This year’s Budget has brought significant changes, focusing on various key aspects which are largely stressed upon our overall economic growth – Rural, Agriculture, Ease of doing business, skilled based education, job creation, healthcare, housing, Structural reforms and infrastructure development which will help stimulate and strengthen the Indian economy.
The emphasis is on establishing a programme to bring in direct efforts towards building a holistic ecosystem for Artificial intelligence. The focus on AI is a welcome move towards technological advancements in India and an allocation of INR 3073 crore for the Digital India scheme will certainly propel digital adoption and smartphone adoption in the country.
The increase in customs duty on Mobiles will encourage local manufacturing. As India is becoming the global hub for manufacturing, the measures taken by the government will surely grow confidence amongst the manufacturers and I strongly believe that this will further create business and human resource opportunities as well. Also, with the government’s move to invest in over 5 lakh WIFI Hotspots, will enable rural India to have Broadband access which in turn will be a significant stepping stone in the Digital India movement.
The government’s measures towards the import duty on printed circuit boards (PCBs), camera modules, connectors and other components that go into making smartphones, will boost the Make in India initiative and will relentlessly pursue in curbing imports and building value addition in the country. Micromax is deeply connected on the Make in India initiative with 3 running factories and we support this.
However, the increase in customs duty on the certain parts of TV might affect the manufacturing ecosystem adversely. We need the government to help in creating an improved local manufacturing and a better component ecosystem for the consumer electronics manufacturers as well. With focus on growth, it is the budget to look forward that would add an impetus to the India’s growth story.
@Technuter.com News Service