To boost digital payments, Union Finance Minister Nirmala Sitharaman on Monday proposed a Rs 1,500 crore scheme during her budget presentation.
"To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote digital mode of payment," Sitharaman said.
Sitharaman also said that the government has worked out the modalities for the National Research Foundation (NRF), which was announced in her Budget speech of 2019.
“The NRF outlay will be Rs 50,000 crore over five years," the Finance Minister said.
"It will ensure the overall research ecosystem in the country is strengthened with focus on identified national priority thrust areas," she added.
Budget 2021 Makes NRIs an Equal Partner in Digital India’s Growth Story
"The Budget has been accommodative of the needs of NRIs. The budget has balanced the pace of structural reforms, continuing spending on key infrastructure around transportation and real estate. The measures proposed will boost India’s progress towards becoming a self-reliant nation.
The proposal to eliminate double taxation for NRIs on foreign retirement funds and giving FPIs a tax deduction on dividend incomes at lower treaty rates, will encourage greater infusion of funds into the country’s economy, and encourage more NRIs to take advantage of the opportunities that abound. Further, the proposal to allow NRIs to set up a One Person Company will encourage investments towards the country’s quick revival in 2021.
The services sector contributes heavily to the country’s GDP, and the announcement to set up a social security net for gig economy workers and empower women to work in all categories, will encourage better diversity at workplaces and foster rapid innovation. Overall, this is a good budget for NRIs who wish to contribute to Digital India’s growth story,” says Adeeb Ahamed, Managing Director, LuLu Financial Holdings & Tablez Group.