
The countdown has commenced for the Interim Budget 2024-25, with leaders across sectors expressing their expectations, primarily focused on strengthening domestic manufacturing. The upcoming budget is seen as a potential influencer in shaping key sectors, with optimism about the government’s role in fostering innovation and bolstering the ‘Make in India’ initiative.
Ashok Rajpal, Managing Director of Ambrane India, emphasized the positive impact of Production-Linked Incentive (PLI) schemes and manufacturing incentives on the consumer electronics industry. He cited a remarkable 53% YoY growth in the first half of the calendar year 2023, attributing it to these schemes. To elevate the industry to international standards, Rajpal stressed the importance of additional support for the export of ‘Made in India’ products.
Approaching Budget 2024-25, Rajpal expressed hope for a budget that consistently supports domestic manufacturing, fosters innovation, and enhances global competitiveness. He underlined the significance of sustained backing for the ‘Make in India’ initiative, emphasizing its integral role in the industry’s growth trajectory. Rajpal also highlighted the critical role of strategic investments, tax advantages, and streamlined legal processes for the vitality of the manufacturing sector.
Meanwhile, Ankit Maini, Managing Director of Veira Group, acknowledged the surge in ‘Made in India’ products and the opportunities it created for local players. However, he pointed out the challenges of competing directly with Chinese brands. Maini urged the government to prioritize research and development, streamline the supply chain, and address the tax structure on televisions. He recommended a universal reduction in tax to 18% for TVs larger than 32 inches, considering their expanded role in education and information dissemination.
In pre-budget expectations, Maini called for encouraging Indian players to explore export opportunities and reducing import duties on open-cell components linked to technology transfer agreements. He believes this holistic approach will foster a competitive local industry and substantially contribute to the country’s overall economic growth.