Connect with us

The Plunge Daily

‘Digitisation to soar up demand for electronic products’: MAIT welcomes Budget 2022

'Digitisation to soar up demand for electronic products': MAIT welcomes Budget 2022


‘Digitisation to soar up demand for electronic products’: MAIT welcomes Budget 2022

Manufacturers Association For Information Technology (MAIT), the apex body representing India’s ICT sector has welcomed the Union Budget 2022 and said that government’s emphasis on digitization will lead to demand for electronic products and technology solutions.

Lauding Finance Minister Nirmala Siitharaman for presenting a “progressive investment oriented budget”, MAIT president Nitin Kunkolienker said; government’s emphasis on ease of doing business and agile policy making will be a key enabler for the fast moving electronics Hardware industry.

“Kick off of PMP for Hearables, Wearables & Smart meters is a continuation of India’s Electronics Atamnirbhar strategy. This will help in building domestic capability to address a $80 billion global market by 2025,” he added

Here is the complete statement of Mr Kunkolienker

The focus of the Government on support for R&D by bringing in public funding for R&D over and above the current academic and academia-industry framework is very encouraging. Along with allocation of 5% of USO Fund for R&D in products to take broadband into rural India. The allocation of funding for education content, 200 TV channels for education in regional language under PM e-Vidya, the transliteration of land records in 8 regional languages all have a powerful catalyst to ward integrating vernacular India into the Digital India.

Agile Policy steps of extension of start date for manufacturing for “Concessional tax regime”, the incorporation date for Start-ups for availing Tax incentives is welcome step and it demonstrates GoI walking the talk on Agile Policy Initiatives. Last but not the least, the GoI’s emphasis on improving multi-modal connectivity and strengthening India’s logistics is a very positive step for increasing India’s competitiveness and sustained electronic manufacturing out of India. We the Industry look forward for two Trans-shipment Hubs out of India and exclusive Air Cargo Airports to support electronic manufacturing.

Also Read:_Budget 2022: Govt to create 6 million jobs through PLI schemes, says FM Sitharaman

India has led the world in FinTech. Today’s announcement of India Digital Currency is another pioneering step by India in this direction. Fiscal steps towards supporting India’s recovery. Topping up existing Opex led outlays with Capex driven strategy is a welcome step.

For the SME Sector the extension of ECLGS scheme to Mar23 is very welcome. Many SME’s survived on account of this scheme during the difficult covid period.
SME’s are big suppliers to Public procurement. End to End Digitization of procurement process with time bound payments, a big support to SME’s.
IRDA to permit Insurance Companies to issue Surety Bonds in place of Bank Guarantees is another welcome step.

Click to comment

Leave a Reply

Your email address will not be published.

To Top