India is a country in South Asia. It is the seventh-largest country by area, the second-most populous country (with over 1.2 billion people), and the most populous democracy in the world. It is bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast. It shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the northeast; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives.
It's a well known fact that the micro, small and medium enterprises (MSME) is the backbone of the Indian economy, and it's also the second-largest employment generator in India. Reports say that the MSME sector in India generates approximately 70 million, and has a network of around 30 million units and also manufacturers more than 6000 differential products that has been hit quite adversely by the pandemic, majorly due to the fact that economic activities have come to a standstill. Shrikant Navelkar, Director – Oracle Relationships, at Clover Infotech believes "MSMEs are the growth accelerators of the Indian economy. As per a recent study, the MSME sector provides employment to over 114 million people and contributes to more than 30% of the country's GDP. However, this sector has been adversely impacted due to COVID-19 and the new normal. It is important for MSMEs to function seamlessly even in such situations. By leveraging the potential of cloud and new-age technologies, MSMEs can accelerate business development, manage operations effortlessly and engage customers better. In the process, they can drive growth and profitability while ensuring highest levels of security and cost-efficiency. I would urge all MSMEs to harness the power of new-age technologies and make technology an integral part of their growth charter, if they haven't done it already."
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%.
Marking a significant shift in India's digital journey, the Union Finance Minister, Nirmala Sitharaman, has presented the first-ever digital budget for the upcoming fiscal year starting April 2021. Her budget speech touched upon "proliferation of technologies, especially analytics, machine learning, robotics, bioinformatics, and artificial intelligence." The budget has come at a time when the country is still struggling with the massive economic slowdown precipitated by COVID pandemic. However, despite this downturn, businesses have seen a significant push towards digitisation, including acknowledging the importance of artificial intelligence across industries. As a matter of fact, India is considered one of the fastest-growing digital markets globally.
NEW DELHI: An inter-ministerial panel on fintech on Monday submitted its report to finance minister Nirmala Sitharaman suggesting a comprehensive legal framework to protect consumers of digital services. The Steering Committee headed by the economic affairs secretary also recommended adoption of regulation technology (or RegTech) by all financial sector regulators to develop standards and facilitate adoption by financial services providers. "Similarly, it has also suggested that financial sector regulators develop an institutional framework for specific use-cases of supervisory technology (or SupTech), testing, deployment, monitoring and evaluation," the finance ministry said in a statement. "The Committee also recommends a comprehensive legal framework for consumer protection be put in place early keeping in mind the rise of fintech and digital services," it added. Following the deliberations of the committee, it was considered necessary to have a nodal agency to coordinate developments across ministries and regulators in the area of financial technology (fintech).