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'The Budget fails to take advantage of the current situation'

BUDGET 2000

B V Jagadeesh

A lot of the procedures related to foreign investment has been minimised. That is a good sign. I will have firsthand experience myself in the next week or so as I am very close to making the first move on a Bombay company.

The NRIs are not only helping schools and charity, they are also helping VC activity and investing in start-ups. We have also funded several start-ups. This will automatically create jobs and wealth for hundreds and thousands.

Helping ease the VC activity will definitely help many NRIs to fund several funds as well as invest in several start-ups. I strongly feel that India needs this kind of momentum which helps bring smart money from NRIs. This will in turn build the next generation of companies in India.

I think the export levels on s/w has reached substantial numbers now. A small tax would benefit other sectors like the Internet etc. This is a normal evolution.

We have funded several VCs in India and will continue to fund the right kind with right people. This is the way to build the next generation of companies and create momentum amongst entrepreneurs.

In terms of building Internet infrastructure and opening up the telecom infrastructure, some concessions have been shown, but not enough. The Budget fails to take advantage of the current situation which could help put India on the world map as the leader. We must open common channels. Otherwise, we will collapse. Let the private parties invest in building the infrastructure. The government should provide tax incentives for the first 10-15 years like they did for s/w.

The dot.com revolution cannot happen unless the infrastructure opens up.. My belief is that the entrepreneurial momentum and VC activity will create such a tremendous activity that the government will have no option but open up the infrastructure.

How many people have ever gone back to the schools where they graduated from to see how they can help improve their schools? We all got free education and I am sure millions of successful engineers and doctors can contribute to their schools and villages.

What is important is what you can do for society to help create a better country, world. Look at what Bill Gates is doing. The kind of donations he is making to improve libraries, schools, museums etc etc is magnanimous. All rich Indians should learn from Mr Gates. It should not be from one man, it must come from all of us.

B V Jagadeesh is Co-chairman, Exodus.

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