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Ahead of the sixth Union Budget, Chinese smartphone maker iVOOMi expects that Indian should provide incentives for contract manufacturers to achieve comprehensive growth at a large scale.
Ashwin Bhandari, CEO, iVOOMi said, "It would be great to see the budget-making provisions for incentives for contract manufacturers (LCD panels, battery cells, moldings, and the likes of it), to achieve comprehensive growth at a large scale, supporting the Indian factories in reaching the next level and becoming a global manufacturing hub."
Bhandari said, "We are looking forward to provisions by the GoI in the budget which will be in the interest of making Indian manufacturing facilities at par with global giants, which will tremendously benefit exports and increase exports from India manifold. Increase in exports will lead to India becoming a manufacturing hub of the world."
Also hoping to see reservation of budgets to provide strategically located infrastructure support to small component manufacturers, Bhandari said.
This will further support the Make in India initiative, taking manufacturing units to the next level in terms of capabilities and growth. Releasing special funds for this will help Indian factories/manufacturing plants become the global manufacturers and India could be the manufacturing hub of the world in the next 3 years, Bhandari further added.
While Yogesh Bhatia, MD, Detel, is looking for a further reduction in GST for up-to 40 inches TVs to 5 percent.
"In luxury television segment, we are expecting the GST for 43 inches to 55 inches TVs to drop to 18 percent from 28 percent," he said.