The Union finance minister Arun Jaitley, on 1st February presented the Union budget for year 2017-18, with focus on various Income tax exemptions and social sector revamp. The budget has also proposed measures to digitize Indian economy by making announcement to cut the cost of digital payments and discourage business expenses of more than ₹10000 being paid in cash. The government imposed a cap on cash transactions above ₹3 lakh, budget proposes that the penalty for receiving over ₹3 lakh in cash will equal the amount of cash received, a step to move towards cashless economy.Budget aims to remove certain regulatory cholesterol around digital payments and sets the stage for a revolution in the digital payments. Post demonetization digital payment is clearly going to be a key focus area of the government. This budget gives fillip to traditionally neglected rural infrastructure with DigiGaon initiative which will be launched to provide tele medicine , education and skills through digital technology. A ₹10,000 crore has been allocated to the BharatNet project,which aims to provide high speed broadband connectivity via optical fiber to more than 1.5 lakh Gram Panchayats and also provide wi-fi hotspots and access to digital services at low tariffs by the end of 2017-18. With such a boost by government soon most of the Indian population will get access to internet and one can do nothing but imagine the range of possibilities open for businesses that operate online, who will have access to a large cross section of society and can easily workout strategy to create their niche.
In view of big push provided by the budget 2017-18, the urgency and resolve to digitize India is visible. Focus turns towards the programmes like Smart city, Smart citizens but there is a need to display another Smartness and that is, Smart Business. A Smart Business enterprise will explore and utilize various ways to reinvigorate its consumer base and make efforts to stay ahead of its competitors. This objective may well be achieved by bringing your business on the ever expanding universe of internet and social media. Here you can reach desired audience and publicize your business with nominal efforts, and that where IT services providers like our come into play.
A Smart business is the future strategy which is in sync with goal of the government to digitize Indian Economy. This year’s budget also moves in this direction and introduces India to a whole new world of Digital possibilities.