Nasscom Seeks Incentives For Investment In R&D, Talent Development

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The National Association of Software and Services Companies (Nasscom) has recommended the Union government to offer incentives for investment in research and talent development. 

Nasscom, the industry body for $177 billion IT-BPM sectors, said it has submitted an “extensive” recommendations document with the government ahead of the Union Budget next month. 

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Nasscom said it has explored the demand and perspective of various stakeholders of the IT services industry, which accounts for more than 6.6% of the nation’s GDP and employs more than 4.1 million people. 

It has drawn the government’s attention as to ensure there are no roadblocks for the industry’s growth, which has a multiplier effect on India’s economy and crucial to achieve the $5 trillion GDP milestone by 2024, said the industry body in a press release. 

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Key suggestions
The key recommendations include a) a tax-friendly Special Economic Zone policy for the next 20 years; b) incentives for R&D investments in technology, talent development and reskilling; c) growing India as a technology start-up hub through encouraging funding; d) easing taxation regime for the digital economy and promoting ease of doing business. 

Nasscom has suggested the government to set a budget of Rs. 500 crore for the financial year for co-funding talent development and re-skilling in IT services, thereby creating future-ready talent. It has also talked about promoting the creation of intellectual property (IP) in engineering and research & development (ER&D) through incentivising investments in centres of global MNCs in India and nurturing 1000 technology spin-offs from the ER&D centres. 

(News source: Economic Times)

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