Amit Khatri, Co-founder, Noise
India is rising as probably the most most powerful economies globally in large part owing to the entrepreneurial spirit that prevails within the nation and persisted efforts of the Government to insulate the have an effect on of worldwide headwinds. From being the 3rd biggest startup ecosystem on the planet after the USA and China, India can in point of fact leapfrog as a startup capital of the sector with the advent of the following technology of reforms which might be excited by expanding get right of entry to to finances for marketers.
The PLI scheme has been a recreation changer in accelerating India’s imaginative and prescient of being ‘Atmanirbhar’ as a part of the Make in India initiative. Creating an ecosystem for production of elements as a part of the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and Modified Electronics Manufacturing Clusters Scheme, can assist homegrown manufacturers give a contribution to creating India the worldwide electronics production hub. India has emerged to develop into the biggest marketplace for smartwatches and the anticipated PLI scheme for the high-end elements production will additional spice up efforts to expand a whole ecosystem for digital production within the nation. Being probably the most first homegrown manufacturers to localize the manufacturing of sensible wearables in India, good enough strengthen against the initiative would lead us to ramp up our Make in India efforts and give a contribution successfully against this venture.
Alok Dubey, Chief Finance Officer, Acer India
“Budget 2023-24 would probably be the most challenging one that Finance Minister Nirmala Sitharaman would be tabling on February 1, 2023. I think that this year’s budget should give digital infrastructure and skills a high priority. Although India may have a positive view of “digital” and technology, more needs to be done to support the country’s digital-first strategy as it aspires to become a USD 5 trillion economy. The government’s commitment to digital skill development and its alignment with the IT sector, and the PLI scheme targeted at helping manufacturers of IT hardware and computer servers need to receive equal weight in this year’s budget. Government policy could be changed to promote the development of talent and skills. The tech industry requires a talented and skilled workforce. The government may provide funding for programs to modernize educational buildings with state-of-the-art R&D capabilities.”
Vipul Singh, CEO and cofounder, Aereo
“Over the past year, the Indian drone manufacturing industry has flourished due to various policy reforms and schemes like the INR 120 crore PLI scheme for drones and drone components. This year, we expect dedicated incentives for drone service startups. For B2B drone operations to reach their maximum potential in 2023, restructuring the PLI scheme is the need of the hour. The 2023 union budget must introduce MSME-focussed incentives as they constitute around 90% of companies in this sector. Apart from drone manufacturing, benefits to the drone services sector are necessary for the success of Drone-As-A-Service (DrAAS) under Drone Shakti. Incentivizing the drone service sector impacts high-skilled employment in the country. We are seeing surging demand for drone services in the country. Thus, we need a technically proficient workforce to fulfill this demand. Additionally, with this year’s budget, we are expecting benefits towards indigenization and native R&D. tance to reduce our dependence on foreign OEMs. An additional 10% PLI benefit for companies with more than 50% indigenous Intellectual Property will encourage the innovative companies to innovate more and OEMs to indigenize further to reduce the dependency on imports. It will help propel Make-in-India and put the Indian drone industry on a self-sustaining trajectory.”
Kuldeep Malhotra, Deputy MD, Konica Minolta Business Solutions India
“The union government is continuously working and finding solutions to achieve its 2070 sustainability target. Keeping the same in view, we hope that in the upcoming budget, the government will introduce better and more attractive incentives, aimed at promoting the green economy. Besides this, we expect that government interventions and policy changes like tax rebates for meeting set environmental standards, certifications, green taxes on harmful environmental activities, and subsidies on the use of green products can go a long way in furthering the agenda of sustainability.”
Vikas Bajaj, President, AIFI (Association of Indian Forging Industry)
“All MSMEs, including the forging industry are expecting a good, progressive and balanced budget this year. The industry also monitors significant announcements from this budget to promote investment in this space, as well as favorable regulatory actions to provide a suitable climate for the manufacturing sector. Additionally, steel import duties should be reduced to compensate for the existing deficit and uncompetitive Indian steel pricing. Furthermore, the government should prioritize regulating inflation and reducing the cost of raw materials and fuel. Existing incentives must be enhanced to boost exports. There is also a need to expedite the GST refund system to give liquidity to the industries. As part of the ‘Make in India’ initiative, Indian companies should be eligible for a duty structure benefit. The government has made continued efforts to simplify and streamline Indian tax regulations, and the industry anticipates consistency in tax and regulatory policies, as well as their interpretation, this year. I believe that the government should fix industry income rates for at least five years so that industrialists can make long-term financial plans and suitable investment decisions in their industries”.