Here's what consumer electronics tech sector expects from Union Budget 2023

Union Budget 2023 is going to be the last full budget of PM Narendra Modi-led government ahead of the general elections in 2024. While there's a  lot of expectation from this Budget, the technology sector feels that the government must increase the strategic investment in order to continue the 'Aatmanirbhar Bharat' expedition.

Muralikrishnan B, President at Xiaomi India, feels that the government must provide the impetus for further growth of start-ups.

“India is on the path to becoming a digital powerhouse, and the smartphone industry has rapidly evolved to support this journey. The focus on Make in India and the Production Linked Incentive scheme has provided the much-needed impetus to the industry and put it on the global map. With the upcoming budget, we look forward to policy initiatives targeted toward the components supply chain ecosystem that can help increase self-reliance and boost the economy. We are hopeful to see an enhanced push from the Government to empower start-ups and industry players to build relevant use cases that highlight 5G's real-life use cases, which will drive rapid adoption of 5G. To drive greater Digital inclusion, we would be thrilled to see some Government schemes to make smartphones accessible to students and women to drive demand across the sector. We are confident that with the appropriate policy measures, the Union Budget 2023-24 will help accelerate India's Techade,” said Muralikrishnan B.

Also, homegrown brands feel that the government must provide incentives to ramp up manufacturing in line with the Make in India campaign. 

"As Boult Audio is a homegrown brand and has contributed 1.5 million units crafted in India, we would like the government to continue the Aatmanirbhar Bharat expedition by increasing the strategic investment and boosting the companies that are strengthening the most significant campaign of the government. The consumer electronics tech sector has significantly fostered the Indian economy even during the pandemic. To continue doing so, the government needs to rationalise taxes, promote R&D and provide incentives to ramp up manufacturing in line with the Make in India campaign," Varun Gupta, Founder & CEO, of Boult Audio, said. 

"Another crucial factor that the government must consider in the upcoming budget is the focus on cost management in the logistics industry. Currently, the logistics costs in India are around 14 per cent of its GDP, we are expecting an 8-10% reduction in the same. Also, a reduction in the corporate tax rates will help Indian companies to expand their horizon in the global market as well. The government should also furnish ease in claiming a refund of GST," Gupta added.