The last pre-poll budget was called a “big step” towards achieving Ease of Business. The Finance Minister Arun Jaitley presented the fifth and last Union Budget for 2018-19 in Parliament. Massive formalization of the businesses of MSMEs is taking place in the country after demonetization and introduction of GST.
MSMEs is a major engine of growth and employment in the country. He allocated INR 3,794 crore to MSME Sector for giving credit support, capital and interest subsidy and innovations. Addressing the fact, Mr Pradeep David, General Manager, Universal Robots – South Asia, says–“MSMEs have been a pillar of major emerging economies like India. MSMEs being a focus for Universal Robots, the government investment and tax reliefs will encourage the growth of this sector and lead to further employment generation”.
He also said, “The allocation of the investments announced in the budget 2018-19 will help research and development in areas of Machine Learning, Artificial Intelligence and Robotics & Automation.”
Prime Minister Narendra Modi has articulated the vision of ‘‘Minimum Government and Maximum Governance’’. “Some of the interesting outcomes of this budget have been the duty enhancement on certain automobile components, doubling of resource allocation for food processing and to the digital India program.”
The Krishi Sampada Yojana is the flagship programme for boosting investment in food processing. The government will promote the establishment of specialized agro-processing financial institutions in this sector. Mr David comments, “the food processing industry is growing at 8% and is an exciting development as cobots play heavily in end of Line packaging automation, an essential area to be competitive for global and local food processing companies.”
Technology will be the biggest driver in improving the quality of education. The finance minister Mr Arun Jaitley propose to increase the digital intensity in education and move gradually from ‘‘black board’’ to ‘‘digital board’’. Technology will also be used to upgrade the skills of teachers through the recently launched digital portal ‘‘DIKSHA’’.
Speaking of Digital India, Mr Pradeep David said, “the Digital India Program, a key to Industry 4.0, wherein cobots play an integral part as one of the key levers to supplement labour in terms of productivity, quality, and ergonomics, allowing India Manufacturing to climb up the value chain”.
Lastly, he addressed the government’s outlook on the budget towards automation. “The major manufacturing industries, with the advent and adoption of newer technologies, will lead to increase in the efficiency of the business processes, operations and productivity.” For example, the complete modernisation of Indian Railways’ entire signalling system, including automation, at a whopping cost of Rs 78,000 crore is likely to get the nod among other safety measures in the forthcoming budget.