- Strong steps are expected to be taken towards making it a hub of manufacturing and export.
- Expected to rationalize tax slabs for consumer durables
- We also appeal to the government to consider reduction in import duty
New Delhi. Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. The expectations of the common man to the industry are attached to this budget. Everyone is hoping for relief in the midst of the Corona crisis. In this sequence, the consumer and tech industry have demanded the Finance Minister to give many concessions including tax relief. Let us know what is demanded from the budget of consumer durables and tech industry?
Mandeep Arora, managing director of consumer tech company Ubon The Minister said that in the budget this year, the Union Government is expected to take strong steps towards making India a hub for manufacturing and exporting electronic components. We are expecting consumer electronic products export promotion and GST rate cut. I believe the budget needs to put more emphasis on value addition, including special incentives and concessions for consumer electronics and component manufacturing.
There itself, Vipin Agarwal, co-founder of consumer durables company Candace In the Union Budget, we expect the government to rationalize tax slabs for consumer durables. Simultaneously, concessions on R&D for local manufacturers should also be promoted. The industry needs support from the government as the supply and demand are affected by COVID-19.
Lalit Arora, co-founder of consumer tech company Vingajoy, said that the year 2021 was challenging because of the challenge of the pandemic. Therefore, the upcoming budget is expected to have provisions to strengthen initiatives like ‘Make in India’ and ‘Digital India’. In the upcoming budget, we are hopeful that the government will retain its support. Apart from this, many other initiatives helpful to the industries are also expected to be re-launched.
Neeraj Behl, MD & CEO, BSH Home Appliances According to the RBI, the economy has been affected by rising input costs and supply chain disruptions for the past one year. Recognizing these pressures, we expect the government to reduce GST in the Budget to address the issues of price rise. We also appeal to the government to consider reduction in import duty, as higher duty rates are impacting the growth potential of the consumer durables category. We appreciate the efforts of the Government for the PLI scheme, which has encouraged companies like us to fulfill their commitment to ‘Make in India’.
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