Consumer electronics sectors expect strategic initiatives in 2024-2025 budget

Budget expectations: Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for the financial year 2024-25 in the Lok Sabha on July 23. Pre-Budget sentiments are pouring in from various sectors, each with their demands for this much-awaited Budget. The Budget is expected to be a special one as it will set the financial tone for the next five years for Modi 3.0.

Meanwhile, experts from the consumer electronics industry expressed their expectations and demands regarding the budget for 2024–2025.

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Imran Kagalwala, Co-Founder, UNIX India, said, “In the upcoming Union Budget, consumer electronics manufacturers in India are looking forward to strategic initiatives to support innovation and enhance research and development (R&D) capabilities. While the government has made significant progress in supporting Indian manufacturers through initiatives like the Made in India campaign and the PLI scheme, there is an urgent need to level the playing field. The plans include measures like anti-dumping duties to ensure fair competition with Chinese and other international companies in the industry.

“Localisation of components and raw materials is also key to reducing import dependency and strengthening domestic manufacturing capabilities. Policy reforms and investment in skill development are expected to prepare the workforce for future challenges and opportunities in the global market. Moreover, there is a strong expectation of measures to promote exports, which could elevate India as a significant player in the international consumer electronics sector,” he added.

Ashok Rajpal, Managing Director, Ambrane India, demands continuous support under the PLI scheme.

“There is strong optimism about the electronics industry in the wake of the Union Budget 2024-25. The government’s Production Linked Incentive (PLI) schemes have already shown their potential by driving remarkable growth, attracting investments and enhancing our manufacturing capabilities. We anticipate further support in the upcoming Budget. To bring our industry up to global standards, it is imperative to enhance support for exports of ‘Made in India’ products. As the Budget approaches, we expect policies that will strengthen domestic manufacturing, support innovation and enhance our global competitiveness. Continued support for the ‘Make in India’ initiative remains crucial to our trajectory,” said Ashok Rajpal, Managing Director, Ambrane India.

“Critical investments in infrastructure and technology will be key to the growth of the electronics manufacturing sector. Tax incentives and streamlined regulatory processes are essential to keep the sector healthy. Emphasizing self-reliance in advanced technologies will further strengthen local manufacturing efforts. We look forward to the Budget with optimism, expecting policies that will strengthen our foundation for growth, innovation and sustainable practices in electronics manufacturing,” he added.

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