February 19, 2015: The Budget 2015 is expected to be quite interesting for technology firms in India. As per the reports, the government is planning to provide an incentive package scheme in order to boost electronics hardware manufacturing ,including, mobiles and laptops, in the country.
According to reports by PTI, a formal announcement in this regard is expected in the budget 2015 that is scheduled to be announced on February 28 by finance minister Arun Jaitley.
Department of Electronics and IT (DeitY) has already mulled for an incentive scheme. The department suggested that the FM should look into offering 10-year tax holiday for the companies involved in the manufacturing of mobile phones, laptops, tablets, personal computers, telecom gear, solar cells and medical electronics.
DeitY had also stated that the interest rate levied at the rate of 14 per cent is too high as the competitors in other countries can avail funds at 3-4 per cent.
The ‘Make in India’ campaign, launched by Prime Minister Narendra Modi, aims at encouraging domestic manufacturing of electronic products and increasing its share in the country’s Gross Domestic Product (GDP).
The recommendations by Department of Electronics and Information Technology aim at boosting India’s capability in electronic hardware manufacturing.
“A ten-year tax holiday should be made available for fresh investments in a block of 15 years in special economic zones, domestic tariff area, export oriented units and Electronic Hardware Technology Park,” the report, as stated by PTI, said.
According to the recent figures, India at present imports electronic goods worth $35 billion per year.
