With the budget 2019 being presented on February 1, it only becomes imminent for the mobile and electronics industry players in India to seek reforms and new changes this fiscal. In this regard, it becomes natural to analyse the expectations of the consumer electronics industry.
To analyse industry expectations, Republic World got in touch with Pankaj Mohindroo who is Chairman, India Cellular and Electronics Association (ICEA).
Mohindroo believes that the current scheme of things in mobile handset manufacturing has been a success. He also states that the focus for ICEA would now be on wholesome expansion of the mobile handset ecosystem whilst focusing on electronics as a whole. Development of Indian consumer electronics brands which have the potential to succeed, along with creating sustainable ecosystems for major international brands like Samsung, Apple, Huawei, Oppo, LG, Vivo, and more in India.
“The Government must create a special package to help establish Indian Champions to tap the entry-level $250 billion global opportunities. There is a compelling need for making a comprehensive strategic support framework for building large domestic companies in order to have the desired level of control on technology in the strategic areas,” states Mohindroo.
This only opens up opportunities for the domestic players to up the ante as far as improving India’s rankings in the global market index is concerned.
Further detailing expectations from the budget 2019, Mohindroo adds, ”Allowance of zero-duty import of second-hand capital goods under the Export Promotion Capital Goods scheme to ease import of used equipment with at least 80 percent residual value while ensuring fast track clearance should be implemented.”
“ICEA recommends that the 10 years tax holiday may be granted on a block of 15 – 20 years on all profits and gains under Section 80 IA of IT Act.”
Hence, all eyes are now on the February 1 budget that would be presented by Piyush Goyal who has been given interim charge of the Finance Ministry. Do share your thoughts on the expectations (technological) from the budget.
Also Read: Budget 2018 Shows Modi Confidence About 2019