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Before the Finance Minister Nirmala Sitharaman presents the Union Budget in the Parliament on February 1, 2021.
Here’s what the Consumer tech sector expects from Finance Minister Nirmala Sitharaman:
Mr. Mandeep Arora, Managing Director, UBON:
“The year 2020 was a year of challenges for nearly every sector, so, we are eagerly waiting for Budget 2021. Every sector is expecting the government to focus on overall economic growth and taking measures to continue positioning India as the business epicenter of the world.
We expect new policies promoting R&D innovations by pushing relevant initiatives, making innovative and bold policy interventions to propel the process of Make-in-India across sectors.
There’s no denying that Digital Innovation is an important building block for India’s future growth. Thus, nurturing new-age tech, improving the quality of talent, and enabling MSME must be on the agenda for the Government.”
Mr. Lalit Arora, Co-founder and CEO, VingaJoy:
“The consumer tech industry has great expectations from the Union Budget 2021-22. We hope that the upcoming budget has provisions that can strengthen progressive initiatives such as ‘Make in India’, ‘Digital India’, and the ‘Smart Cities Mission’.
In the upcoming budget, we are hopeful that the government would continue the good work it began carrying out in its first term with regards to GST, Make in India, along with a host of initiatives it has undertaken in the consumer tech / FMCG sector.
There has been an abolition of Chinese applications in India; this has led to a considerable slowdown in the import of Chinese products, so our industry is expecting improved funding and credit facility from the upcoming budget.
Additionally, we are hopeful that the Government will continue to promote manufacturing in India through its ‘Make in India’ initiative as this would not only provide a boost to Indian companies but also aid in creating more employment opportunities.”