Honestly, you have to admit that from the last two years have been a rough ride. The Indian market took a huge turn because of the ideas of demonetization and going cashless. This has affected everyone one from the high end business to the simple vegetable seller.
Since the wave of demonetization has shaken Indians to the core, the main aim of this scheme is to strengthen the country and its citizens to adopt a cashless economy within the next few years.In this way the finance minister has doubled the budget for the Digital India Scheme to Rs 3073 crore for FY19, emerging as a major move towards assisting the nation to progress further. The second development of investment of Rs 10,000 crore for rural Wi-Fi hotspots, giving 5 crore citizens access to broadband speed internet by the deployment of 5 lakh Wi-Fi hotspots should help bring more consumers online, increasing digital consumption of services like OTT, entertainment, banking, and e-commerce. We feel that all these steps are a definite plus for the significant growth of the digital businesses in the country.
The finance minister talked about things like encouragement for technologies like machine learning, artificial intelligence, and block chain. They plan to encourage these technologies for widespread public use. This is actually great news, because all these tech companies are only beginning to find a market for themselves. Also give relief for MSMEs to reduced the income tax to 25 per cent for small firms with annual turnover of up to Rs 250 crore. So, If you are looking for a way of running your small business, you have more chances of being successful if you put your company online. This gives it a smooth transaction from cash to a cashless economy within in a few months.
Here’s why jumping on the Digital India Initiative can be quite a good idea for Small and Medium Enterprises (SME’s) businessmen:
If Digital India succeeds, your potential customers will be only a click away. India currently has over 30 crore internet users. Digital India may add another 20 crore to that number by 2017, claim media reports. Do not lose this opportunity to develop your brand online. You can market your products through the social media, emails, and your website. Not only urban areas, customers from all over the country will be yours to woo.
Digital India has already attracted a huge flow of funds from India and abroad. The Indian corporate sector has pledged to invest Rs 4.5 lakh crore in Digital India. Foreign funds and technology companies are also vying for a piece of India’s digital pie. But how will this benefit you? Again, this can give you access to easy funds.
With Digital India, the government targets net-zero electronics import by 2020. To realise this dream, it may spend around Rs 24,000 crore. If you own an electronics business, this is your chance. You can enjoy a special incentive package, tax rationalization, and preferential market access. Besides, you can expect to face less competition from imported electronics.