Union Budget 2022-23 reactions highlights
Here's what Somany Home Innovation Ltd has to say on Union Budget 2022-23
"Budget 2022 brings a sense of optimism and reflects the government’s continued focus on ‘Make in India’, decreasing the dependency on imports. Duty concessions to promote electronic manufacturing will help the industry sustain itself while recovering from the challenges of the pandemic. Hon’ble Finance Minister’s commitment to establishing a strong 5G ecosystem will lead to product innovations across multiple categories including IoT-enabled appliances. We also welcome the push towards housing infrastructure as this is likely to create positive demand for consumer goods and home appliances, enabling businesses to grow,” saidRakesh Kaul, CEO and Whole-Time Director, Somany Home Innovation Limited.
India Cellular & Electronics Association(ICEA) welcomes Union Budget 2022-23
At a macro level, it is a very bold Budget. The expenditure of Rs. 39.45 lakh crore, particularly capital expenditure of Rs.7.05 lakh crore, will propel the economy towards a high growth rate, which is the need of the nation. The containment of the fiscal deficit of the Budget of last year to 6.9% is a remarkable feat in light of the Covid pandemic and also revenue buoyancy.
Chairman, of ICEA, Pankaj Mohindroo, stated: “The Hon’ble Prime Minister’s bold and robust extension of the PLI Schemes, which were pioneered by ICEA, including the latest one declared for high-efficiency PV module (solar) with a budget of Rs.19,500 crores, is remarkable. We also welcome the PLI scheme for design-led manufacturing for building a strong ecosystem for 5G. The PMP for hearables and wearables is a great step.
Further, the extension of the Section 115BAB provision of 15% for newly incorporated manufacturing companies is another excellent step to promote the much-needed manufacturing sector.
The aspiration to build a capital goods industry is again an excellent step. We will have to be very careful not to impose import duty on capital goods that do not need any protection and are not being manufactured in India.
While ICEA welcomes the reduction in duty on parts of transformers of chargers, as well as a lens as part of the camera module, a long road remains, especially for the continued high basic customs duty for high-end mobile phones (i.e. phones with a CIF value higher than Rs. 20,000). We emphasize that rationalisation of the BCD is essential to curb the grey market, increase revenue generation, and give a fillip to the industry.
The Budget 2022, is a step in the right direction to connect India to the truly Atma Nirbhar Bharat: Cashify
"Government contributions towards R&D in sunrise opportunities such as AI, semiconductors and its ecosystem as well as the calibration of custom duty rates and concessions towards the domestic manufacturing of high growth electronic items as well as on parts of phone chargers, transformers, wearables will provide the necessary boost required for the up-gradation of the sector.
Continuing from the previous year’s success, the startup ecosystem has indeed emerged as the growth driver for the country. The rationalization of a surcharge being capped at 15% for individual companies and AOPs on long-term capital gains along with the period of incorporation being extended till March 2023 for startup tax benefits will support the amplification of the startup ecosystem in India. Additionally, the establishment of an expert committee towards the scaling up of last year’s INR 5.5 lakh crore investments via Venture Capital and Private Equity for the startup ecosystem will prove to be an invaluable asset for the companies entering the space.
A continued focus on the caliber of affordable 5G network as part of the PLI Scheme in rural as well as urban areas alongside the allocation of 5% annual collection under USOs is sure to link together the growth in the telecom and consumer electronic sectors,” said Mandeep Manocha, Co-founder & CEO, Cashify
Here's what EdTech startup Vedantu has to say on Budget 2022-23
"The COVID-induced gap in learning needs to be addressed on priority and EdTech platforms should continue to ensure that students receive uninterrupted learning in such challenging times. By providing students easy access to quality learning, this year’s budget lays a clear emphasis to reduce the gap between students in remote areas and education. Initiatives such as the 'One Class One TV Channel' and the E-Vidya scheme is welcome to move that will drive impact at scale and bridge the language divide amongst students from small-town India. We believe that this budget rightly aligns with our vision of democratizing education by providing students access to high-quality learning, improving learning outcomes, and thereby contributing to a vibrant knowledge economy," said Vamsi Krishna, CEO & Co-Founder at Vedantu.
Statement from Asteria Aerospace on budget 2022 announcement on use of ‘Kisan Drones’ to promote crop assessment
“As announced by the Hon’ble Finance Minister in the Union Budget, the focus on using drones to drive sustainable development through Drone Shakti and Kisan Drones initiatives is a welcome move by the Indian government. This will kickstart the fourth industrial revolution by leveraging drone technology for digitization in agriculture, infrastructure and rural development and generate new-age employment opportunities for the youth of the country,” said Neel Mehta, Co-Founder & Director, Asteria Aerospace
He further adds, “Asteria Aerospace is proud to support the government's mission by manufacturing best-in-class indigenous drones and providing end-to-end drone solutions for national security, infrastructure inspections, agriculture, and land surveys."