The recently-announced Union Budget 2009-10 has received praise from IT industry. Sharing one such sentiment with ChannelTimes, Praveen Bhadada, Engagement Manager, Zinnov Management Consulting, said, "The exemption of the value attributable to the transfer of the right to use packaged software from excise duty will reduce the software piracy in domestic market and therefore, sales would go up."

"With the mandate to increase the banking network in the country, I see huge opportunity in the BFSI segment. This would provide an opportunity for Indian IT services companies to help the sector with solutions like centralization of core-banking system in un-tapped geographies," he said.

"The facilitation of ‘Mission in Education through ICT’ scheme would provide system integrators, software sellers and managed services providers with growth opportunity into the education sector," he added.

Furthermore, India would see new companies exploring further opportunities with minimal tax hassles. "If the Central Board of Direct Taxes (CBDT) is able to formulate safe harbor rules to resolve issues around transfer pricing by next year (considering that the STPI exemption is only for a year now), new companies would look at India as a growth market," he said.