FAIITA President issues Statement about Budget 2025

FAIITA office has sent a statement in the name of President Rastogi on the budget presented today.

Following is the text of the statement - 

Devesh Rastogi, President, Federation of All India IT Federation (FAIITA), welcomes the Union Budget 2025, terming it as a transformative step towards strengthening the digital economy and fostering the growth of the IT and technology sector. The budget has successfully addressed key concerns of the IT industry and MSMEs, reinforcing the government’s vision for a digitally empowered and self-reliant India. Rastogi applauded the budget’s focus on digital infrastructure, financial inclusion, and ease of doing business in the IT sector.

He highlighted the following key takeaways for the IT and technology community - 

1. Strengthening Digital India Initiatives: Continued investments in digital infrastructure, cybersecurity, and emerging technologies will accelerate India's transition to a global technology hub.
2. Ease of Doing Business Enhancements: Policy simplifications and regulatory relaxations will streamline IT business operations, attracting more domestic and international investments.
3. Decriminalisation in IT and Business Laws: Reduction in compliance burdens will foster innovation, boost entrepreneurial confidence, and enable seamless business growth.
4. Financial Support for MSMEs and IT Startups: Enhanced credit access and reduced guarantee fees will empower small IT firms and startups, driving employment generation and innovation.
5. Expansion of MSME Thresholds: Revised MSME thresholds will provide substantial benefits, especially to small and mid-sized IT enterprises, enabling them to scale up operations.
6. Simplification of Tax Laws: Rationalised tax structures and reduced tax complexities will encourage investments and ensure a business-friendly environment for IT companies.
7. Incentives for Research & Development: Increased allocations for R&D in emerging technologies like AI, blockchain, and quantum computing will strengthen India’s position in the global tech landscape.
8. Support for Electronics and Hardware Manufacturing: Reduction in import duties on components and incentives for domestic production will boost India's hardware ecosystem, reducing dependency on foreign markets.
9. Reduction in TDS & TCS Complications: Simplification of tax compliance will help IT businesses reduce administrative overheads and focus on growth and expansion.
10. Encouraging Foreign Investments: Government initiatives to attract foreign IT firms and promote local manufacturing will bring new opportunities for Indian traders and technology professionals.

Rastogi expressed gratitude to the government for recognising the crucial role of the IT sector in India's economic growth and ensuring policies that foster a robust technology-driven ecosystem. He reiterated FAIITA’s commitment to working closely with the government to drive innovation, digital transformation, and fair trade practices in the industry.

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