Budget 2022: Quotes from Industry Experts of Consumer Durables, Tech, and BFSI Sector

Quotes from an interview with some of the industry experts on what they think about the 2022 budget announcement made today in their respective sectors.

Pallavi Singh, Vice President, Super Plastronics PVT LTD (SPPL), India brand licensee of Westinghouse TV

The FM announced no change to the current tax structure or tax relief has been provided in any form for the existing manufacturing industry and no reduction has been announced on GST rates, which is a disappointment. We hope that the FM's announcement of carrying on the legacy of SEZ's and replacing it with a new legislation is a welcome move and as mentioned, existing manufacturing units will be allowed to participate in the same to promote the export of goods.

The current budget has focused on building the infrastructure in India which is a welcome approach to make India at par with global infrastructure which will also help us in the long run.

Avneet Singh Marwah, CEO at SPPL

The retail and consumer durables sector contributes a lot to India's economy. Considering the fact that these sectors have been hit hard in the pandemic, we were surprised to see there were no relaxations or amendments provided to the manufacturers. I would rate this budget on an average.

Despite the overachieving GST collection from the past 4 months, the tax on smart TVs above 81 cm remains at 28%, which is the highest in any developing economy. We were expecting it to be reduced to 18% so that people could get TVs at a cheaper rate.

There was also a talk that television would be included in the PLA scheme, which was also missing. A few things that interest us in the budget is that the announcement of the launch of 5G this year will help consumers adopt better Smart TVs and content quality. The Government has spoken about adding 80 lakhs affordable homes, which will benefit the consumer electronics industry. Apart from that we were expecting big announcements on inflation, income tax, manufacturing sector etc which could have improved market sentiments.

Alok Bansal, Visionet Systems India's MD and Global Head of BFSI Business

Digital transformation is the way forward and the news that digital rupee using blockchain and other technologies will be issued by RBI starting 2022-23, is something that will have lasting impact as far as the BFSI industry is concerned. I also find the idea of 75 digital banks in 75 districts to be interesting because as an industry, we have been asking for a policy boost that would increase inclusive banking. It would be also exciting to watch how post offices that will be linked now with a core banking solution will help push financial inclusion. Data exchange among all-mode operators that will now be brought under the umbrella of a unified logistics interface, will hopefully serve industries and consumers well. As an industry leader, I have been vocal about the need to upskill the youth and so the launch of a Skilling & Livelihood e-portal is something I have great expectations from.

Sandeep Lodha, Co-founder at Netweb Technologies

"It is heartening to see the government focus on the rural areas. This can accelerate government's earlier declared digital banks and overall enhance and enrich the rural economy. Digital banking and fintech spending by the government is going to enhance the financing and overall support the entrepreneurial spirit as well as benefiting the IT sector to provide the required infrastructure.

Emphasis on 5G

Government's announcement of 5G spectrum auction by 22- 23 was on the expected line. It is good to see the announcement of PLI scheme for design led manufacturing, this will help in getting ready with Make in India products and solutions. We welcome the government commitment to R&D and formalizing the same by allocating 5% of Universal service obligation to this but will need to see when this can be effective on ground. R & D has a cycle and sooner we get in we can start rolling the products when the actual implementation starts."

Abhinav Jain, CEO and Co-Founder, ALMOND Solutions

"The Government has shown that they are going all-in on India's start-up dreams, leveraging it as a big economic lever, with tax benefits. We are extremely happy and thankful that the redemption of taxes for 3 consecutive years which were offered for three years will be extended by 1 more year. The economic survey has shown that in 2021 14,000+ new startups have been recognised in India, and the trend shows that it's up 20 times in five years. This was a clear indication for the government that the Indian start-up ecosystem needs the push to fly. Talking of flying, the Drone Shakti program signals the government's growing belief in the power of technology, and for a growing tech start-up like us, it also opens up a lot of opportunities. Our innovation teams will take this as a green signal to enter into the drone space and begin developing solutions"