Budget 2020: Smartphone makers welcome FM's idea of new scheme, hope for Make in India boost

Budget 2020: The smartphone industry has welcomed Finance Minister Nirmala Sitharaman's proposal for a new scheme for manufacturing cell phones, semi conductors and other electronic devices. Smartphone makers believe that the move will boost the Make in India efforts and help them scale up in the coming days.

Nipun Marya, Director – Brand Strategy, vivo India said that it is heartening to see government recognise the significance of electronics manufacturing and added that he is excited about the detailed scheme.

"It is heartening to see that the Government has time and again recognized the significance of electronics manufacturing in today's economy. The Union Budget's significant focus on local production of mobile phones, electronics and semiconductor packaging is going to propel the Make in India vision further. We are excited about the detailed scheme, which will follow soon," Marya said.

Infinix India CEO Anish Kapoor was of the similar opinion.

"We welcome the Union Budget 2020 announced by the government as it proposes a scheme focused on encouraging the manufacturing of mobile phones and electrical equipment, this will further give a boost to government's Make in India program," he said.

"All eyes would be on the manufacturing sector, with the FM proposing a scheme to encourage mobile phones, semiconductor packaging, and electronic equipment. The new scheme, Nirvik, is also going to offer respite for exporters, promising to settle refunds for electricity and VAT previously levied," said Leon Yu, Regional Head, India & South Asia, Asus.

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The proposed scheme will also encourage investment in the segment, said Yogesh Bhatia, Founder, and CEO, Detel.

"We welcome the initiatives announced by the honorable Finance Minister to boost the start-up ecosystem. The measures made by the government will encourage fresh investment in the sector because the proposed scheme is set to focus on encouraging the manufacturing of mobile phones and electrical products. The government planned to reveal more of a detailed scheme to boost mobile phone, electronics products in the country and to initiate more of phones and electronics to be Made in India soon. We are glad for this opportunity that the government has taken and it encourages us to scale up our defined mission of connecting 40 crore Indians," he said.

In her speech, finance minister had said that government's vision is boost domestic manufacturing and attract investment in electronic manufacturing.

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