MAIT has come out with a recommendation document for the IT hardware industry for the forthcoming Union Budget 2014. The budget is of paramount importance not only from a clear-mandate perspective where the Government can take decisive actions, but also the most anticipated policy thrust of the Narendra Modi Government setting expectations at the peak.
This direction document in the form of the budget will spell out India’s growth story and a plausible budget would help the economy steer itself by overhauling reforms and regulatory agenda.
Commenting on the upcoming Budget, Amar Babu, President of MAIT, said, "This budget marks the first litmus test propelling the development agenda. The past years have witnessed an economic downturn and a downturn of domestic growth. The Budget should address the issues curtailing investment sentiment and bring renewed optimism for sustained economic growth. Conversely, the government should quickly amend the policy paralysis with regard to the ease of doing business."
Anwar Shirpurwala, Executive Director, MAIT, opines, "The Hon’ble Finance Minister, Arun Jaitley, should drive reforms around the ten-point agenda that Mr Modi has eloquently articulated. Recognizing the multifaceted contribution of manufacturing and electronics on a war footing basis, the government should prioritize reforms that can navigate the challenges the manufacturing and ICT industry face every day. It should give boost to local manufacturing, early implementation of goods and service tax and credible policies to attract investments."
Suggestions to overhaul manufacturing, electronics and ICT are as follows:
• Recommendations on Inverted Duty Structure for manufacturers of Information Technology Hardware
• Recommendations on concessional rate of duty for Computers and Tablets
• Recommendations on Dual taxation on sale of packaged or canned
• Recommendations that ITA Products be included in the list of declared goods
• Recommendations on Accelerated Depreciation on ITA Products
• Recommendations on Need for expeditious introduction of GST
