Union Budget 2023: PLI, R&D tops wishlist of hardware companies

The budget for 2023-24 is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1. The government is likely to increase financial incentives to start-ups in the budget It comes as it looks to expand the linked incentive scheme (PLI) to cover the higher-income sector. The project aims to make the construction industry competitive in the world and create a world champion in manufacturing. It is specially designed to boost domestic production in the sunrise and strategic sectors, prevent cheaper imports and reduce import bills and improve the price competitiveness of building materials. . Little wonder that PLI scheme can be found in the wish list for all tool and equipment manufacturers in the country.
Amit Khatri, Co-founder, Noise
India is emerging as one of the strongest economies in the world due to the entrepreneurial spirit that prevails in the country and the ongoing efforts of the Government to counter the effects of global warming. With the third largest startup ecosystem in the world after the US and China, India can leapfrog as the startup capital of the world with the introduction of new generations of innovations focused on increasing access to finance for entrepreneurs.
The PLI project is a game changer to accelerate India’s vision to become ‘Atmanirbhar’ as part of the Make in India initiative. Creating an ecosystem for manufacturing components as part of the Promotion Program for the Promotion of Electronic Components and Semiconductors (SPECS), as well as the Innovative Electronic Manufacturing Initiative, can help domestic brands to the opportunity to make India the world’s electronics manufacturing hub. India has emerged as the largest market for smart watches and the expected PLI project for high-end devices will further boost the potential to develop the entire ecosystem for power generation in the country. As one of the first domestic brands to produce smart wearables in India, the positive support towards the project will lead us to increase our Make in India efforts and profitability. to this project.
Alok Dubey, Chief Financial Officer, Acer India
“Budget 2023-24 is probably the most challenging one that Finance Minister Nirmala Sitharaman will deliver on February 1, 2023. I think this year’s budget should deliver digital infrastructure and skills to priority. While India has a positive outlook on “digital” and technology, more needs to be done to support the country’s digital-first strategy as it aspires to become a $5 trillion economy. The government’s commitment to digital skills development and its investment in the IT sector, with the PLI program aimed at helping manufacturers of IT equipment and software players get equal weight in this year’s budget . Government policies can be changed to promote the development of skills and abilities. The technology industry requires skilled and experienced workers. The government can provide funding for projects to modernize educational facilities and new R&D capabilities.”
Vipul Singh, CEO and co-founder, Aereo
“Over the past year, the Indian drone manufacturing industry has grown due to a number of policy reforms and programs such as the INR 120 crore PLI program for drones and drone components. It will reach its peak in 2023, reforming the PLI scheme is the need of the hour. The sector is essential for the success of Drone-As-A-Service (DrAAS) under Drone Shakti. Encouraging the service sector drone will affect the high skilled jobs in the country. We are seeing an increase in the demand for drone services in the country. We need technically skilled workers to meet this demand. Moreover, because this year’s budget, we expect benefits for indigenous people and indigenous R&D. This is very important to reduce our dependence on foreign OEMs. 10% more PLI benefits for companies more than 50% original Intellectual Property will encourage innovative companies to innovate and OEMs to be more original to reducing dependence on imports. It will help Make-in-India and put the Indian drone industry on a sustainable path.”
Kuldeep Malhotra, Associate MD, Konica Minolta Business Solutions India
“The union government is still working and finding solutions to achieve its 2070 sustainability goal. With that in mind, we hope that in the upcoming budget, the government will come up with some better and attractive incentives itself, which aims to promote a green economy. In addition to this, we expect government interventions and policy changes such as tax payments for meeting environmental standards, certificates, green taxes for harmful environmental activities, and subsidies for the use Green products play an important role in promoting the concept of sustainability.

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Vikas Bajaj, President, AIFI (Association of Indian Forging Industry)
“All MSMEs, including the corporate sector are expecting a good, progressive and balanced budget this year. The industry will be monitoring important announcements from this budget to promote investment in this areas, including good regulatory actions to provide a favorable climate for the manufacturing sector. In addition, steel import prices should be reduced to compensate for the existing deficit and uncompetitive Indian steel prices. In addition, attention should be paid to the government to control inflation and reduce the cost of raw materials and fuel. Existing incentives should be strengthened to increase exports. There is also a need to speed up the sales tax refund system to facilitate business. As part of the ‘Make in India’ initiative, Indian companies should take advantage of the job creation advantage. The government has made efforts to simplify and strengthen Indian tax laws, and it is expected that the companies to have the same tax policies and laws, and of their translation, this year. I believe that the government should adjust the corporate income rates for at least five years, so that industrialists can make long-term financial plans and make the right investment decisions in their businesses” .

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