Budget 2016-17: What Verint Systems expect from Modi government

NEW DELHI: Finance Minister Arun Jaitley is all set to present the Union Budget for 2016-17 on February 29.This would be his second full-year Budget. So all eyeballs on his briefcase, what Jaitley is going to present for India.

Lets go through Verint Systems expectations from Jaitley 

“The IT industry has been on an upswing following the various initiatives rolled out by the BJP government and in the last two years has developed as an world-class industry that is contributing significantly to the country’s economic growth, exports and employment generation,” said Anil Chawla, Managing Director, EIS, Verint Systems.

In India, the Information Technology (IT) sector is the corner stone of the entire Indian economy and hold unquestionable relevance across all sectors.

“While the Narendra Modi government’s successfully positioning of India as an investment hub and a business friendly destination, the target to bring back investor confidence has turned out to be quite fruitful for the IT/ BPO industry since last year’s budget announcement,” said Chawala.

Additionally, the sector believes that the government should announce special monetary inducements so that software companies can capitalize in research and progress and can develop software products at par with the global standards.

“The e-commerce and IT sectors are expecting big things in the 2016-17 budget and expectation is that government balances growth with policy and regulatory outline which will in turn provide sustainable development opportunities,” he added.

“Greater funds allocation for Digital India as well as increasing access to internet connectivity in rural India will also fuel economic growth by creating income-generating activities which in turn will boost domestic spending,”  said Chawala.

“There is a great deal of positivity surrounding the budget and all sectors are looking at it for not only sustaining the initiatives of the last couple of years but also adding more in its wake,” he added.

"The Security and Surveillance market is looking increasingly positive post the BJP government’s focus on the 100 Smart City initiatives,” said Anand Navani, Country Manager, Verint Systems, India.

“The budget allocation for this initiative is currently at 48,000  crore and while this is a modest beginning, for the proper  implementation of the same, the sector is looking at the Union Budget 2016-17 for a detailed road map and greater funds allocation,” he said.

The Modi government has indeed done a stellar job in boosting the country’s economic development, generating employment for both skilled and unskilled labour as well as increasing the country’s exports. This along with the focus on homeland security and safety of citizens, goods and property has imbibed a positive vibe in the economy.

The Industry also expects significant reduction in import duties of security equipment and facilitation of import to make these items within the reach of common man so that surveillance in India becomes a community initiative.

“Given that both homeland and external security is on the top of the agenda for India, the expectation from the Union Budget 2016-17 is that it will provide the central and state government along with the various central and state agencies with proper directions, infrastructure and resources for dealing with threats and attacks on security,” said Navani.

“This in turn will promote the country as a tourist and business friendly destination which will work wonders for the economic growth and prosperity of the country,” he added.