budget: Budget 2022: What Panasonic, Cashify and Mitsubishi have to say – Times of India

Mandeep Manocha, Co-founder & CEO, Cashify
The Budget 2022, is a step in the right direction to connect India to Atma Nirbhar Bharat. Government contributions towards R&D in sunrise opportunities such as AI, semiconductors and its ecosystem as well as the calibration of custom duty rates and concessions towards the domestic manufacturing of high growth electronic items as well as on parts of phone chargers, transformers, wearables will provide the necessary boost required for the upgradation of the sector.
The startup ecosystem has indeed emerged as growth drivers for the country. The rationalization of surcharge being capped at 15% for individual companies and AOPs on long term capital gains along with the period of incorporation being extended till March 2023 for startup tax benefits will support the amplification of the startup ecosystem in India. Additionally, the establishment of an expert committee towards the scaling up of last year’s INR 5.5 lakh crore investments via Venture Capital and Private Equity for the startup ecosystem will prove to be an invaluable asset for the companies entering the space.
With continued focus on the caliber of affordable 5G network as part of the PLI Scheme in rural as well as urban areas alongside the allocation of 5% annual collection under USOs is sure to link together the growth in the telecom and consumer electronic sectors.
Manish Sharma, CEO, Panasonic India
Union Budget 2022 continues to pave the way for a sustainable economic growth in Amrit Kaal, backed by consistent structured approach. It underscores the Govt commitment towards Digital India and investment in Public Private Partnership through game changing initiatives like Gati Shakti programme, investment in the sunrise sectors and MSMEs, introducing policies for clean energy, among others.
In line with Panasonic’s business strategy, we are looking forward to details on the Battery Swapping Policy and participate in India’s Electric Vehicle (EV) story. Also, the commitment on building a circular economy is the need of the hour as the world looks at sustainable solutions in a phased manner.
We are hoping for discussions on how exports can be further incentivized and policy can be enhanced for design led local manufacturing. From an electronics sector standpoint, we expected reforms in the Union Budget FY 2022 – 23 that would accelerate growth channelized by consumer demand.
From the individual’s perspective, no changes in tax structure can also be a relief as it defines stability in current times. Though more money in the hands of the tax-payers could have helped drive consumption over short term.
Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd.
This is a growth-oriented Budget, I am sure that stepping up the capital expenditure sharply by 35.4% will have an incremental effect on the overall growth of the economy. It is good that the policy makers understand that nearly half of our population is likely to be living in urban areas by 2047, when India is at 100. The announcement for urban capacity building like mass transit, planning help, etc. would act as a good principle for development of the country. The budget has demonstrated a good balance between today’s needs and the future’s demand.