Union Budget 2017: Key highlights and themes for IT sector | Deven InfoTech

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Union Budget 2017: Key highlights and themes for IT sector

In India, the Information Technology (IT) sector plays a vital role in the growth of the economy. During the Financial Year (FY) 2016, the Indian IT-BPO sector contributed nearly 9.3% of India’s GDP with revenues of USD 143 billion. During FY2016, the industry’s exports were valued at USD 108 billion, which was nearly 76% of the total revenue and contributed more than 45% share in India services exports. This sector is India’s largest and most diverse private sector employer, with a direct workforce.
Here are some of the key highlights of Union Budget 2017 on Digital Economy and what is there for Youth of India –

DIGITAL ECONOMY:

  • India at cusp of massive digital revolution
  • Govt to launch two new schemes to promote BHIM app, including cashback scheme for merchants
  • Aadhaar Pay to be launched for people who don’t have mobile phones
  • Focus on rural and semi-urban areas
  • To strengthen financial inclusion fund
  • Panel on digital payments has recommended structural reforms
  • To create payment regulatory board at RBI

YOUTH:

  • Education: System of measuring annual learning outcomes, emphasis on science
  • Innovation fund for secondary education
  • Reforms in UGC: Colleges to be identified based on ranking and given more autonomy
  • Propose to leverage information technology with launch of SWAYAM platform for virtual learning
  • National testing agency to be established for all entrance exams, freeing up CBSE, AICTE and other bodies
  • 100 Indian international skill centers to be established with courses in foreign languages
  • Rs4,000 crore allocated to launch skill acquisition and knowledge awareness
  • Special scheme for creating employment in leather/footwear sector
  • Tourism: Five special zones to be set up

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