• Source:JND
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Budget 2024: The last budget of Narendra Modi's 2.0 government will be presented on February 1. It will be an interim budget instead of a complete one as Finance Minister Nirmala Sitharam will be presenting it months before the 2024 general elections. 

Meanwhile, pre-budget expectations from across the sectors that include finance and banking, automobiles, start-ups, manufacturing and others are being expressed by the industry leaders. 

Amid the ups and downs in exports and imports, the electronic product manufacturing sector has many expectations from the upcoming budget.

Also Read: Budget 2024: As Railways Mulls Rs 7 Trillion Investment Over A Decade, What Interim Budget Could Have For Infra Sector

Ankit Maini, Managing Director of Veira Group demanded government attention towards research and development and streamlining the supply chain to compete with Chinese products.

"The surge in 'Made in India' products witnessed in the Indian industry last year, coupled with the departure of several Chinese brands, has opened doors for local players. However, competing directly with Chinese brands remains a challenging task. The government must prioritize research and development and streamline the supply chain. Addressing the tax structure on televisions is crucial; currently taxed at 28% on TVs larger than 32 inches, a universal reduction to 18% is recommended, especially considering the expanded role of television in education and information dissemination. As the television industry evolves, it becomes a significant economic contributor through job creation and increased demand for domestic components," said Ankit Maini

He demanded reducing import duties on open-cell components

"Encouraging Indian players to explore export opportunities and reducing import duties on open-cell components linked to technology transfer agreements will propel the success of the 'Made in India' initiative. This holistic approach fosters a competitive local industry and contributes substantially to the country's overall economic growth," Veira Group managing director said further. 

Also Read: Budget 2024: Tax Rebates To Incentives, What Startup Sector Is Expecting From This Year's Budget Announcement