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Budget 2015: Govt should upgrade its legal framework to help digitalize the economy

It is time for India to transition from outsourcing hub to innovation hub. Measures should be taken in the Budget to help India take leverage from its global competency in IT so that it can pay way from retention, consumption and export of its IP led services and products.

February 25, 2015 12:43 IST | India Infoline News Service
The government has already set a tone through its 'Digital India' and 'Make in India' campaign that it will employ technology across various aspects of the national development agenda. But, it remains to be seen if the NDA government will take a step further and help entrepreneurs to drive long-term innovation within the Indian economy. The cyber environment is undergoing rapid change and is vulnerable to threats including hacking attacks, fraudulent practices, and other malicious elements. In view of which, the Indian cyber-security industry too demands its due share from the Union Budget. Some of the industry's demands are as follows.
 
India Should Emerge as an Innovation Hub: It is time for India to transition from outsourcing hub to innovation hub. Measures should be taken in the Budget to help India take leverage from its global competency in IT so that it can pay way from retention, consumption and export of its IP led services and products.
 
Make In India for startups: It is expected that the Union Budget 2015-16 will direct investments under the 'Make in India' initiative towards encouragement of start-ups, SMEs, and entrepreneurs. The government should allocate investments for skill development in knowledge driven sectors so that a fertile base of skill could be made available and augment competitiveness. Increased public sector expenditure along with reduced MAT should fuel growth in industries.
 
Transition to digital: There is a need for the government to raise its framework to global standards to encourage tech-driven business models. In this direction, the government needs to upgrade its legal framework to include comprehensive laws on Digitalization.
 
Secure IT Ecosystem: IT Ecosystem without proper cyber security in place is an image dampener. To avoid instances of cyber crimes, the government should not only design a better legal framework but should also secure state-owned infrastructure such as SDCs.

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