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Federal Finance Minister Nirmala Sitharaman is ready to present India’s budget for 2023-24. We reached out to VingaJoy co-founder Lalit Arora to understand what the consumer tech and electronics sector expects for the next budget.
VingaJoy co-founder Lalit Arora said in his comments on the 2023-24 federal budget: Expanding that growth has long been on the Indian government’s agenda. Budget 2022-2023 The appliance manufacturer has expressed disappointment that no concessions have been made to its products or rationalization of his GST. From 2023 he expects budgetary reforms to accelerate growth driven by consumer demand, starting with the 2024 Union Budget. ”
“Given that wearable devices are the new fad, it’s time to encourage wearables in the consumer device category as well. Also encourage R&D/design and promote new supply methods in India: Government recognizes manufacturers by providing subsidies for Complete Knockdown (CKD) and Semi Knockdown (SKD) production. , can be encouraged, which increases the potential for better returns and expands a company’s footprint in mature markets,” added Lalit.
Adding to his expectations, Arora said: This year, the Indian economy is on its way to recovery and from 2023 to 2024 he said the federal budget is crucial for the consumer electronics sector as it can facilitate an effective revival of the industry. SMEs, MSMEs and manufacturing giants are looking forward to their 2022 budgets. This will boost your growth trajectory. ”
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