Union Budget 2014 and its impact on Tech

The Union Budget 2014 announced by the Honorable Finance Minster Shri Arun Jaitley covers a lot of interesting announcements related to the IT sector. Now, we take a look at some major announcements made for the IT sector.

  1. Internet Connectivity for Villages : The initiative, under the National Rural Broadband Vision, will help provide Internet access in remote areas of the country as well as push e-governance in the country.
  2. Funds for Startup/Entrepreneurship Schemes : The Government has allotted Rs. 10,000 crore for VC startups. This move is likely to boost startups in India. Rs. 100 crore has been allocated to Startup Village entrepreneurship scheme. This move will encourage rural youth to take up entrepreneurial programmes. Again Rs. 200 crore has been allocated for start up entrepreneurs from Scheduled Castes. Skill IndiThe government will also set up national accelerators and incubators for startups to drive entrepreneurship in India.
  3. Gadgets to become cheaper : Mobile phones are set to get cheaper. The Government has exempted CRT TVs from 10% custom duty.  The government also announced that LCD and LED monitors under 19-inches will become cheaper. A 4 percent exemption on smart card components has also been announced. Computer components have been exempted from import duty.
  4. Things which will become more expensive : The Government has announced 10% basic duties on telecom products. Radio Taxis, online and mobile advertising now comes under service tax.
  5. E-commerce : The Government has announced that manufacturers will be allowed to sell produced their products through e-commerce platforms without any additional approval.
  6. E-Governance : The Finance Minister has also talked about an universal bill payment system. Apart from this, the government has also announced the facility of e-Visa which will be rolled out across 9 airports in India.

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