The Appliance and Consumer Electronics |
The consumer electronics industry at |
industry received a decent blow in this |
large sees the brighter side of the |
process. A sector in India that runs on |
increase in duties and incentives |
80 % cash transaction came down to half, |
allocations. |
in the aftermath. |
Welcoming the proposals Manish Sharma, |
Now with hopes in eyes, the industry |
President and CEO, Panasonic India & |
looked forward to the upcoming budget |
South Asia, and Executive Officer, |
on 1st of February. As demonetization |
Panasonic Corporation, states,“ The |
affected the sector in the second half of |
Union Budget 2017 will have a long-term |
the third quarter, relevant measures to |
impact, it needs to be analyzed further |
soothe the bruises were being looked |
when it comes to the appliances and |
forward to. |
consumer electronics industry. This |
The new budget had various measures for |
budget, a lot of impetus has gone to rural |
the electronics sector.“ We are also |
economy and allocation on infrastructure |
creating an ecosystem to make India a |
by the honorable finance minister. From a |
global hub for electronics manufacturers. |
consumer electronic company point of |
Over 250 investment proposals for |
view, we were expecting direction on the |
electronics manufacturing has been |
upliftment in supply chain and logistics in |
received in the last 2 years, totaling an |
India. The budget allocated towards M- |
investment of Rs1.26 lakh crore,” Finance |
SIPs and EPF looks progressive and will |
Minister, Arun Jaitley said while |
surely reduce dependency on imports in |
presenting Union budget 2017-18 in the |
the industry.” |
Lok Sabha. |
Prior to the Budget announcements, the |
“ I have therefore exponentially increased |
appliances, and consumer electronics |
the allocation and incentives of schemes |
industry appealed to the Finance Minister |
like M-SIPS and EDF to Rs745 crore in |
to raise the basic customs duty to 20 per |
2017-18, this is an all-time high,” Jaitley |
cent for the sector, a measure to |
stated. |
discourage imports, and enhance local |
M-SIPS provides subsidy for capital expenditure- 20 % for investments in special economic zones( SEZs) and 25 % in non-SEZs. |
manufacturing. Besides, the industry had also urged implementation of the Phased
Manufacturing Plan, which would boost manufacturing of components.
|