04 Feb 2020 17:57 IST

Skill development takes the front seat in Budget 2020

Start-up view: A 15 per cent cut in corporate tax will certainly help revive the economy

It is a progressive Budget that acknowledges the role technology can play in addressing challenges and improving access to quality higher education and employment opportunities for India’s youth. The announcements related to the development of emerging technologies such as AI, ML, data analytics, and skilling opportunities for the youth clearly reflect the focus on preparing the youth for jobs of tomorrow. Also, the introduction of online degree programmes highlights the growing acceptance of online education in its capability. Aided with a boost in infrastructure and high quality content, online education will not only accelerate skill development initiatives but also help ‘right-skill’ the workforce of the future. We anticipate that the announcement to improve the online education ecosystem will facilitate greater collaboration between educational institutions and online education platforms. — Raghav Gupta, Managing Director, India and APAC, Coursera

The Union Budget 2020 has some promising announcements for the industry, especially start-ups like Teal and Terra. However, one of the biggest challenges working with government bodies is the lack of transparency and an efficient consistently adopted standard operating process (SOP). Transparency and the assurance of a “clean” process of facilitation is key. This, I believe, would add more value and be instrumental in driving the success of the proposed cell. The 15 per cent cut in corporate tax will certainly go a long way in reviving the flagging economy as companies will be able to make better use of funds. The attempt to put an end to tax harassment and improve ease of doing business was a much-needed impetus for businesses and the FM made good on meeting the expectations. The move to extend the debt recast window for MSMEs to March 31, 2021, is indeed appreciated. I would also request the government to look at facilitating mentoring and networking opportunities as I believe such an ecosystem would greatly benefit existing as well as the budding entrepreneurs of India. The allocation of increased funds for skill development is also a welcome move. Finally, the reduction in personal income tax slabs should hopefully boost consumption and drive demand, further boosting the industry to ensure the country reaches the $5 trillion economy goal. — Upma Kapoor, Founder, Teal & Terra

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