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Taxation of crypto currency is landmark achievement in this year’s budget: Ritesh Khandelwal, Chief Finance Officer, NxtGen Datacenter

Ritesh Khandelwal, Chief Finance Officer, NxtGen Datacenter and Cloud Technologies, shares his perspective on the Union Budget 2022

As leaders in the cloud infrastructure space, we at NxtGen Datacenters and Cloud Technologies, are very pleased with the declaration of Datacenters as part of harmonized list of infrastructure. This listing gives us the benefit of working with bank centered facilities. Earlier data centers were under IT/ ITES (IT Enabled Services), but by having them listed as infrastructure providers, we now have access to low-rate loans which is a straight forward benefit to the industry.

I believe the budget 2022 is a fantastic take and the government has made it simple and effective. They have directly targeted the apex areas, keeping health and infrastructure in focus considering the effects of pandemic. With rapid digitalization, the taxation of crypto currency is another landmark achievement in this year’s budget, as previously digital currency has always been in the grey area.

Digital Rupee using Blockchain would also be interesting change in way transaction would take place going forward.

The only thing that lacked in this budget was the clarity on government stand and expenditure towards Smart Cities. The government has spent a lot of money and time on this project previously, therefore we were looking forward to get insights on it. Similarly, we were also expecting some clarity in the data localization policy. All in all, we not only welcome budget 2022 but appreciate it as well.

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