(MENAFN- KNN India)
New Delhi, Feb 1 (KNN) The Electronics and Computer Software Export Promotion Council (ESC) has lauded Finance Minister Nirmala Sitharaman's eighth consecutive General Budget presentation in Parliament, characterising it as beneficial for all sectors of the economy.
ESC Chairman Veer Sagar emphasised that the budget's provisions would positively impact industry players, exporters, farmers, and the general public.
The budget's sustained focus on Information and Communication technology (ICT) aligns with Prime Minister Narendra Modi's vision of transforming India into a developed nation by 2047.
According to Sagar, this technological emphasis demonstrates the government's commitment to establishing a robust ICT infrastructure as a catalyst for accelerated national growth.
The electronics industry stands to gain significantly from several key proposals, including the elimination of Basic Customs Duty (BCD) on various imported capital goods, such as electric vehicle batteries and mobile phone components.
These measures are expected to reduce manufacturing setup costs and potentially boost both domestic production and exports in the electronics hardware sector.
ESC's Chairman of Global Affairs, Sandeep Narula, welcomed the establishment of an export promotion mission, which will be jointly overseen by the commerce and finance ministries to facilitate easier credit access.
The introduction of Bharat Trade Net as a unified documentation platform is anticipated to streamline processes and reduce transaction costs for exporters.
ESC Executive Director Gurmeet Singh commended the budget's provisions for innovation support, startup and MSME empowerment, and the expansion of IIT capabilities.
He noted that measures to protect online workers would further strengthen India's flourishing entrepreneurial ecosystem. The announcement of a new fund of funds with an additional Rs 10,000 crore contribution is expected to improve access to capital for startups and MSMEs.
In a significant move toward advancing artificial intelligence capabilities, the budget allocates Rs 500 crore to the India AI Mission, reinforcing the country's commitment to digital transformation and AI skill development.
However, the ESC noted that while the ICT sector anticipated specific financial incentives for research and development through weighted deductions, these provisions may be addressed in the forthcoming New Income Tax Bill to be presented in Parliament.
(KNN Bureau)
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