Budget a ‘missed’ opportunity for India: Nasscom

TIL Desk/Business/New Delhi/ IT industry body Nasscom on Friday said the Budget remained silent on bringing in a conducive policy for special economic zones and termed it a ‘missed opportunity’ for the country.

“One key exclusion in the Budget was a conducive policy for special economic zones (SEZ), leaving it as a missed opportunity for India as other countries continue to provide benefits to enterprises.

“The SEZ benefits shall end in March 2020, but there is no clarity on the new SEZ policy or an indication of what is to come,” Nasscom said in a statement.

It pointed out that a consistent demand from the industry has been a forward-looking SEZ policy to strengthen India’s position as a global hub for IT services.

“This sector contributes 7.9 per cent to the GDP and is one of its largest contributors, and creates around four million jobs, hence, a lack of incentives will impact India’s image…,” it added.