As we eagerly await the unveiling of the Union Budget for 2024-25, my optimistic outlook is anchored in the anticipation of a forward-thinking approach that underscores the paramount importance of the ‘Make in India’ initiative. The upcoming budget holds the potential to be a catalyst for positive change, particularly in the technology sector.
I am hopeful for a strong emphasis on streamlining Advanced Pricing Agreements (APAs) and Mutual Agreement Procedures (MAPs). The clarity offered in these areas is not only beneficial for multinational tech entities but also contributes to creating an environment conducive to innovation and collaboration, a pivotal aspect aligned with the ‘Make in India’ vision.
Within this overarching theme, the taxation structure surrounding royalty payments for leveraging technological capabilities emerges as a critical focal point. A well-defined policy in this domain has the potential to not only stimulate the transfer of technology but also ensure fair and equitable taxation. This, in turn, would provide a significant boost to both domestic and foreign investments in our technology sector, thereby fortifying the ‘Make in India’ vision.
The Union Budget, in my opinion, goes beyond mere fiscal frameworks; it serves as a beacon, signalling the government’s commitment to incentivizing domestic innovation and strengthening our technological landscape.
A well-balanced budget with strategic considerations for the technology sector has the potential to not only foster innovation but also contribute significantly to the growth trajectory of ‘Make in India,’ cementing India’s position as a global technology hub. This sentiment is shared by Yuvraj Shidhaye, Founder and Director of TreadBinary, who sees the budget as a critical tool in shaping India’s technology landscape.
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