to make it a Rs 3 lakh crore market. An investment clearance cell will also be established to provide end-to-end support to entrepreneurs, guiding them on investments, land banks, and state-level clearance, all through a web portal.
The budget speech did not provide specific details about the technology industry's role in the digital revolution or digital governance. However, the government has proposed an allocation of Rs 8000 crores for quantum technology under the National Mission over a period of 5 years. Additionally, a new policy is imminent to allow the private sector to build Data Center Parks in the country.
Encouragement for manufacturing electronic devices and medical devices is given, as part of the 'Make in India' initiative. The Indian spirit of entrepreneurship was acknowledged during the budget speech, with the Finance Minister emphasizing the strength of the economy's fundamentals.
Lastly, a new policy will focus on an integrated information portal and timely dissemination of information. This move is expected to facilitate better communication and transparency in the government's operations.
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