The Indian electronics industry has pinned its hopes on the Union Budget 2019-20, and expects positive announcements from Finance Minister Piyush Goyal.
This year’s Interim Budget is viewed as a balanced call that the Finance Minister have to take to keep up with the political compulsions as well as what is good for the country’s economy. This budget is expected by many to be a “populous talk but a prudent walk’.
Success story so far
Finance Minister started off this year’s budget hailing that India is back on track by getting rid of policy paralysis, followed by self praising and veiled attacks at earlier regime.
- India attracted $239 billion in FDI
- India’s fiscal deficit brought down to 3.4%
- 143 crore LED bulbs has been distributed across the country which will save 50,000 crores of rupees
- More than 2.5 crores houses given free electricity connections all over India
- India has become the second largest hub of startups. A national artificial intelligence center to be developed soon in the country
- MSMEs have tremendous opportunities to sell their product through the GeM platform. Now GeM will be extended to all central public center enterprises
- India’s defense budget crosses 3 lakh crore this year. If necessary additional funds will also be provided
- India’s installed solar capacity has increased 10 times in the last five years and lakhs of new jobs have been created in this sector
- Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268
- To promote Make in India, custom duty has been removed from 36 capital goods
Read the highlights from Budget 2019 to find out what is there for the electronics industry for the FY 2019 – 20.
- 1 lakh digital villages are to be developed in the next 5 years
- All assessment of IT reforms to be done electronically in the next 2 years
- Vande Bharat Express will provide speed, service and safety to citizens and will give a boost to Make in India initiative
- India is on its way to become a global mfg hub in defense and automobiles sector
- India will be driven on electric vehicles, with renewable becoming the major source of energy
- Individual taxpayers with annual income of up to Rs 5 lakh will get full tax rebate
- Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities
For an insight into our exclusive report on Interim Budget 2019-20, do keep an eye on Electronics Bazaar March edition!