What do consumer technology companies expect from their budgets going forward?

2022 Budget Expectations: Consumer tech companies want the government to streamline tax regimes, boost manufacturing in India and support R&D. They also hope the government will come up with incentives in the Make in India line to give the sector a boost.

New Delhi: Technology has played a huge role in helping people tackle the Covid-19 pandemic. From hybrid work environments to virtual classrooms, technology has played a major role in creating opportunities for people in India. It has also pushed technology companies to make great strides and innovate. According to the Indian government, 75% of the world’s digital talent is in India. Digital marketplaces have given people access to everyday supplies during lockdown.

Key areas gaining momentum include fintech, educational technology, e-commerce platforms, and electronics manufacturing. India will have 44 unicorn companies in 2021, a record high for the country. In this context, we look to consumer technology companies expectations in his 2022 budget for Nirmala Sitharaman going forward.

Stronger push and incentives from government

According to Mandeep Arora, managing director of UBON, the government should take steps to make India a manufacturing hub for consumer technology products and boost exports. For this reason, he wanted the government to provide subsidies and incentives to consumer technology manufacturing companies.

“This year, the government is expected to take steps to make India a hub for manufacturing and exporting electronics. I expect it to continue to rise, and I think it’s time to exceed it.The budget needs to focus more on value creation, such as special incentives and subsidies for consumer electronics and component manufacturing. I believe there is

VingaJoy co-founder Lalit Arora expressed a similar view. “2021 has been a difficult year for all sectors due to the pandemic situation.There are therefore a lot of expectations from the central government for its new policies.We also have an SOP for the industry to maintain. It is also expected that the upcoming budget will have provisions to strengthen the system as a whole, with forward-looking initiatives such as ‘Make in India’ and ‘Digital India’ being taken. doing. ”

Mandeep Arora also added, “There needs to be a stronger impetus to reinvent the Digital India campaign by expanding its reach and using faster, more efficient technology and planned schedules.” rice field.

Rationalization of tax system, promotion of research and development

Some industry experts believe that research and development in the technology field should be strengthened. Candes co-founder Vipin Agarwal said: It also promotes research and development and provides incentives for local manufacturers. As Covid-19 impacts both supply and demand, the industry is seeking support from governments. ”

The Government of India has launched various initiatives such as Make in India to encourage the manufacturing of goods in India. January 16th was also celebrated as “National Start-up Day” to show support for up-and-coming startups in the country.

Arora further added: Help the industry get back on the platform. To compete with the current market scenario, the industry needs to develop new technologies to launch innovative products. ”

Finance Minister Nirmala Sitharaman will present the 2022 budget at Lok Sabha on 1 February 2022 at 11am. According to media reports, this year’s budget document will be in electronic form.