Budget 2019: Broking firms hail artificial intelligence focus by Modi government

Welcoming the artificial intelligence focus by the Narendra Modi government for two consecutive years, broking firms in India have said that it would play a major role in bringing financial inclusion under the capital market umbrella. They said now the equity market investment will become more penetrative and people from rural and remote areas would become accessible to the equity markets.

Speaking on the matter Shrini Viswanath, CTO & Co-Founder at Upstox — a new age discount broking firm — told Zee Business online in a written statement, “The proposal in the Interim Budget to initiate a National programme on Artificial intelligence and establishment of a National Center on Artificial Intelligence are visionary decisions that will go a long way in reaching the benefits of emerging technologies for betterment of human lives. Technology and Artificial Intelligence have a big role to play in financial inclusion and getting people, especially those who come from backward and remote areas, under the Capital Markets umbrella.  As for more specific benefits to Capital Market investments, the move to levy Stamp Duty on financial securities transactions only on one instrument relating to one transaction will make Equity Market Investments more affordable for investors and streamline the process of collection of this duty, and increase the level of ease of doing business in India.”

Commenting on the government move in budget HDFC Securities Institutional Research reported, "Opportunity for Indian IT in areas of digital infrastructure for citizens and governance services with multiple ongoing projects (citizen services, healthcare, utilities solutions)." Asked on the scrip that will be in focus after this artificial intelligence move it said, "The move is positive for TCS, Wipro, Infosys, Tech Mahindra, Persistent Systems, L&T Infotech."