Budget likely to boost demonetisation move: Ex-Nasscom chief

Describing note ban as a bold step, former Nasscom Chairman B V R Mohan Reddy today said the upcoming Budget is likely to take steps to strengthen the demonetisation initiative by easing liquidity in the system and stimulating demand.

By PTI  
Thursday, January 19, 2017

Describing note ban as "a bold step", former Nasscom Chairman B V R Mohan Reddy today said the upcoming Budget is likely to take steps to strengthen the demonetisation initiative by easing liquidity in the system and stimulating demand.

Reddy said the Budget becomes even more important as the nation is going through a big initiative of demonetisation whose impacts come in various forms.

In a country like India, where 86 per cent of the transactions happen in cash, this is "a bold step by the Government to push the economy to a digital highway.

"Demonetisation will have positive impacts in the long -term and definitely improve transparency and efficiency in the system. The coming Budget is expected to strengthen the demonetisation initiative by easing liquidity in the system and stimulating demand," he said.

Reddy opined there is a need of robust infrastructure creation to enable a smooth digital economy.

"Infrastructure building is something which needs time and Government encouragement. The upcoming Budget should announce a more easier framework and guidelines to own the card payment machines (POS terminals) by SMEs."

For the IT industry, the currency exchange exercise had no impact as most of the business was traditionally cashless, he said.

The Founder and Executive Chairman of Cyient, an IT firm, said the software product development industry has been largely dominated by SMEs which has been suffering with the 10 per cent TDS levied on all software transactions.

The Budget should address this issue to make sure Government provides the required boost to the software product SMEs, he said.

 

Related Stories

Pakistan PM Imran Khan makes the same old 'provide evidence' excuse after Pulwama terror attack
Pakistan PM Imran Khan makes the same old 'provide evidence' excuse after Pulwama terror attack
Aircraft crash LIVE: 2 jets of Surya Kiran Aerobatics Team crash in Bengaluru; 1 pilot feared dead
Aircraft crash LIVE: 2 jets of Surya Kiran Aerobatics Team crash in Bengaluru; 1 pilot feared dead
GST Council may bring relief to home buyers! Tax cut likely on residential properties
GST Council may bring relief to home buyers! Tax cut likely on residential properties

Latest Stories

Vivo V15 Pro with in-display fingerprint scanner, pop up selfie camera to launch tomorrow
Vivo V15 Pro with in-display fingerprint scanner, pop up selfie camera to launch tomorrow
Gully Boy shines at box office! Is Ranveer Singh on his way to overthrow the Khans?
Gully Boy shines at box office! Is Ranveer Singh on his way to overthrow the Khans?
Flipkart Mobile Bonanza sale starts from today, get discounts on Redmi Note 6 Pro, Galaxy S8, Poco F1
Flipkart Mobile Bonanza sale starts from today, get discounts on Redmi Note 6 Pro, Galaxy S8, Poco F1
SPONSORED