The much awaited event of the country the Union Budget for the year 2015 has been finally announced. The Union Finance Minister Arun Jaitely introduced its second budget in the parliament. Like always this time also the government has come up with some interesting and new polices which will further the process of growth and development of the country.
The budget covered various aspects of the Indian economy. The government announced some really good schemes for the IT industry as well. Arun Jaitely said, that in order to boost the spirit of entrepreneurship, the government plans to set up Self Employment and Talent Utilisation body and would keep aside Rs 1,000 crore to help startups.
The government has plans to help the startup business and also kept Rs 1,000 crore for this purpose. The other key highlights of the budget for the IT industry are:
- Finance Minister abolishes Wealth tax
- To cut income tax on royalty fee on tech services to 10%
- Indian School of Mines, Dhanbad to be upgraded to a full-fledged IIT
- National Skill Mission to be launched, to develop employability of youth, especially below 25 years of age
- Full IT-based student based financial body to be set up
- To allocate 1000 cr to enable IT start ups
- To ensure employment to our youth, we have to make India the manufacturing hub of the world
- Reduction in rates of basic customs duty on certain inputs, raw materials, intermediates and components (in all 22 items) so as to minimize the impact of duty inversion and reduce the manufacturing cost in several sector
- Rs 150 crore for world-class IT cities