The initiative that stands out is the one-time capital infusion of INR 70,000 crore into public sector banks in the current financial year to enhance their lending capability, along with a one-time six-month partial credit guarantee for the PSBs, will help boost liquidity in the system, much has been left for later.<\/p>

This budget further outlined other important initiatives and incentives for an inclusive development program that focuses on women, rural digital connectivity, integration of local artisans into the global economy, farmers, innovation, R&D, local manufacturing, skilling for the new economy, amongst others.<\/p>

During the last few years, the industry has witnessed the government\u2019s push towards cashless economy. The key drivers of this leg of digitization is adoption of future technologies like Artificial Intelligence and Internet of Things, that show the ways to bridge the divide between India and Bharat<\/em>.<\/p>

The Economic Survey 2018-19 too showcased the various areas earmarked by the Government that will expedite the rollout of 5G services in the country.<\/p>

In the same breath, it would not be imprudent to ignore the contribution of the telecom sector to the industry wherein it contributes close to 6% to the country\u2019s Gross Domestic Product. However, it has been reeling under acute financial crisis due to shrinking revenue, battling high GST slab, spectrum burden and intense competition. A great portion of these challenges are towards the taxes and duties that is hampering the cost-effectiveness of the telecom operators.<\/p>

Recently, Telecom Minister Shri Ravi Shankar Prasad threw light on the same and soughtareduction in GST in telecom sector from 18% to 12%. The Minister had also urged for a reduction of licence fees by 25%, from current 8% of their adjusted gross revenue.<\/p>

We firmly believe that the telecom sector is pivotal to drive the growth engine to a $5 trillion economy, and it must be supported by policy push and it is heartening to see the Government showcase its intent to promote future technologies<\/p>

Finance Minister\u2019s speech also showcased the roadmap for the Pradhan Mantri Gramin Digital Saksharta Abhiyan<\/em> (PMGDISHA), through with the government aims to connect as many as six crore rural households.<\/p>

Another key focus was on the ambitious BharatNet program, being developed with the Universal Service Obligation Fund (a fund set-up to improve the telephony and internet connectivity in the rural and remote parts of the country). This project aims to connect and provide to Panchayats with high-speed broadband connections to facilitate the delivery of e-governance, e-health, e-education, e-banking, Internet amongst other services and provide platform to deliver the benefits of the digital revolution to all at the length and breadth of the country.<\/p>

In its drive towards cashless economy, it announced a levy of 2% TDS on cash withdrawals exceeding Rs One crore within a year from a bank account.<\/p>

Extending the benefits of the world\u2019s largest biometric ID system \u2013 Aadhaar to the non-resident countrymen, the government floated fresh proposal to enrol them, thus attracting remittances.<\/p>

Broadly, it is a pragmatic budget that showcases its intent and approach towards a fully digital economy.<\/p>

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