Union Budget 2023-24 Expectation: What electronics sector wishes for this year
FirstpostThe announcement of the Union Budget 2023 is just around the corner. The country has several expectations and hopes from the Union Budget 2023-24, like infrastructure development, tax reliefs and benefits, development of the healthcare sector, and so on. The electronic companies have urged the Indian government to reduce the tariffs on parts and components ahead of the Union Budget 2023-24, as reported by Mint. Here are some of the expectations of the electronics sector from Union Budget 2023: Reducing the tariffs on parts and components India Cellular and Electronics Association has recommended eliminating the existing tariffs of 2.75 per cent on parts, mobile phone components, and sub-assemblies. Lower GST on appliances Kamal Nandi, business head and executive vice president of Godrej Appliances, said, “Large appliances industry suffers from continued low penetration levels in India despite the positive impact on the quality of life and productivity.” She further said that last year saw stagnation in the high-volume mass segments because of the prevailing economic conditions and low consumer sentiment among the middle class.