Industry Welcomes Union Budget 2022-23 as Positive One for IT & Domestic Manufacturing
The talk of this month has been the much-awaited Union Budget 2022-23. This month’s cover story has the comments of the leading players in the ICT industry.
Overall the IT & electronics industry welcomes the Union Budget 2022-23 as a positive one that furthers the interests of the Indian manufacturing industry. Additionally, the increase in PLI benefits to the sector is also viewed as beneficial to the companies directly as well as indirectly. The 15% income tax for new manufacturing companies offers immense relaxation for the companies. The duty concessions being given to promote electronic manufacturing are calibrated to provide a graded structure and give growth to the manufacturing industry considering the sales would surge as a result of subsidized end-product.
We wish the Union Budget 2022-23 will take the Make in India program in the electronics and EV industry to the next level.