Budget '11: What digital entrepreneurs want – Hitesh Oberoi
Hitesh Oberoi, CEO, InfoEdge, which owns Naukri.com, 99acres.com, Jeevansathi.com, on what he hopes for in the Union Budget 2011.
As the date for the announcement of the Union Budget 2011 approaches on February 28, exchange4media talks to some entrepreneurs whose businesses will be impacted by the upcoming announcements, and asks them to share their thoughts on what they can expect, and what they are hoping from the Government for their sector.
Hitesh Oberoi, CEO, InfoEdge, which owns many leading Indian dotcoms, including Naukri.com, 99acres.com and Jeevansathi.com, said, “As a young company in the young Internet sector, which caters to the basic aspirations of the young people in this country (Jobs, Education, Housing), we want the Finance Minister to give special status to the Internet sector, which can be as transformative for the economy in the next 10 years as the telecom sector was in the last 10. It can help create hundreds of thousands of new jobs while at the same time help transform and make more efficient virtually every sector of the economy – Business, Governance, Commerce, Communication, Education and Entertainment. The Government should extend some fiscal benefits to companies that operate in this space.”
He further said that spending on education, which could lead to better employment, should increase, and added, “The youth want high quality education and jobs. On the other hand, companies continue to face a talent crunch. The FM should increase the allocation for higher and technical education, especially in areas like engineering, management and vocational courses.”
He also said, “Lastly, the more immediate need is to ensure that we keep the wheels of the economy moving. The high rate of inflation we see today is because of a combination of high oil prices and domestic supply side constraints. High interest rates will hurt investment, which will result in even more supply side issues going forward. We need to provide easy financing to companies at reasonable interest rates to ensure that infrastructure projects keep moving.”
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