The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
This decision was taken at Executive Council meeting of National Association of Software and Service Companies held in Pune.
'The focus of the legislation will be to minimise user harm and increase the accountability of platforms, while also promoting innovation.'
The Bill says that the central government, in consultation with the Data Protection Authority, can direct any data fiduciary or data processor to provide non-personal data to enable better targeting of delivery of services. The government can also ask data processors to provide data for formulation of evidence-based policies for its own use.
Indian offshore engineering research and development (ER&D) services market is expected to reach USD 37-45 billion by 2020 and create over one million jobs, software industry body Nasscom said.
Aadhaar architect Nandan Nilekani on Friday India is well-placed on the government and businesses fronts to leverage artificial intelligence (AI) in unique ways to solve challenges and tap into opportunities. Nilekani noted that over the last few years, the government has focussed on how to make transactions more efficient and effective, which has driven digitisation across the board. He added that as a byproduct of this, huge data now across systems has been generated and that the time is right to apply AI across the board to India's most challenging issues across areas like healthcare and education.
'These are the two core skill sets that are required for any job, in any profession.'
Innovation often happens informally was the crux of Sabeer Bhatia's message at the Nasscom Product conclave in Bangalore to entrepreneurs who wanted to replicate the success of his hotmail.com
Nasscom had estimated 12-14 per cent growth for the Indian software services industry in FY'14, and it aimed to achieve revenue of $300 billion for the IT industry by 2020.
India added over 1,300 active tech start-ups to its ecosystem in calendar year 2022, taking the total tally to between 25,000-27,000, according to a recent report. The country continues to be the world's third largest tech start-up ecosystem. The Nasscom-Zinnov Indian Tech Start-up Landscape Report 2022 found that India added the second highest number of Unicorns - companies with a valuation of at least $1 billion - in the world, with over 23 added in CY2022.
Trai has invited comments till January 7 on its paper on differential data pricing.
Global capability centres (GCCs) are increasingly looking to tap into revenue opportunities from the Indian market, which is already a critical talent hub. While capturing the potential of the Indian market has been in the works over the past few years, it's only of late that companies are gaining momentum. India is home to more than 1,580 GCCs, with a total market size of $46 billion and growing at a compound annual growth rate (CAGR) of 11.4 per cent, according to a Nasscom-Zinnov report.
The proposed changes are forward-looking and non-specific, said Nasscom
The payments banks are intended to house transactional accounts for individuals, focusing on payments and remittances.
IT industry hiring big time, but quality concern persists.
The rules, the first ever for software applications in the country, were recently issued by the patent office and mandate each new software to be 'machine-specific' and packaged with 'new hardware' to qualify for a licence.
TCS had earlier this week announced that it too would be hiring less number of freshers.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
"When I look at a product like Zune, or other path-breaking applications like software on demand, I always wonder why these products could not come from India," said Anand Mahindra, vice-chairman and MD, Mahindra & Mahindra.
As 8 new startups join the 2018 club, average time taken to be a $1 billion firm now stands at 5-7 years, next only to China, says a Nasscom report
If you are a budding developer and interested in Web3, chances are that you will be headed to one of India's largest-ever meetings of Web3 developers, being held by Polygon, a Web3 platform. The company's ongoing "Web3: Made in India Tour" is expected to see close to 4,000 developers coming together at the inaugural Polygon Connect event in Bengaluru on December 1. The event highlights the growing dominance of Web3 developers from India, as well as the sector's rising interest to investors, who continue to invest in startups despite a funds crunch.
Prime Minister Narendra Modi's call to make this decade a "techade" for India and the push for 5G, semiconductors and transformation through digital services is going to boost the technology sector in the country, industry players said on Monday. Modi, in his speech on the 76th Independence Day, touched upon all-round development of technology in the country, from 5G to push for electronic chips, laying of optical fibre cable (OFC) network across villages and enablement of digital entrepreneurship in villages through Common Services Centres, making the present decade as "techade" for India. Homegrown mobile devices maker Lava International's Chairman and Managing Director Hari Om Rai said electronics and technology sectors create about $4 trillion of revenue.
Tier-II and tier-III towns have a reason to rejoice.
The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world.
Destination India is the buzzword, says TCS MD and CEO S Ramadorai
Prime Minister Narendra Modi will address the India-US Startup Konnect and share his vision on 'Start up India, Stand up India' as part of his US visit later this month.
"Critical data which has to be resided in India is an important component that needs to be clarified, as this will be arguably uncovered on an ad hoc basis as we move forward."
Last year, there was almost 16 per cent increase in hiring by the Global Capability Centres in India.
As many as 11,500 startups would come up in the country employing over 2,50,000 people by 2020, according to key findings of India Start-up Report 2014 of industry body Nasscom.
The NASSCOM report said Indian tech industry contributed more than $375 million to the US Treasury between fiscal year 2011-2015
Sector added only 200,000 employees in FY16, down from 230,000 in FY15
The Indian startup ecosystem, which defied odds during a pandemic-hit year to create record 12 unicorns, has the potential to be the engine of growth in the medium to long run, according to the Economic Survey 2020-21. The survey noted that startups are the platform for entrepreneurs who have the ability to think out of the box and innovate to conceive products that can create a niche for themselves in a dynamically changing world.
Some of them include Spider G, NeuroTags, Genrobotic Innovations, AI Aeronautics, Synersense, Dealshare and NanoHealth. 'Highway to a Hundred Unicorns,' the Microsoft for startups initiative, works closely with local governments to strengthen the startup ecosystem in each state.
India's software industry mounts two-pronged campaign to tackle Trump administration. Ayan Pramanik & Karan Choudhury report.
Muzammil Patel and Rahul Murthi will answer all your start-up queries.
Both are designed for safety of women.
From $10 billion deployed in Indian start-ups in 2017, $6 billion went to unicorns
IT sector has lots of hope from the Union Budget 2014-15.
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