The Budget 2016 is to be presented on Monday, 29 February 2016. Some expectations from this budget include the focus on making India an international standard manufacturing hub, especially in the electronics manufacturing sector.
This bodes well for our industry and business if this does indeed come true. Excerpt from Financial Express below:
India: ‘World’s factory’
“The government has started a revolutionary growth trend with Make in India initiative and we truly appreciate its relentless focus towards making India a global manufacturing hub. We feel that the next decade will be dominated by the electronic manufacturing services sector and it will bring about the next revolution in India. This sector has the capability to not only meet our country’s burgeoning employment needs but also make India – ‘World’s factory’. We have seen the government extend its unflinching support to the mobile handset industry by declaring it as a priority lending sector and through single window clearance mechanism, tax exemption on direct and indirect taxes for made in India products, tax holiday and incentives for startup entrepreneurs among other exemptions. Additionally, supports like deduction of CSR expenses, lowering the MAT rate can further boost the Indian economy and will accelerate investments in R&D, enable localization of electronic components and digital content’s availability in offline areas,” said Ritesh Suneja, Group CFO, Lava International.