Dear Editor,
Warm greetings from Infrasoft Technologies.
Please find below pre-budget views and expectations of Mr. H. Tripathi, CEO & MD of InfrasoftTech.
Also attached is his picture and profile.
Request you to use it for the Budget Line section.
Thanking you.
Regards,
Regards,
Senior Executive-Corporate Communications
Infrasoft Technologies Limited
Tel: +91-22-6649 2222 Fax: +91-22-6649 2233
www.infrasofttech.com
Pre-Budget Views and Expectations by Mr. Hanuman Tripathi, CEO & MD of Infrasoft Technologies:
In an overall sense, in the forthcoming budget, it is unlikely that many changes will come through. Primary reason being, that Parliamentary Elections have concluded in the same year where government must have maximized the sops in the previous budget. The other issue is that while India is living in euphoria of the return of a stable and popular government, the downturn of Western Economies is still to see a reversal, which is likely to continue to cause a set back to the Indian Economy. Thus we see tremendous fluctuations in stock markets after a meteoric rise just after election results. Hence the government may be cautious in releasing too many give-aways in order to protect the country from the global recession. One healthy announcement has already been made last week by the Finance Ministry that subprime loans will not be encouraged in
I must comment only on Indian IT sector, being a beneficiary and a core worker for decades in this Industry.
No matter how much breast beating other industries or larger IT companies do about the sops the IT industry has received in terms of tax exemptions over last 10 years, it cannot be denied that the IT industry has returned several times bigger economic benefit to the country in the same period.
Building of international class infrastructure in the country in nooks & corners, galvanizing the education system, generating mass scale employment, being the sole cause of large scale foreign exchange reserves being created consistently and above all creating a strong Indian Services brand in overseas markets globally, are some of the clear returns the country has received in exchange of a small tax exemption benefit the industry has enjoyed over last 10 years. By any measure the way our system of development funds work, a tax collection in lieu over the same period would have not achieved one fourth the benefit.
In the presently weak sentiments of global outsourcing business, Indian IT & ITeS companies are facing massive risk of business loss, employment loss and erosion of share holder’s worth and thus the loss of GDP for the country. Our government cannot afford to close its eyes and believe that the storm will pass over. IT industry, the most critical industry after agriculture in
It is widely believed that the mid-sized companies are increasing their contribution to software exports consistently which needs to be analyzed and encouraged. Mid-sized IT companies are not the ones who have benefited from the largesse of the governments in last 10 years in terms of big pieces of lands being given at throw away prices or majorly consumed work permits or tax benefits. Mid-sized companies being forced to take up large IT spaces in far flung SEZs in order to stay within tax benefits is expecting too much out of them. Mid-sized companies require hardly 50-500 people which is not a big enough community to shift into a distant SEZs. Such companies require only 5000 to 50,000 sqft space which is not feasible in SEZs which have been floated only with a view to build large communities. From the infrastructure point of view, mid-sized companies are not self sufficient and require to live in an established community of a city closer to their employees, customers, suppliers, etc. It is not feasible for small companies to leave everything and settle down in distant SEZs. It is expected that the government will be conducive towards promoting smaller SEZs within city limits that offers smaller spaces and are reserved for smaller companies. It will be another dawn of accelerated growth when all the metros and sub-metros of the country will have multiple 10 – 15 lakh sqft SEZ places closer to the airports or the city centers.
If
Hanuman Tripathi
CEO & Managing Director
Infrasoft Technologies Limited
Phone: +91 22 6649 2222, Fax: +91 22 6649 2233
corporate@infrasofttech.com
www.infrasofttech.com
“Creating new business models for the global financial enterprises”
A SEI CMMi Level5, ISO 9001 & ISO 27001 Company
Notice : "This is not a communication from InfrasoftTech". The views expressed here are individual to the sender, merely his personal opinion and may carry data that is not published or validated. "No Liabilities to the sender or InfrasoftTech what so ever".
About Infrasoft Technologies (www.infrasofttech.com)
Infrasoft Technologies Ltd is a dedicated software company for the Banking & Finance Industry.
It is a global organization focused on delivering high quality IPR based software products, solutions & specialized software services; in the domains of Retail banking, Investment banking, eChannels, Trading, Wealth Management, Islamic finance, Anti Money Laundering and Microfinance.
In the last fourteen years, we have served over 145+ banks & financial institutions delivering cutting edge technology for transaction automation, customer services delivery, compliance and decision support in the above domains.
We are an emerging leader in Anti Money Laundering technology space globally and are targeting a top position as a supplier of Islamic Finance Solutions in the world market. InfrasoftTech is already a market leader in core banking solution sites amongst SME Banks in
InfrasoftTech is a SEI CMMI 5 assessed and an ISO 9001 & ISO 27001 certified organization having a global foot print with operations in United Kingdom, Channel Islands, U.S.A., India, Dubai & Africa and a global Channel partner network in over 10 countries.
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