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<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22863440" type="General" weightage="20" keywordseo="Animation-and-VFX" source="keywords">Animation and VFX</keyword> segment is expected to surge from USD 1.3 billion in 2023 to USD 2.2 billion by 2026, according to a CII GT report released on Wednesday. This will increase the share of the Animation and VFX segment India's Animation and VFX segment to reach at USD 2.2 billion by 2026: reportin the <keyword id="20018821" type="General" weightage="20" keywordseo="media-and-entertainment" source="keywords">media and entertainment</keyword> (M&amp;E) industry from 5 per cent to 6 per cent during the same period, the report added which was released by Information and Broadcasting secretary, Sanjay Jaju on Wednesday. Currently, the <keyword id="22345339" type="General" weightage="20" keywordseo="AVGC-XR" source="keywords">AVGC-XR</keyword> sector accounts for approximately 20 per cent of India's media and entertainment (M&amp;E) industry and is poised for further expansion, as per the CII GT report. AVGC-XR stands for Animation, Visual Effects, Gaming, Comics, and Extended Reality. The report further anticipated that the Indian <keyword id="20349295" type="General" weightage="20" keywordseo="online-gaming-industry" source="keywords">online gaming industry</keyword> will reach to USD 4.6 billion by 2026, with its contribution to the M&amp;E sector rising from 10 per cent to 13 per cent. Currently, the online gaming industry is valued at USD 2.62 billion, as per the report. The report underscores the sector's potential as a major employment driver. The sector is expected to create of over 160,000 new jobs annually, with a total of 20 lakh new jobs anticipated by 2030. The report calls for the swift implementation of the National Draft Policy Framework for AVGC-XR. The report further added that a push in the AVGC-XR sector could accelerate growth, paving the way for a larger, more vibrant creative economy. India's AVGC sector had an overall market size of USD 2.3 billion in 2019, which was about 0.7 per cent of the global market size. The sector is expected to grow 2.2 times over the next four years driven by market forces and constitute about 1.5 per cent of the global AVGC market as per Draft National Policy, AVGC-XR, according to the report. Further, the CII GT report advocates for enhanced Intellectual Property Rights to retain talent and content and the introduction of clear regulatory definitions within the gaming industry. The report also calls for enhanced support for AVGC-XR entrepreneurs through Start-Up India and strategic investments in the National Centre of Excellence to foster innovation and global competitiveness. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

India's Animation and VFX segment to reach at $2.2 billion by 2026: report

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that the government will set up an Animation, Visual Effects, <keyword id="6357332" type="General" weightage="100" keywordseo="gaming" source="Orion">Gaming</keyword> and Comics (<keyword id="1920258" type="General" weightage="80" keywordseo="avgc" source="Orion">AVGC</keyword>) promotion task force for boosting talent in the animation and gaming sector.</li><li>We speak to experts from the industry to understand the larger implications of the move and how it will help the industry.</li></ul>During her Union Budget speech yesterday, Finance Minister Nirmala Sitharaman announced that the government will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force for boosting talent in the animation and gaming sector. Sitharaman said the AVGC sector will provide a huge opportunity for young professionals and also create new job opportunities for the youth. “The AVGC sector offers immense potential to employ youth. An AVGC Promotion taskforce with all stakeholders will be set up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand,” Sitharaman said during her speech. The move is expected to attract new talent and give them the required support to take the AVGC sector global. The AVGC sectors, and especially the gaming industry has been witnessing a healthy growth. Most industry reports have predicted that the next few years will contribute to immense growth for the industry. A recent report by Sequoia India and BCG had said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5 billion revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. So the government’s move comes at an opportune time. To understand the larger implications of the move, we spoke to experts from the gaming industry and here’s how they thought the government's move will give a boost to the segment: <keyword id="2388996" type="General" weightage="20" keywordseo="sai-srinivas" source="Orion">Sai Srinivas</keyword>, Co-Founder and CEO, Mobile Premier League It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India’ game titles global. We welcome the Hon’ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government's commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon’ble Prime Minister’s vision for the Indian digital gaming sector to be a global powerhouse. Moreover, it will also help develop a workforce of young and employable AVGC professionals to usher in the next tech revolution from within India. With a renewed focus on the AVGC sector, blended financing for deep tech and IT, hardware and electronics manufacturing combined with deployment of 5G and affordable internet in underserved areas, it is clear that the government is committed to take the Indian startup ecosystem to the next level. We are hopeful that with the positive support of the government, the coming years will see online gaming, VFX and esports startups leading the charge in the global economy. By developing deep tech intellectual property and exporting services, they can help cement India’s position as a world leader in the sector. Rajan Navani, Vice Chairman and Managing Director, JetSynthesys I strongly welcome the formation of a AVGC task force for promotion, something that we as an industry have been pushing for a long time. It is high time that animation, visual effects and gaming are recognised as an industry because of the sheer potential that they carry. Skyrocketing further owing to the pandemic, these industries have the power to create large employment as well as give Indian gaming companies an opportunity to become globally competitive and play an increasingly larger role at a global level. Building a task force that will address the needs of this industry across various ministries would be a very proactive approach towards strengthening this industry, in my opinion. The aim to rollout 5G services in FY 2022-23 along with affordable broadband services and efficient connectivity to allow equal access to e-services in remote and urban areas has also been long due. The focus of Hon FM on new emerging technologies particularly like Blockchain and AI, a word which was repeated several times during the speech is again a very positive move to show that digitalisation is truly the future, and a strong focus area for government. Digitalisation was applied across agriculture, healthcare, skills, education and appeared in various shapes and forms throughout the budget speech. Additionally, the national tele-mental health programme is a great initiative by the government as the COVID-19 pandemic has impacted the mental health of people to an unfathomable extent. Various channels and platforms like ThinkRight.me by JetSynthesys and others in the space can together help tackle India's mental health issues. In all, we’re truly excited about the future of digital India and what this means to JetSynthesys which is here to play a key role in the daily digital lives of a billion Indians. As a country, we hope to move forward with jet speed and transform our country into an atmanirbhar, technologically and digitally forward nation. Vishwalok Nath, Director, World Esports Cup We welcome the steps by the Finance Minister of India as part of Budget 2022-2023 including the creation of the AVGC task force. We hope that this task force can help promote the creation of a robust infrastructure for game development with gradual benefits to the esports community. We are also looking forward to the 5G spectrum auction this year. 5G can further promote the latest innovations and mass adoption of technologies like cloud gaming in the country. There is a huge scope of employment for the youth in the gaming industry. Esports/Video Games is a versatile industry and there is a huge scope for professional gamers as well as other jobs like casters, commentators, and other support staff appointed by the esports tournaments like producers, editors, analysts, product managers, game testers, referees, production crew members, event managers, social media managers, etc. Lokesh Suji, Director, Esports Federation of India &amp; Vice President, Asian Esports Federation It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the ‘Video Game’ industry and are playing an active role in shaping up the Indian video game industry. <keyword id="263906" type="General" weightage="20" keywordseo="jehil-thakkar" source="Orion">Jehil Thakkar</keyword>, Partner and Media and Entertainment Sector Leader, Deloitte India The setting up of the AVGC promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem. Sagar Nair, Co-Founder &amp; CEO, Qlan It is this continued acceptance that will lead to the progress of the Indian gaming and esports industry. First was esports’ entry in the Asian Games as an official event followed by a government dedicated task force to work with the AVGC sector. I have no doubt that these initiatives as part of the national budget policy highlight the true potential of the Indian gaming &amp; esports segment not only in India but also on the global circuit. The statement clearly indicates the backing of homegrown game developers, tournament organizers, and esports companies and recommendations from the appointed task force will help build domestic capacity for serving out markets and the global demand as well. Sunil Yadav, CEO, PlayerzPot The AVGC sector is one of the fastest growing sectors in India, and attracts a huge interest from a large cross section of the population. The announcement of the new AVGC task force is a welcome one, as we expect it will help to build domestic capacity and also serve the global demand. The task force has come at the right time, for those pursuing a career in gaming as the sector is booming right now and needs more talented youngsters to grow. With the government introducing digital rupee and a visible trend in crypto adoption, NFT’s will grow significantly. 5G services auction within FY 22-23 across the country will play an important role in the growth by further penetrating in the markets and also enhancing the gaming experience. As the honorable minister mentioned in her budget presentation, the gaming sector has the potential to become the torchbearer of 'Create in India' &amp; 'Brand India', on the same lines we were hoping for transparent and progressive regulation that will help differentiate games of skill from those of chance, because this is a key area of concern for the industry as a whole. Dilsher Singh Malhi, Founder &amp; CEO, Zupee The creation of the AVGC promotion task force is a welcome move. The initiative with industry participation will help in establishing uniform, progressive policies that will promote growth and investments in the sector, which in turn, will lead to job creation, revenue generation, and engagement opportunities. This will be a crucial step towards bridging the digital divide and unlocking a fully connected and empowered digital India. We believe that this initiative will pave the way for the Indian gaming industry to establish itself on a global stage. Rahul Tewari, Chief Financial Officer, Games24x7 The gaming industry welcomes the decision to set up a task force for Animation, Visual Effect, Gaming and Comics. AVGC taskforce can provide the long-term policy impetus and bring together the various stakeholders to turbocharge the vibrant ecosystem in gaming and animation. India has a deep and very high-quality talent pool of developers and creative artists who will transform India into a global player in the interactive entertainment space in the coming years. We hope this paves way for regularity clarity for gaming, a sector that has contributed immensely to India’s start-up success in the last few years. Manish Agarwal, CEO, Nazara Technologies Ltd. The government’s announcement of an AVGC task force to seek recommendation to create the way forward is a welcome move. As we know, India presently commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. This taskforce will facilitate employment for the youth, build domestic capacity to serve the Indian markets and also meet global demand. <keyword id="3471731" type="General" weightage="20" keywordseo="roland-landers" source="Orion">Roland Landers</keyword>, CEO, The All-India Gaming Federation I am pleased that the government has announced a progressive budget; stating the gaming industry as a sector that generates various job opportunities for the youth while boosting the economy of the country. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum. AIGF and the skill games council of domain experts will be happy to assist, if need be, in playing a consultative role for the same Likewise, the tax extension to four years will benefit the entire start-up ecosystem in online gaming which is in the excess of 300 companies. Furthermore, the Hon’ble FM’s announcement of the digital rupee launch will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions when implemented will enhance the gamer experience dramatically as well as facilitate the adoption of new technologies in gaming. Overall, the budget has opened more avenues for the gaming industry.

The gaming industry lauds the government’s decision to set up an Animation, Visual Effects, Gaming and Comics promotion task force

<ul><li>Recognised startups in the gaming and related sectors witnessed huge growth.</li><li>A task force was set up on April 8 this year for the promotion of the Animation, Visual Effects, Gaming and Comics (AVGC) industry, Minister of State for Commerce and Industry Som <keyword id="48288" type="General" weightage="100" keywordseo="parkash" source="Orion">Parkash</keyword> said in a written reply to the <keyword id="6355187" type="General" weightage="100" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword>.</li></ul>Recognised startups in the gaming and related sectors have grown from five in 2016 to over 1,330 as on November 30, 2022, Parliament was informed on Wednesday. A task force was set up on April 8 this year for promotion of Animation, Visual Effects, Gaming and Comics (AVGC) industry, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. The mandate of the task force includes facilitation of skilling initiatives, promotion and market development activities to extend global reach of the Indian AVGC industry, boosting of employment opportunities and incentives to attract foreign direct investment in the AVGC sector. "Sustained government efforts in this direction have resulted in increasing the number of recognized startups from 452 in 2016 to 84,012 in 2022 (as on 30th November 2022). This includes startups in gaming and related sectors, which have grown from about 5 in 2016 to over 1,330 startups in 2022 (as on 30th November 2022)," he said. Replying to a separate question, the minister said, comprehensive reforms have been undertaken by <keyword id="6355548" type="General" weightage="50" keywordseo="public-sector-banks" source="Orion">Public Sector Banks</keyword> (PSBs) under <keyword id="15725883" type="General" weightage="50" keywordseo="enhanced-access" source="Orion">Enhanced Access</keyword> and Service Excellence reforms agenda to improve the ease of doing business. He also said, the objective of amalgamation of the banks was to facilitate consolidation among PSBs to create strong and competitive banks capable of achieving economies of scale and realisation of synergy benefits with wider product and service offering to customers. As a result of this effort, he said, customers of amalgamated banks received access to increased number of branches and ATMs from which they can now avail banking services. Customers have also received access to a larger bouquet of products and services through harmonization of the same across banks being amalgamated together and enhanced their lending capacity for loans of a larger size, Parkash said. Further, the increased scale and customer base in the amalgamated banks has also enabled banks to opening/reorganizing controlling offices and processing centres, equipping them to better serve customers, he added. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/best-ai-powered-apps-and-websites-that-will-increase-your-work-experience/articleshow/96051415.cms" data-type="tilCustomLink">Here are some free AI-powered apps and tools to try right now</a> <a href="https://www.businessinsider.in/tech/gadgets/news/upcoming-new-games-in-2023/articleshow/95999256.cms" data-type="tilCustomLink">Top upcoming games in 2023: Here’s what PC, PlayStation, and Xbox users should expect</a>

1,330 recognised startups from gaming and related sectors as on Nov 30: Som Parkash

Indian startup founders on Monday said that to explore a comprehensive digital India, the <keyword id="6360189" type="General" weightage="100" keywordseo="union-budget" source="Orion">Union Budget</keyword> for FY24 must leverage the full inherent potential of the homegrown technology industry to become champions of digitisation. Gautam <keyword id="893041" type="General" weightage="80" keywordseo="nimmagadda" source="Orion">Nimmagadda</keyword>, Founder and CEO of Quixy, a cloud-based no-code application development platform, said that currently, startups can avail of a tax holiday for three years since incorporation. "However, the ideal exemption should be 10 years, in view of the high cost of solution development. As positive employment drivers, startups also require government intervention in the expensive affair of hiring and retaining the right talent to drive growth," Nimmagadda said in a statement. "To lead the startups onwards and upwards, a single-window process to enable the right financial support from government would be incentivising for MSMEs," he added. According to ESOPDhan co-founder <keyword id="576027" type="General" weightage="80" keywordseo="nitin-agarwal" source="Orion">Nitin Agarwal</keyword>, the budget can reduce the holding period of ESOP shares of unlisted companies from two years to one year for purposes of capital gain. "This would make ESOPs a more attractive tool to retain and reward employees, especially among startups that are today seen as major job creators," Agarwal added. 2023 is already shaping up to be a watershed moment for the gaming industry. With the government releasing draft online gaming rules earlier this month, the burgeoning sector will see a lot more success this year. According to Sai Srinivas, Co-founder and CEO of MPL, the industry hopes to get clarity in a few areas. "The first is the GST mechanism on online gaming. We hope the government provides clarity on the tax slab applicable on skill gaming. Another relates to the AVGC fund set up as part of the AVGC Promotion Task Force announced in last year's budget," he mentioned. Access to financial support "will be a tremendous boost to young talented developers and designers, and will accelerate the push to 'Create in India' and take made-in-India games to the world," he added. <keyword id="16292225" type="General" weightage="80" keywordseo="dhruv-jolly" source="Orion">Dhruv Jolly</keyword>, Founder and MD, <keyword id="16292224" type="General" weightage="80" keywordseo="taponn" source="Orion">TapOnn</keyword> digital, said that the budget would include some assistance for qualifying firms under the 'Startup India Scheme' in terms of the number of taxes that must be filed, the frequency of filing, or the tax slabs. "We might witness a strong emphasis on attracting more foreign investment, making the registration and compliance process more easy and fast, and strengthening economic ties with other countries in the Indo-Pacific region," Jolly said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-witness-high-volatility-amidst-war-of-words-between-the-company-and-hindenburg-research/articleshow/97437171.cms">Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/auto-parts-sourcing-startup-capgrid-raises-7-million-from-nexus-venture-others/articleshow/97437294.cms">Auto parts sourcing startup CapGrid raises $7 million from Nexus Venture, others</a>

Budget expectations: Startups seek 10-yr tax holiday, less holding period of ESOP shares

<ul><li>mFilterIt says with a growing Rs 3 billion industry in India, gaming frauds are on a steep rise.</li><li>With a strong pull coming towards gaming, <keyword id="53249" type="General" weightage="50" keywordseo="gamers" source="Orion">gamers</keyword> are still exposed to increasing digital threats.</li></ul>As India's eSports segment grows exponentially, this expansion is majorly attributed to the rapid digitalization that has occurred in recent years. eSport as an ecosystem has a much larger economic potential and is expected to generate around INR100 billion in economic value between now and FY2025. Now with the government’s clear vision and setting up of a task force to recommend steps for promotion of animation, visual effects, gaming, and comic (AVGC) sector in the Budget 22-23, the gaming industry has come to a forefront. As the Indian gaming industry embarks on a growth journey, it’s also crucial to be aware of the threats of online gaming. mFilterIt, a global digital fraud detection, and prevention company, today released a set of threats involving various digital frauds that the gamers must keep in mind before stepping into the arena as the threat of fraud remain high. Emphasizing this issue Amit Relan, Co-Founder and Director of ‘mFilterIt’ said, “According to a recent 2021 Ernst &amp; Young Report, India's eSports business grew to INR 3 billion in FY2021 and is predicted to increase up to INR 11 billion by FY2025. The government also recognized the growth and employment opportunity in the AVGC sector by announcing an AVGC promotion task force to build domestic capacity. The gamers are focused on achieving a specific level of success, whether it is through tournament participation, gaining top positions in games, or other means. Unfortunately, this puts them exposed to an increasing number of digital scams. We at mFilterIt, want to bring the threat to the gamers on the surface and offer a way to prevent themselves from frauds and online predators by generating awareness.” Following are the enumerated ways identified by mFilterIt, that are used by fraudsters to target the online gaming community, the awareness around these threats is the key to avoiding getting trapped by scammers, the key threats are as follows: IN-APP PURCHASES CAUSE GAMERS TO LOSE REAL MONEY With the growing use of gaming smartphones, even if, four out of ten players in India make an in-app purchase, it translates to hundreds of millions of dollars spent on games each year. Account takeover fraud of a gaming ID means losing real money for gamers who wish to play a fair game. In-app purchases are costing gamers real money. According to a new report by the Internet and Mobile Association of India (IAMAI), the Indian gaming market is projected to hit $3.9 billion (in value) by 2025, and over 40 percent of hardcore gamers are paying for their games with an average spend of ₹230 per month. RISING CASES OF <keyword id="138820" type="General" weightage="20" keywordseo="cyberbullying" source="Orion">CYBERBULLYING</keyword> IN GAMING Digital fraudsters are highly capable of tracking down minors with compromised accounts. This might result in harassment through exploitative ways such as demanding a ransom in exchange for the account status being restored. According to Akamai Technologies research, the gaming industry was subjected to 12 billion cyberattacks between November 2017 and March 2019. Children usually fail to disclose or report a problem to their parents, which can have serious implications, including emotional and mental distress. BREACH OF <keyword id="803848" type="General" weightage="20" keywordseo="data-privacy" source="Orion">DATA PRIVACY</keyword> AND CYBER ATTACKS Children below 14-15 years, use their parent’s smartphones to play games occasionally. This may lead to data breaches of the mobile owners. The mobiles carrying more serious and confidential information including banking details, official documents, personal images, etc. are likely at a higher risk. The fraudster could also get access to google or other OS account details and get access to the entire device including data and other applications on the smartphone. According to the Norton Cyber Safety Report: Gaming &amp; Cybercrime 2021, three out of every four gamers in India have been victims of a cyberattack at some point. Aside from the cash loss, about 35% of the victims, claimed to have malicious software installed on their gaming devices because of a cyber-attack, and 29% of the victims discovered that their online gaming account had been hacked. ACCOUNT TAKEOVERS (ATO) Passionate gamers work hard and play a fair game to reach a certain level in the game, to be considered as a professional which can make them eligible for awards and entry to tournaments. Account takeover or ATO is a major issue in paid and subscription-based online services such as eCommerce, OTT, and now eSports. While eCommerce and OTT apps interface with adults who could still be difficult to break into, eSports gives fraudsters an easy playfield as it will mostly have children on the other side. The gaming industry must collaborate with ATO anti-fraud solution makers to proactively stop this wildfire so that children of tender age could be saved from experiencing the dark side of digital at an early age where they cannot handle it. BEYOND THE GAMERS, WHAT’S THE IMPACT? These frauds also adversely impact the game. For beginners, there's the matter of brand reputation and infringement. Many websites and apps have been established using the logos and other identifiers of such games. This is a case of infringement, and the website or app owner might run anything as irrelevant and explicit as pornographic material on their app. This could be detrimental to the company's reputation. Also, there would be a large number of inactive accounts if a fraudster hijacks a legitimate account and drains all of its funds. The account will no longer be operational, but the user will remain active. This will artificially expand the user base without providing a commensurate ARPU. Thus, lowering the revenue potential and other crucial metrics used by investors and lenders.

Rising cases of cyberbullying, data privacy and other threats in online gaming: Report

<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

The advertising industry voices its enthusiasm about the government’s steps towards boosting digital ecosystem in Union Budget 2022-23

<ul><li>India’s Media &amp; Entertainment industry has revived to pre-COVID levels and is expected to grow to $55-70Bn</li><li>by 2030 at 10-12% CAGR, driven mainly by strong growth in OTT, Gaming, Animation and VFX.</li><li>The industry continues to showcase multimodal growth with digital video leading the consumption boom.</li></ul><keyword id="9359173" type="General" weightage="20" keywordseo="the-confederation-of-indian-industry" source="Orion">The Confederation of Indian Industry</keyword> (CII) and <keyword id="136162" type="General" weightage="20" keywordseo="boston-consulting-group" source="Orion">Boston Consulting Group</keyword> (BCG) have unveiled the flagship report of the <keyword id="126927" type="General" weightage="100" keywordseo="media-and-entertainment" source="Orion">media and entertainment</keyword> sector titled, ‘Blockbuster Script for the New Decade: Way Forward for Indian Media and Entertainment Industry’. The report explores the Media and Entertainment industry’s recovery after the impact of the COVID-19 pandemic and highlights key imperatives for achieving its potential over the next decade. K Madhavan, Chairman, CII National Committee on Media &amp; Entertainment and President, The Walt Disney Company India and Star India says, "It is delightful to see that the hard work put in by all stakeholders in the face of great challenges, both professional and personal, has paid off and now our industry is back on track. Media and entertainment played a crucial role in helping the country navigate and overcome this crisis and reinforced its role in people’s lives”. The report projects that the industry is set to grow to $55-70B by 2030 at a CAGR of 9-11%, with digital video and gaming being the biggest growth drivers. Commenting on the report, Chandrajit Banerjee, Director General, CII, said, “CII has maintained its thought-leadership in Media and Entertainment sector over the years through various measures. Industry as well as Government and policy makers value the inputs which CII initiatives add to the knowledge pool of the sector. The Big Picture report, released on the occasion of the CII Big Picture Summit every year, holds a special place in this resource ecosystem. This year’s report, once again put together by BCG with the help of CII Media and Entertainment Committee, looks at the decade ahead, will help businesses chart their growth path and aide the government in framing enabling measures to facilitate further expansion of the sector.” Siddharth Roy Kapur, Co-Chairman, CII National Committee on Media &amp; Entertainment and Founder &amp; Managing Director, Roy Kapur Films said, “Film production and film exhibition were amongst the worst affected sectors in the M&amp;E business due to the pandemic. After a long period of shutdown, cinema halls are now back in business with a bang. A record number of big-ticket movies are lined up for release well into 2022. That augurs well for the sector but caps on occupancies, closures of cinemas and modified audience behaviour might impact the speed of recovery. On the other hand, streaming has provided new avenues for screening and broad-based the options available for producers, artistes and technicians. Along with the rise of regional cinema, this marks the start of a truly fantastic decade ahead for the Indian content business. Kudos to team CII and BCG for another enriching edition of the Big Picture report.” Biren Ghose, Vice Chairman, CII National Committee on Media and Entertainment and Country Head, Technicolor India said, “This year’s CII – BCG Big Picture report appropriately features the games sector in India captioned the “Future is play”. Despite sporadic regulatory hiccups, in some states, this segment is growing at around 30 per cent per annum which is the highest among the animation and visual effects (AVGC) sector. CII is confident that this report articulates the critical inputs to guide future policy thereby creating an enabling environment for industry to grow. The success of India’s media and entertainment will ultimately depend on the ability to scale world-class creative talent in order to capitalize on the global opportunity in this sector.” The report highlights the Media and Entertainment industry’s multimodal growth story. The Indian OTT sector is currently in the scaling stage with strong subscription growth and high investment in premium &amp; original content. The sector is one of the most competitive amongst emerging markets with 40+ players representing all types of content providers. “Cord cutting” (cancelling TV subscription and moving to OTT) is in nascent stages and is expected to be limited in the medium term. “The share of traditional media is slowly declining with increased digital adoption but there is still high headroom for penetration with only 54% of Indian households having a pay TV connection compared to more than 70% in China. For many households, TV continues to be the center of the home and a significant part of family time.” elaborates <keyword id="2680707" type="General" weightage="20" keywordseo="mandeep-kohli" source="Orion">Mandeep Kohli</keyword>, Managing Director and Partner, Boston Consulting Group India. As was the case with other industries, the past year has been a challenging one for the media and entertainment industry. However, the industry has shown remarkable recovery with TV ad volumes bouncing back to pre-COVID levels and expected to continue growing in the future, driven by increased advertising on regional channels &amp; entry of new advertisers. AVOD is now one of the fastest growing ad segments in India driven by interactive ad formats, blending of content and ads and the rise of short form AVOD platforms. One of the major themes in this year’s report is the industry’s anticipated transformation over the next decade. The Media and Entertainment industry is at a critical juncture of transformation, offering rapid growth in some areas. “To realize this growth, companies must tweak their strategies to take advantage of the current market situation. In addition to investing in content and technology to improve user experience, companies should also leverage suitable distribution models to enhance reach, focus on providing integrated ad solutions and offer innovative marketing formats to enhance the value proposition to advertisers.” elaborates Kanchan Samtani, Managing Director &amp; Senior Partner, Boston Consulting Group India. Setting the tone for the coming years, Madhavan said “Our industry has always been at the forefront of disruption and we will continue to innovate over the next decade. We will now need new answers and will need them fast, even on the most fundamental things like talent pool to run our companies and methodology for measuring the impact we are delivering to advertisers on our platforms. We will need to continue to embrace change going forward to create the most value for consumers as well as our partners.”

Media and Entertainment industry bounced back strongly post COVID blip, on-track to reach $55-70 billion by 2030: Report

Inspired by Karnataka, the country's leading <keyword id="6361043" type="ORGANIZATION" weightage="100" keywordseo="Software">software</keyword> exporter, the <a href="http://www.businessinsider.in/searchresult.cms?query=Maharashtra+government+">Maharashtra government</a> is planning to ramp up <keyword id="6354185" type="ENTERTAINMENT" weightage="40" keywordseo="IT">it</keyword>s IT exports. 
 
To bridge the gap with the <a href="http://www.businessinsider.in/searchresult.cms?query=software+exporter">India’s leading exporter</a>, <keyword id="13126" type="COMPANY" weightage="60" keywordseo="Maharashtra">Maharashtra</keyword> has come up with a policy that promises several sops for IT and IT-enabled services (ITES) companies to set up shops in the state. 
 
Currently, the state's annual IT exports are half of what Karnataka exports. According to an official, Maharashtra's IT policy for 2015 offers an additional 100-200% FSI and space utilization to ITITES and AVGC (<a href="http://www.businessinsider.in/searchresult.cms?query=animation%2C+visual+effects%2C+gaming+and+comics">animation, visual effects, gaming and comics</a>) parks, with a premium recovery of only 10-30%, subject to some conditions. The policy also offers 20-40% built-up area for support services in IT parks. 
 
Among the other plans are permission to set up integrated IT townships, adjustment in property tax of cost put in to develop roads and civic infrastructure, exemption in stamp duty of up to 100%, electricity duty exemption for the first 10-15 years, and relief in <a href="http://www.businessinsider.in/searchresult.cms?query=entertainment+tax+for+animation+film+production">entertainment tax for animation film production</a>. 
 
Experts are of the view that the new policy can attract investments of about Rs 50,000 crore and add Rs 1 lakh crore in exports for the state. 
 
Moreover, IT expert Vijay Bhatkar is of the opinion that Maharashtra should have taken these steps 5-10 years back, a little after the country's first IT park was set up in Pune. 
 
Bhatkar said that after the IT industry's inception in 1998, the growth rate of the software industry was 40-45%. The rate has now come down to 12-15%. Of course, recession, immigration problems and the <a href="http://www.businessinsider.in/searchresult.cms?query=entertainment+tax+for+animation+film+production">economic crisis in Europe have affected the IT export business</a>. 
 
After the introduction of IT parks in 2001, the state came up with a policy in 2003, wherein 253 IT parks with a built-up space of 3.90 million square metres obtained letters of intent to set up units. After six years, when another policy was introduced, nearly 212 parks with a built-up space of 8.93 million square metres came up in the state. The policies boosted Maharashtra's IT exports from Rs 5,508 crore (2002-03) to Rs 55,420 crore (2013-14), a growth of above 900%. 
 
But these phases also coincided with massive expansions in Karnataka. Its IT exports, about Rs 12,500 crore in 2002-03, jumped 730% to reach over Rs 1.03 lakh crore by 2013-14.The latest policy is aimed at catching up with Karnataka and overtaking it as the country's IT leader, senior state industries department officials said. 
 
 (Image: Indiatimes)

Maharashtra goes Karnataka’s way! Aims to become India's top software exporter

<ul><li>By 2022, all villages will have water, electricity and clean cooking facilities. </li><li>Additional deduction of up to ₹1,50,000 for interest paid on loans borrowed up to March 31, 2020 for purchase of an affordable house valued up to ₹45 lakh. </li><li>Enhance surcharge on individuals having taxable income from ₹2 crore to ₹5 crore and ₹5 crore and above so that effective tax rates for these two categories will increase by around 3 % and 7 % respectively. </li></ul>The Finance Minister Nirmala Sitharaman unveiled her maiden Budget covering aspects of startups, education, home loans, disinvestment and many others. Here are key announcements made by her, from her Budget speech. The Indian economy will grow to become a $3 trillion dollar economyin the current year. In Purchasing Power Parity terms, we are in fact, the third largest economy already, only next to China and the USA. Rail &amp; Land Railways should take up Public Private Partnership in Railways to unleash faster development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services. Current (house) rental laws are archaic and do not address the relationship between the Lessor and the Lessee realistically and fairly. A Model Tenancy Law will also be finalized and circulated to the states. Large public infrastructure can be built on land parcels held by Central Ministries and Central Public Sector Enterprises all across the country. Through innovative instruments such as joint development and concession, public infrastructure and affordable housing will be taken up. Small businesses &amp; Artisans Government will create a payment platform for MSMEs to enable filing of bills and payment thereof on the platform itself. Pension benefits to about three crore retail traders and small shopkeepers whose annual turnover is less than ₹1.5 crore, is extended. The Scheme of Fund for Upgradation and Regeneration of Traditional Industries’ (SFURTI) envisions setting up 100 new clusters during 2019-20 which will aid 50,000 artisans. The Scheme contemplates to set up 80 Livelihood Business Incubators (LBIs) and 20 Technology Business Incubators (TBIs) in 2019-20 to develop 75,000 skilled entrepreneurs in agro-rural industry sectors. FDI &amp; Disinvestment The Government will examine suggestions of further opening up of FDI in aviation, media (animation, AVGC) and insurance sectors in consultation with all stakeholders. 100% Foreign Direct Investment (FDI) will be permitted for insurance intermediaries. Local sourcing norms will be eased for FDI in single brand retail sector. I propose to increase the statutory limit for foreign portfolio investors (FPI) investment in a company from 24% to sectoral foreign investment limit with option given to the concerned corporates to limit it to a lower threshold. FPIs will be permitted to subscribe to listed debt securities issued by ReITs and InvITs. The cumulative resources garnered through Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) and toll operate transfers exceeded ₹24,000 crore. Government is setting an enhanced target of ₹1,05,000 crore of disinvestment receipts for the financial year 2019-20. It is right time to consider increasing minimum public shareholding in the listed companies. I have asked SEBI to consider raising the current threshold of 25% to 35%. I propose to initiate steps towards creating an electronic fund raising platform – a social stock exchange - under SEBI to list social enterprises. Rural Growth By 2022, I would like to assure the nation that every single rural family, except those who are unwilling to take the connection will have electricity and a clean cooking facility. In the second phase of Pradhan Mantri Awas Yojana –Gramin, 1.95 crore houses are proposed to be provided to the eligible beneficiaries. Pradhan Mantri Gram Sadak Yojana phase III will look to upgrade 1,25,000kms of roads over the next five years, with an estimated cost ofRs 80,250 crore. Water &amp; Sanitation Ensuring India’s water security and providing access to safe and adequate drinking water to all Indians is a priority of the Government. A new Mantralaya will look at the management of water resources. It will work to ensure Har Ghar Jal (piped water supply) to all rural households by 2024 under the Jal Jeevan Mission. More than 95% of cities also have been declared ODF. More than 45,000 public and community toilets across 1700 cities have been uploaded on Google maps, covering more than 53% of India’s urban population. Women &amp; Education An amount of₹400 crore has been provided under the head, “World Class Institutions”, for FY 2019-20, more than three times the revised estimates for the previous year. I propose to start a programme, ‘Study in India’, that will focus on bringing foreign students to study in our higher educational institutions For every verified women SHG self-help group member having a Jan Dhan Bank Account, an overdraft of 5,000 shall be allowed. One woman in every SHG will also be made eligible for a loan up to1 lakh under the MUDRA scheme. Banks &amp; NBFCs Public Sector Banks are now proposed to be further provided ₹70,000 crore capital to boost credit for a strong impetus to the economy. For purchase of high-rated pooled assets of financially sound NBFCs, amounting to a total of Rupees one lakh crore during the current financial year, Government will provide one time six months' partial credit guarantee to Public Sector Banks for first loss of up to 10%. Reserve Bank of India (RBI) is the regulator for NBFCs.However, RBI has limited regulatory authority over NBFCs.Appropriate proposals for strengthening the regulatory authority of RBI over NBFCs are being placed in the Finance Bill. I am proposing to return the regulation authority over the housing finance sector from NHB to RBI. To facilitate on-shoring of international insurance transactions and to enable opening of branches by foreign reinsurers in the International Financial Services Centre, it is proposed to reduce Net Owned Fund requirement from₹ 5,000 crore to₹1,000 crore. India’s sovereign external debt to GDP is among the lowest globally at less than 5%. The Government would start raising a part of its gross borrowing programme in external markets in external currencies. Lowering Tax We continue with phased reduction in corporate tax rates. Currently, the lower rate of 25% is only applicable to companies having annual turnover up to ₹250 crore. I propose to widen this to include all companies having annual turnover up to ₹400 crore. This will cover 99.3% of the companies. Our government will provide additional income tax deduction of ₹1.5 lakh on the interest paid on loans taken to purchase electric vehicles. This amounts to a benefit of around ₹2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicle. Interest paid on housing loans is allowed as a deduction to the extent of ₹2 lakh in respect of self-occupied property. I propose to allow an additional deduction of up to ₹1,50,000 for interest paid on loans borrowed up to March 31, 2020 for purchase of an affordable house valued up to₹45 lakh. This will translate into a benefit of around ₹7 lakh to the middle class home-buyers over their loan period of 15 years. Levying taxes I propose to levy tax deducted at source TDS of 2% on cash withdrawal exceeding ₹1 crore in a year from a bank account. Business establishments with annual turnover more than ₹50 crore shall offer such low cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants. I propose to enhance surcharge onindividualshaving taxable income from ₹2 crore to ₹5 crore and ₹5 crore and above so that effective tax rates for these two categories will increase by around 3 % and 7 % respectively. Duties Import of defence equipment that are not being manufactured in India are being exempted from basic customs duty. To encourage domestic publishing and printing industry, 5% custom duty is being imposed on imported books. I propose to increase Special Additional Excise duty and Road and Infrastructure Cess each by one Rupee a litre on petrol and diesel. It is also proposed to increase custom duty on gold and other precious metals from 10% to 12.5%. Nominal basic excise duty is being imposed on tobacco products and crude oil. Aadhar &amp; Startups I propose to consider issuing Aadhaar Card for Non-Resident Indians with Indian Passports after their arrival in India without waiting for 180 days. I propose to make PAN and Aadhaar interchangeable and allow those who do not have PAN to fileIncome Taxreturns by simply quoting their Aadhaar number andalso use it wherever they are required to quote PAN. To resolve the so-called ‘angel tax’ issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect ofvaluations of share premiums. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody></tbody></table>

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