Budget 2022 expectations: Tech industry eyes customs duty waiver on import of electronic components
Speaking on his expectations from the upcoming Budget 2022, Hamish Patel, Chief Product Officer, World of Play said that a much needed relief would be to waive customs duty on the import of electronic components.
Every year on February 1 the Union Finance Minister presents the Union Budget. The finance minister informs about the amount the central government will be allocating to various sectors for their development. This time Finance Minister Nirmala Sitharaman will be presenting the Budget 2022-2023 on February 1. Before the budget presentation several industry experts and leaders put forward their suggestions and expectations from the Union Budget.
Due to COVID-19 pandemic several sectors and industries have been adversely impacted and this has slowed the overall economic development of the country and even the world. Tech industry experts are expecting the government to waive customs duty on the import of electronic components, reduction in GST rates and much more, making it easier for the industry to grow and flourish.
Keeping his expectations forward from the upcoming Union Budget, Hamish Patel, Chief Product Officer, World of Play said, "On the supply side, a much needed relief would be to waive customs duty on the import of electronic components. This will provide a boost to a growing electronics manufacturing sector and relieve stress that has built up over the last 18 months."
"It is important that we see a reduction in GST rates, given the component shortages we have seen the price of electronics skyrocketing. Lowering GST will make products affordable and give a boost to the electronics industry," he said.
He further added that a progressive take by the government would be to see the government providing incentives to companies with spends on research and development.