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Technology, an overarching theme this budget

HOW many times have you heard the finance minister of any country talk about Application Programming Interface (API)? That too in the budget speech. Not once but a few times and even spelling it out.

Technology, an overarching theme this budget
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Representative image.

Chennai

But she decided to tax virtual/digital assets at a flat 30% with no deductions allowed for any effort other than acquisition. Maybe she’s media savvy and has a disdain for all these new tech inventions. Not true either. There’s going to be a central bank digital currency that will give a big boost to digital economy and will lead to a more efficient currency mechanism. It’ll use blockchain and other technologies, issued by RBI.

The thrust of this budget seems to be building infrastructure. Don’t go looking for anything exciting. All exciting things need a strong foundation to build upon and that seems to be the focus. What about the API’s? Get excited if you can write them. Unified logistics interface, high tech organic farming including Agri-startups, drone Shakthi, digital education and eco system for dynamic livelihood. And why leave the poor post offices alone. They’ll also be API’ed to the core banking system. Build a solid tech base across the board for ease of governance.

The rulers must make arrangements for yogakshema (welfare of populace) by way of abandoning any laxity and governing the state in line with dharma along with collecting taxes. This is the essence of the budget as enumerated by our FM. Use of technology is an overarching theme of this budget while everyone was looking for tax breaks.

—Senthil Natarajan is Co-founder and CEO of OpenTap

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