Indian government needs to provide economic benefits to investors in I. T justify your answer
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Mark brilliant ❣️
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Indian government needs to provide economic benefits to investors in I.T. as India's IT sector is booming at one of the fastest pace in the world. The current valuation stands at around $90 billion and is estimated to reach the milestone of $100 billion by the end of 2024.
With the LPG reforms of the early 1990s, the fiscal space for industries, especially the IT industries, have given rise to the alluring opportunity for the youth of the country.
in order to continue the growth story of India, it is imperative for the Indian government to keep investing in the overall IT ecosystem.
Several benefits given for IT industries:
- PRODUCT-LINKED INCENTIVES (PLI) schemes: For giving impetus to the IT sector for manufacturing more services and attracting investors for investing in the forms which are aided by the government.
- Credit Guarantee Scheme: To give boost to the start-up culture and investors, the government is providing collateral-free loans for worth over Rs. 2000 cr to equip startups with the initial capital requirements.
- Development of SEZs: With the rise of a number of Special Economic Zones, the conducive environment for the IT industries to thrive becomes a kick-starter for the development of industries. e.g. Bengaluru
Hence, the success story of India's IT sector has just risen. We require more pragmatic schemes to hasten the ease of doing business.
Recently, India has registered 44 unicorn companies. This feat could only be achieved by constant investor culture in the form of angel investors and the government's backing.