Ahead of the Union Budget 2023-34 presentation, industry has voiced its major expectations. More incentives are expected for Make in India. Various sectors like bicycle, toys, battery ecosystem, furniture, white goods, etc. expect the government to extend Make in India benefits by launching PLI schemes, a prominent tax expert told DNA on Saturday.
“Industry expects more incentives for Make in India by way of launch of PLI schemes for new sectors such as bicycle, toys, battery ecosystem, furniture, white goods, etc,” Saurabh Agarwal, Tax Partner at EY, said.
Stakeholders also expect the government to bring about rationalisation of custom duty rates on finished goods and intermediates for sectors which have been provided impetus with PLI schemes or may get them in future.
“Further, rationalisation of customs duty rates on finished goods and intermediates for sectors where PLI schemes have been rolled out or are likely to be rolled out is one of the major expectations from the budget,” Agarwal added.
PLI scheme has already been rolled out by the government for as many as 14 sectors with an outlay of about Rs 2 lakh crore. These include automobiles and auto components, pharma, textiles, white goods, food products, speciality steel and high efficiency solar PV modules.
The objective of the scheme is to make domestic manufacturing globally competitive. The scheme has been yielding solid results and a proposal to extend its benefits to more sectors like toys and leather are in advanced stages of finalisation and could feature in the Budget, sources were reported as saying earlier in January.
Union Finance Minister Nirmala Sitharaman will present the Union Budget on February 1, for the fiscal year beginning April 1. This will be her fifth straight budget.
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