Industry wants Fast Track Reforms: Budget 2015 Expectation
With the focus on economic progress, the FY2014-15 budget is keenly awaited by the business community. Manufacturing, rural and urban last mile connectivity, and smart cities are some of the concrete initiatives the government has rolled out since assuming office last year. Coupled with the overall focus on accelerating growth, the economy has responded positively to such announcements.
while sharing his expectations from the Honorable Finance Minister, Jaswinder Ahuja, Corporate Vice President and Managing Director of Cadence Design Systems said, “For the electronics and semiconductor industry, the launch of the “Make in India” campaign was a much needed catalyst to fast-track the development of the eco-system, given the ground work laid down over the last few years. Preferential market access (PMA) to Indian companies and removal of import restrictions for equipment used by R&D facilities are some measure that can nurture innovation, encourage the building of manufacturing units and create employment opportunities.”
However, touching upon how ideally should regulatory mechanism shape up the industry, Ahuja added, “Setting up an electronics regulatory authority that can take the lead on policy implementation and developing regulations can provide the necessary governmental guidance and infrastructure to speed up the growth of the ESDM sector in the country and help realize the goals as set forth by the Make in India campaign.”
Expressing his hopes from the GST roll out, he also added, “We hope the government will be able to address the need for a strong Goods and Services Tax (GST) that will include all indirect taxes. A strong roadmap to implement the GST can have a substantial impact on R&D and manufacturing. In general the Government should continue the focus on ease of doing business and non-adversarial approach of the tax authorities.”