Inevitably, pandemic has left no corner untouched across the globe which has resulted in turning the global economy upside down. However, India’s consumer electronics sector has gained a huge limelight for being at forefront in terms of innovation and unrivaled global triumph. Despite all the roadblocks, the consumer electronics sector has thriven fully spurred the Digital India movement beyond the nation's borders which is a big plus.
In good and bad times, the sector has incredibly flourished to play a significant role in boosting the economy at par excellence. With the Omicron danger ahead, the consumer electronics industry is in anticipation of ease of tax rules from Union Budget 2022-23. Such positive formulation will encourage individuals, businesses, and organizations towards higher investments and operational relaxation.
Let’s delve into the facts and figures to expect from Union Budget 2022-23:
With the Budget 2022 ahead, the manufacturers and exporters expect from the government to progress India towards making a hub of consumer electronic devices. It helps to gain more profits with low GST value. On the contrary, rise in import tariffs on specific building blocks are quite hard to escape from. Primarily, the consumer electronics industry expects value creation along with financial aid in the form of incentives and subsidies.
The COVID-19 has exceedingly disrupted the supply and demand cycle. As a result, the industry seeks financial aid from the government. To mitigate the business disruptions caused, the government should revise tax slabs, promote Research & Development in the consumer electronics industry, and support local manufacturers.
Amidst the pandemic situation, the year 2021 has proved to be a challenging one for every other sector. To overcome the economic loss suffered, the consumer electronics industry is in anticipation of new policies and sustainable SOPs from the Central Government. We need some productive measures such as 'Make in India' and 'Digital India' to strengthen the manufacturing and export system. Indeed, the government has offered its valuable support with the enactment of uniform GST, Make in India campaign, and other implementations to steer the industry on the right track. However, sustainable development is impossible to imagine without upgraded technology. The prevailing market scenario demands innovative products as technology keeps on varying from time to time which is an arduous job to take care of."
The facts show that the Indian wearable market has experienced a dramatic growth in the third quarter of the year 2031 by 93.8 percent which is extremely commendable. It has given a huge rise to the demand of smart devices and accessories.
Therefore, the consumer electronics market has motivated the home-grown players to take the production game to an unmatched level. Overall, such a move will help the manufacturers to take charge of the supply chain and improve the revenue. The industry seeks reduction in excise duty and dependency on imports by focusing more on Make in India scheme which can prove to be flourishing in a true sense.
In a nutshell, India has a strong reputation in the global marketplace. Thus, expected outcomes from Union Budget 2022-23 will open doors for the nation in the form of immense growth opportunities to enhance its living and governance. The right time has arrived to push the movements like Make in India and Digital India to the next level through an organized agenda, improvised reach, and competent technology. With the Union Budget 2022-23 ahead, the industry is optimistic about upcoming announcements that will help to deliver business-oriented solutions with effectiveness and efficiency.
(The writer is Co-Founder and CEO, VingaJoy)
