The Electronics & Telecom industry is optimistic about the upcoming union budget and will be expecting some stimulus to boost the sectors’ economy post demonetization impact. With 20 million units sold every month in India, India boasts of being the second-largest telecommunications market in the entire world. There are about 1 billion mobile users in India, out of which 40-45% are smart phone users. There has been found that there is a consistent growth in the numbers every year.
In the year 2016, the manufacturing industry faced some challenges and opportunities. The announcement of demonetization further impacted the overall manufacturing sector in the last quarter of 2016. The Telecom & Manufacturing sector is looking forward to the Union Budget to have some intriguing incentives. With new economic reforms and various initiatives launched by the government last year, the industry has high expectations from the Union budget especially after demonetization.
Zopo Mobile, India’s fastest growing and leading mobile brand has proposed a few measures to boost the manufacturing sector.
“We expect the government to look into the direct / indirect taxation slabs. We propose that the tax free slab should be raised from current level to about 5 lakhs and there should be a tax rate cut for personal and corporate taxes. Also, as GST is on the move, we are looking forward to its implementation for smooth and simplified taxation procedures which will boost manufacturing industry and will benefit all”,explained Mr. Sanjeev Bhatia, CEO of Zopo India and Managing Director of Adcom.
“With reference to government’s vision of Digital India, we believe that technology will rule and provide ample amount of benefits to common man. With the Electronics and Telecom industry penetrating deeper, it will boost the Indian economy and help it in becoming a strong global power. Today, smart phones are playing a key role in the economy of any country. People are getting more facilities and options with the help of smart phones. It’s time for government to give a boost to the manufacturing sectors. This will ensure that the latest technology is available for all at affordable price making the country’s economy powerful”, added Mr. Sanjeev.
However, the production in the manufacturing sector is certainly low, if not completely down. The sector was comparatively more enthusiastic before demonetization on account of several encouraging policy announcements. The ‘Make in India’ and ‘Digital India’ campaigns have been a big boost to employment, infrastructure & economy and in due course will also make India a self dependent nation. The main aim of these campaigns was to increase the contribution of the manufacturing sectors in India’s GDP from 15% to 25%. The Union Budget 2017 is what everyone has their eyes on, with high hopes and expectations. This budget will decide the future of India’s economy in the quarters that will follow.
