New Delhi, July 12 (KNN) Lauding the efforts of the Finance Minister Nirmala Sitharaman for delivering a well-balanced budget, Vice President at Times Internet and Business Head, Sanjay Goyal said that her maiden budget is a step in the right direction for India and especially the IT sector.

With a view to resolve the so-called ‘Angel Tax’ issue, the Minister proposed that 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 of valuations of share premiums.

Commenting on this, he stated that the tech startups in the country will benefit from the elimination of IT scrutiny of founders and investors who are duly filing returns. This will also help overcome the funding crunch and boost the startup ecosystem.

The government has also proposed to introduce training workshops for the country’s youth in new-age skills to encourage them to take up high-paying jobs overseas. These skills include – Artificial Intelligence, robotics, 3D printing, and virtual reality.

Reacting on this proposal of the Government, Goyal said “I am also thrilled with the announcement of the proposed expansion of the Skill India initiative to include areas such as Artificial Intelligence, Internet of Things, Big Data, 3D printing, Robotics, and Virtual Reality. This will help train our youth for overseas jobs.”

Allocation of Rs 400 crore for world-class higher education in FY20 is also the need of the hour, he added.

In addition, he pointed “Formation of National Research Foundation shall go a long way in calibrating India’s talent pool.” (KNN/ VS)