The technology industry has cheered the Union Budget 2020's thrust on the technology sector applauding various announcements including the Rs. While presenting the Union Budget, finance minister Nirmala Sitharaman said that technology, will be used for better monitoring of the economic data, building a preventive regime for diseases under Ayushman Bharat, capturing and protection of intellectual property rights, improving agriculture and sea-ports and delivery of government services. A new scheme for incentivising domestic manufacturing of electronics specifically mobile phones will also be announced, she added. Debjani Ghosh, President, NASSCOM said, "Budget 2020 and the finance minister's speech has well-articulated India's vision on not just being a leading provider of digital solutions, but one where technology is the bedrock of development and growth'. Nasscom welcomed the announcements on Quantum Computing, Data Center policy, IPR portal, CoE etc, along with the removal of Dividend Distribution Tax which was a long pending demand from the industry. It, however said that the Budget lacked focus on accelerating service exports from the country. "The technology services sector has been a key contributor to India's exports and GDP, NASSCOM had recommended that new investments by services companies in SEZs should also be eligible for the lower rate of 15%.
The number of unicorns (those who have a valuation of over $1 billion) is also growing steadily in India. In 2020 alone, 11 startups from India joined the unicorn club, which boasts of Paytm, Ola, Zomato, Cars 24, and 34 others. The above figures are intriguing and contrary to the early fears raised by several industry observers. The Indian startup ecosystem was projected for a steep decline by many in March 2020 due to the Covid-induced bedbound economic environment. Technology interventions and innovative ideas played a pivotal role in resuscitating the growth path.
We have already established the fact that AI will certainly play a key role in transforming the future of Indian financial services. With various fintech business models in place, BFSI industry is now adopting the AI-based fintech solutions at a much larger scale than ever. "Most corporates, and increasingly governments as well, are experimenting with how to use AI to improve their processes and outcomes. The fintech industry is no exception and is, in fact, one of the leaders in its adoption," said Gaurav Jalan, Founder and CEO, mPokket. And this is not just one opinion.
NeoGrowth is a pioneer in lending based on the underwriting of digital payments data. The Company's proprietary technology platform offers unsecured loans to merchants who accept card or other digital payments from customers. Flexible repayment is a hallmark of the NeoGrowth business, offering customer's small daily auto-repayment facility from card-based sales. He is a seasoned operating executive who has successfully founded a number of businesses and operated them to high levels of success. He has over 30 years of experience in the Payments & Fintech industry focusing on Business Leadership, Payment Processing, SME Lending, Corporate Development, Business Operations, Technology and Strategy.
The pace of technology disruption has reached a crescendo in 2018. Society, in general, and industry and government, in particular, are spiritedly embracing digital technologies. Technologies such as Artificial Intelligence, Internet of Things, Augmented Reality, Virtual Reality, Machine Learning, Big Data Analytics, Robotic Process Automation, and 3D Printing are increasingly becoming mainstream, cutting across industries. For instance, blockchain was originally thought to be an application in financial services and retail. It has now found its way into agriculture, healthcare, governance, logistics, etc.