Never miss a story

Get subscribed to our newsletter


×
According to the India Cellular & Electronics Association (ICEA), the measures announced in the Union Budget will create the necessary momentum to build the $190 billion mobile phone industry with exports of $110 billion, as envisaged in the National Policy on Electronics 2019 (NPE 2019). Pixabay

With Finance Minister Nirmala Sitharaman announcing a new scheme to encourage manufacturing of mobile phones, semiconductor packaging and electronic equipment, mobile industry bodies and vendors on Saturday welcomed the move, saying the measures will spur investments into the sectors, while also increasing employment.

“The focus on technology and digital infrastructure is a step towards realising the trillion-dollar economy and will open up new opportunities for demand generation,” Subho Ray, President, Internet and Mobile Association of India (IAMAI), said in a statement.


According to the India Cellular & Electronics Association (ICEA), the measures announced in the Union Budget will create the necessary momentum to build the $190 billion mobile phone industry with exports of $110 billion, as envisaged in the National Policy on Electronics 2019 (NPE 2019).

“Further, the push to FDI (foreign direct investment) in terms of withdrawal of dividend distribution tax along with the recently introduced lower corporate tax of 15 per cent/22 per cent will be a major boost to the existing FDI and also act as a signal to the funds waiting outside to utilise the investment window opening in the economy,” said Pankaj Mohindroo, Chairman, ICEA.

“This makes India a very attractive destination for further substantial growth in FDI inflows,” Mohindroo added. India introduced new provisions in September 2019, offering a concessional corporate tax rate of 15 per cent to the newly incorporated domestic companies in the manufacturing sector, which start manufacturing by March 31, 2023. For existing companies, this has been brought down to 22 per cent.

Mohindroo also welcomed the introduction of Section 28DA in the Customs Act, which enables that preferential tariff treatment can be suspended or denied in certain cases where importers are not fulfilling the obligation imposed on them and also where time-bound verification from the importing country is not forthcoming. Smartphone makers also welcomed the thrust on mobile component manufacturing.

“The Union Budget’s significant focus on local production of mobile phones, electronics and semiconductor packaging is going to propel the ‘Make in India’ vision further. We are excited about the detailed scheme, which will follow soon,” said Nipun Marya, Director, Brand Strategy, Vivo India. Leon Yu, Regional Head, India & South Asia, Asus, said that the Budget has covered several pressing issues faced by the economy and is going to bring growth opportunities.

“All eyes would be on the manufacturing sector with the Finance Minister proposing a scheme to encourage production of mobile phones, electronic equipment and semiconductor packaging. The new scheme, Nirvik, is also going to offer respite for exporters, promising to settle refunds for electricity and VAT previously levied,” said Yu.

In her Budget speech, Sitharaman said that fibre to the home (FTTH) connections through Bharatnet will link 100,000 gram panchayats this year. “It is proposed to provide Rs 6,000 crore to Bharatnet programme in 2020-21,” she said. India is currently the second largest smartphone market globally.

ALSO READ: Tech Giant Apple Shuts All Stores in Mainland China amid Coronavirus Outbreak

“The Budget initiatives towards promoting electronics manufacturing in India, particularly mobile phones, semi-conductor packaging and electronic equipment, is certainly a positive for the industry and we expect this will attract investments, create employment opportunities for our young workforce and augment our ‘Digital India’ story,” said Sathish Gopalaiah, Partner, Deloitte India. (IANS)


Popular

Wikimedia Commons

Amitabh Bachchan, during his speech to the crowd of over 80,000 people at the Reliance Industries' annual event, said that the legacy left by Dhirubhai has had a positive impact on millions of people's lives worldwide.

Amitabh Bachchan is adored by the public for his unforgettable on-screen performances as well as his magnetic demeanour. Not only do fans love Amitabh Bachchan's outstanding performance, but the actor's heartwarming words are also highly regarded. A much moved Amitabh Bachchan, during his speech to the crowd of over 80,000 people at the Reliance Industries' annual event, said that the legacy left by Dhirubhai has had a positive impact on millions of people's lives worldwide.

When Bollywood superstar Amitabh Bachchan became bankrupt in the late 1990s, Dhirubhai Ambani stepped forward to give him financial assistance. In his speech, Bachchan remembered that Dhirubhai had sent Anil Ambani to offer him financial assistance during the crisis, which he had respectfully declined. Lenders began knocking on his door, losses mounted, and his bank account dwindled to nothing. He said, "Dhirubhai's money might have gotten me out of the problem quickly. However, I respectfully declined his offer and gradually began to find work again, which let me pay off my debt."

Keep Reading Show less
Photo by Xavier Mouton Photographie on Unsplash

Irrespective of the age of your child, it is vital for parents to offer that extra support and assistance following an unsettling event.

In comparison to adults, children are prone to getting traumatized by troubling events easily, and this makes it important for parents to help their children when the times are tough. It could be a brutal accident, an unprecedented pandemic, a violent crime, or other disasters but with the right parental support, children have a higher chance of coming out stronger from an awful situation.

Anuja Kapur, Psychologist shares few tips wherein you can assist your child when tough times comes calling:

Every child responds differently to disturbing events:
What children feel about a current disaster in their life and how they react to it can come and go in waves. Children can act moody and withdrawn at times, struck with sorrow and fear at other times. There's no absolute "right" or "wrong" way to feel after a traumatic event so make sure not to dictate what your child or how your child should feel and react to the event.

a boy crying tears for his loss Children can act moody and withdrawn at times, struck with sorrow and fear at other times. | Photo by Kat J on Unsplash

Keep Reading Show less
Photo by Andreas Haslinger on Unsplash

European consumers will be able to use a single charger for all their portable electronics - an important step to increase convenience and reduce waste.

The European Commission, the executive arm of the European Union (EU), has announced plans for smartphone and other electronics manufacturers to fit a common USB-C charging port on their devices in an effort to reduce waste. In addition to phones, the rules will apply to other devices like tablets, headphones, portable speakers, videogame consoles, and cameras, reports The Verge. The decision will have a huge impact on Apple, as the company still uses its own Lightning connector to charge iPhones. The proposals only cover devices using wired, not wireless and a USB-C port is only mandatory for devices that charge using a cable.

Different charging cables "Chargers power all our most essential electronic devices | Photo by Solen Feyissa on Unsplash

Keep reading... Show less