The 2017 Union Budget, presented by Indian Finance Minister Arun Jaitley, had several schemes which are directly or indirectly related to the growth of Indian technology sector.  Let's find out on what Tech Sector got from the Budget 2017.

As the Indian government heightens its focus on digitalization and a cashless economy the tech industry got a lot of focus while the schemes were announced during the Budget Session. The main highlight of the Union Budget 2017, in the terms of technology sector, was the encouragement of digital payments and universal access to financial services.  

Finance Minister mentioned about the BHIM app, which will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App - referral bonus for the users and cash back for the traders.

It's important for India to create a robust infrastructure to offer high-speed, reliable Internet access to one and all. Thus Finance Minister launched 'BharatNet' scheme which will give the high broadband reach to 1.5 Lakh Gram Panchayats in India. The budget also focused on the cybersecurity for maintaining the good cash transactions, "Cyber Security will be stronger in the country", said FM Arun Jaitley.

Handset makers in India expect the government to continue duty differential regime for mobile phones given the slowdown resulted from government's demonetisation drive, thus Finance Minister has allocated INR 745 Crore for M-SIPs and ED for mobile handset makers, according to Indian Express.

Union Budget 2017 has given the Tax relief measures by Reducing the personal and corporate taxes as it would encourage honest taxpayers and ensure better compliance and coverage.  Incentives for online payments were also mentioned in the budget. FM also announced that transactions above INR 3,00,000 should necessarily be in cashless mode. The government has also promoted the start-up India scheme with the change in the tax rates and easing the start-up formalities.

Other key highlights of Mr. Jaitley's Budget speech, noted by The Hindu includes the Simple one page return for people with an annual income of Rs. 5 lakh other than business income and the people filing I-T returns for the first time will not come under any government scrutiny. Ten % surcharge will be levied on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain. No service charge will be levied on tickets booked through IRCTC and SMS-based ''clean my coach service'' is put in place for promotion of digitalization.

FDI policy reforms also got an appraisal by declaring more than 90% of FDI inflows are now automated. Shares of Railway PSE like IRCTC will be listed on stock exchanges. Bill on the resolution of financial firms will be introduced in this session of Parliament. Foreign Investment Promotion Board will be abolished. Computer emergency response team for financial sector will be formed.

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