Union Budget for the year is almost here. The Union Budget 2023-24 will be presented at a time when the global economy has come out of the shadows of Covid-19 but is faced with new challenges. Technology industry is hoping for a host of measures from Finance Minister Nirmala Sitharaman.
Avneet Singh Marwah CEO SPPL Exclusive brand licensee of Thomson in India
“The government really needs to make changes in the tax structure which involves changing the GST rate from 28 percent to 18 percent at least for TVs up to 40-inches. The government should withdraw the decision to charge the custom duty of 5% on the open cell imports. Additionally, LED TVs must be included in the PLI Scheme. The entrepreneurs and the industry should feel secure while they plan to make more investments. The Indian manufacturers have tried their best to support the economy, even during the pandemic. Additionally, the 5G technology can really change the game but the whole process of setting up the infrastructure needs to be expedited. The introduction of 5G technology will enhance the OTT experience on larger screens”
Hitesh Garg, India Country Manager, NXP Semiconductors
“Over the last couple of years, the government has introduced many comprehensive programs like Specs, PLI, and DLI schemes, to incentivize and empower the semiconductor industry of the country. These programs have paved way for investments from Indian corporates and start-ups, further strengthening the semiconductor ecosystem. In 2023, we expect the government to extend the scope of these incentive schemes or introduce new schemes to boost IP and product design, manufacturing and generate new employment opportunities for the semiconductor industry in India.”
Gaurav Mathur, Director of Lexar Co Limited
“We believe that manufacturing companies should be rewarded for developing new technologies and implementing environmentally friendly business practices in the budget for 2023. The budget for this year could have a positive impact on infrastructure; with tax reforms and ease of doing business at the forefront. We anticipate that the upcoming budget will include measures to improve the entire system. Government should focus on improving the condition of the flash memory industry because everyone can see how rapidly the flash memory market has expanded over the past three to four years. The only field in which young India is also contributing is the obviously expanding flash memory market.”
Avneet Singh Marwah CEO SPPL Exclusive brand licensee of Thomson in India
“The government really needs to make changes in the tax structure which involves changing the GST rate from 28 percent to 18 percent at least for TVs up to 40-inches. The government should withdraw the decision to charge the custom duty of 5% on the open cell imports. Additionally, LED TVs must be included in the PLI Scheme. The entrepreneurs and the industry should feel secure while they plan to make more investments. The Indian manufacturers have tried their best to support the economy, even during the pandemic. Additionally, the 5G technology can really change the game but the whole process of setting up the infrastructure needs to be expedited. The introduction of 5G technology will enhance the OTT experience on larger screens”
Hitesh Garg, India Country Manager, NXP Semiconductors
“Over the last couple of years, the government has introduced many comprehensive programs like Specs, PLI, and DLI schemes, to incentivize and empower the semiconductor industry of the country. These programs have paved way for investments from Indian corporates and start-ups, further strengthening the semiconductor ecosystem. In 2023, we expect the government to extend the scope of these incentive schemes or introduce new schemes to boost IP and product design, manufacturing and generate new employment opportunities for the semiconductor industry in India.”
Gaurav Mathur, Director of Lexar Co Limited
“We believe that manufacturing companies should be rewarded for developing new technologies and implementing environmentally friendly business practices in the budget for 2023. The budget for this year could have a positive impact on infrastructure; with tax reforms and ease of doing business at the forefront. We anticipate that the upcoming budget will include measures to improve the entire system. Government should focus on improving the condition of the flash memory industry because everyone can see how rapidly the flash memory market has expanded over the past three to four years. The only field in which young India is also contributing is the obviously expanding flash memory market.”
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