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Budget 2023 offers a positive outlook for the Consumer Electronics sector

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The consumer electronics sector had set high hopes on this year’s budget, and when Finance Minister Nirmala Sitharaman proposed the various policies and incentives for the industry while announcing the Union Budget 2023 – the industry as well as the consumers weren’t disappointed.

Here are some brand leaders and manufacturers who shared their opinions about the impact and benefit from the budget announced today.


Vikas Jain, Co-Founder, PLAY Design Labs

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A very sensible budget presentation and the FM has been considerate to the common man and industry alike. There is massive commitment of job creation and infrastructure spending which is very well received for India. Modification to the income tax slabs is a delight for the citizens and should encourage more citizens to declare their income statement. Most the industry is well taken care of and focus on strengthening manufacturing is evident. We hope to see some focus and action on the “cost of capital” in future budgets and themes. Backing manufacturing by incentivizing R&D/Design could have been a great addition and we remain hopeful for outlay for design in the forthcoming edition.


Avnet Singh Marwah, Director and CEO, Super Plastronic Pvt. Ltd., a Kodak brand Licensee

This is a remarkable and well-planned budget. We welcome the move of government to reduce the custom duty on open cell to 2.5 percent. This will really help the domestic TV manufacturing industry to scale up and compete with the global brands. This decision was awaited for a long time and this time, I am happy that the government has really considered our recommendations. Additionally, the idea of presumptive taxation for MSMEs and professions will really help is encouraging the sentiment of the market in the country.

The revisions in the income tax slabs will really help the middle class and develop their living standards which is obviously going to benefit the market because we will witness growing sales of televisions and other products in the upcoming months.

The focus of India government on the development of AI development centres will definitely revolutionise the industry and help in making it more tech-enabled.


Mandeep Arora, MD & co-founder, UBON

“The 1st budget of Amrit Kaal by honorable Finance Minister Nirmala Sitharaman is well divisional. Starting from skilling for youth, job creation, senior citizens, and digitalization to MSMEs this budget is unturned every stone. Envisioned as modinomics, the budget came with high hopes.

For the manufacturing and electronics industry, this will be a big relief, as customs duty on many electronics parts imports has been reduced. This means mobiles and consumer electronics will be low cost from now. This will help in value creation, employment generation, and better productivity and provide affordable electronics for Indian consumers. Emphasizing on skill development and value-based knowledge through digital platforms for free is another step to support youth.

MSMEs are mentioned as growth engines of the country and I appreciate equal attention of the government on failed businesses also. This will help the sector grow with the back support of the government. A 1% reduction in the cost of the MSME credit guarantee will help the industry to grow as well. The infrastructural development has given a major part of the budget, we expect that the government will allocate some funds for the development of more industrial areas and upgrading their infrastructure for MSME.

However, Industry is a bit disappointed as Industry was expecting announcements related to Incentives for domestic design, Expanding the PLI scheme, and Strengthening the supply chain which was the need of the hour. We hope the government will consider our request in the next budget and support the industry in becoming a global manufacturing hub and achieving the Atmanirbhar Bharat dream.


Sanjay Kalirona, CEO and Co-founder, Gizmore

“Smart wearables are expected to continue to drive consumer interest with increasing preference for a healthier and modern lifestyle. Technology plays an important role in developing these products with the latest features. The announcement from the Finance Minister to set up three Centres of Excellence for artificial intelligence will boost the infrastructure for AI in the country and its use in smart wearables. Investment in the ecosystem of building semiconductors in India will change the industry scenario from “import led” to “export house” and will make India self-reliant in the component industry. The indirect tax proposals are expected to boost domestic manufacturing and promote exports. In addition, the relief provided to the consumer by direct tax proposals like an increase in rebate limit to INR 7 lakh, increase in standard deduction and reduction of the highest surcharge rate will boost consumption levels in the country. Overall, it is a balanced Budget that sets the right tone for the Amrit Kaal.


Atul Jasra, Country Head, TPV Technology

“It’s great to witness how the TV industry in India is growing at such a rapid pace with 38% market share Y-O-Y (Q3 2022). Major companies are putting more emphasis on domestic production. With the budget 2023 announcement, the plan to lower the basic customs duty on the imports of open cell TV panels from 5% to 2.5% will aid in fostering value addition in the production of televisions. Further, this will help the companies to provide products at a more affordable price, thereby leading to reduced prices for consumers. Overall, we feel that the budget will help us and other brands to grow their businesses successfully in India and offer the best of products at affordable price points resulting in benefits for consumers.”


Aashish Kumbhat, Co-Founder and Director, Inbase and Urban.

“This year’s budget can rightfully be called the people’s budget. We are particularly happy with the government’s decision to reduce the import duty on the components & batteries. India is a young country, and access to technology would only make us stronger. This move of the government will not only take us a step ahead in a positive direction but also will help us as a brand in our endeavor to provide affordable premium electronic gadgets. We will be able to provide quality products without increasing the cost. Overall this is a great boost to the industry as a whole.”


Dr. Jignesh Shah, Co-Founder, Mobilla

As a manufacturer of consumer electronics with three units in Mumbai, Delhi, and Himachal, we are proud to be a part of the “Make in India” initiative. The recent proposals in the Union Budget 2023 have further reinforced our commitment to manufacturing in India. The increase in customs duty on electronic goods and the government’s plan to set up electronics manufacturing clusters across the country will provide a much-needed boost to the domestic electronics industry.

According to a recent report by the Indian Electronics and Semiconductor Association (IESA), the Indian electronics market is expected to reach $400 billion by 2025, growing at a CAGR of 20%. This growth is expected to be driven by the rising demand for consumer electronics such as smartphones, laptops, and home appliances. The government’s proposals in the Union Budget 2023 are in line with this trend and are expected to provide a further boost to the industry.

We believe that these measures will go a long way in promoting domestic manufacturing and make India a hub for consumer electronics. We are confident that our presence in multiple locations in the country will allow us to take advantage of the favorable ecosystem created by these proposals. With the Indian electronics market poised for strong growth in the coming years, we see a bright future for domestic manufacturers like us.


Aditya Padman, MD and Co-founder, ServeXplus

“With this budget, the Government this time wants you to go out and spend more (relaxation of income tax slab), wants you to talk more on smart phones (reduction of custom duty rates on mobile phones) and watch your favourite OTT movies on #LEDTV (reducing the tax rate on TV parts). It also wants the people to opt for a Greener and sustainable transportation, by providing a huge boost to accelerate EV manufacturing in India, the honourable Finance Minister rightly exempting customs duty on import of capital goods and machinery required for making Li-ion cells for batteries used in EVs; and making the concessions on Li-ion batteries to continue for another year. A major focus of this budget was on reskilling of youth on latest tech AI, IoT, Mechatronics, Robotics, etc. The priorities of the government is on these 7 top items (Sapt Rishis) of Inclusive Development, reaching the last mile, infrastructure Investment, Unleash the potential, Green Growth, Youth Potential and Financial Inclusivity. This is definitely a well-defined progressive budget with a growth and development frame.


Manish Sharma, Chairman, Panasonic Life Solutions India, Chair for the FICCI Committee on Electronics & Manufacturing.

“Union Budget 2023 heralds good news for both industry and the common man. Honorable FM continues to focus on investments and policies keeping the USD 5 trillion economy ambition in line of sight. Balancing both the strategic and tactical announcements, this budget lays impetus on the seven key priority areas. From investments in setting up CoE for AI in top universities, 100 labs for 5G applications, Rs 35,000 cr for energy transition to concessions on equipment for Lithium Ion cells. It is encouraging to see reduction in custom duties for inputs/parts of certain electronic items like lithium Ion batteries, TV, Camera Lens will improve the feasibility for enhancing backward integration and subsequently enabling local manufacturing of electronics.

We are also delighted to note that reduction in tax for both middle and upper class indicates more monies in hand of taxpayer thus stimulating demand and drive consumption.”


Saket Gaurav, Chairman, and Managing Director of Elista and TeknoDome

“The world has recognised India’s economy and it is on the right track. We welcome the move to reduce the custom duty on open cells of TV panels cut to 2.5 percent, thus making smart TV’s an accessible commodity. This move will not only help strengthen the ‘Make In India movement’ but will also empower companies like us who want to ‘Make in India’ for the world and compete with the volatile international panel market. This budget is also a pro-MSME budget. India has jumped in its rank of ease of doing business, and the current provisions to reduce more than 39,000 compliances will further help the cause and enable MSMEs to scale operations.”


Midhula Devabhaktuni, Co-founder and CMO, Mivi

Mivi-Midhula-Devabhaktuni

Budget 2023 envisions a futuristic India that will be more green and sustainable. The Green Growth initiative highlights the efficient use of energy across various economic sectors. These green growth efforts will help in reducing the carbon intensity of the economy and providing for large-scale green job opportunities, something that we are emulating for our new resource set-ups in Hyderabad. Additionally, the new initiatives for Make AI in India and Make AI work for India will aid in the development of cutting-edge applications and scalable solutions that will help create more employment, opportunities in India.


Ujjwal Sarin, Founder & CEO, Nu Republic

The increased focus of the government on developing AI infrastructure in India is a great move as we move into 2023 and AI-powered, wear-tech reaches mainstream popularity. The reduction on custom duties for electronic components was long over-due and would greatly benefit the Mobility Industry as a whole” – Ujjwal Sarin, Founder & CEO, Nu Republic


Amit Khatri, Co-Founder, Noise

Noise-Amit-Khatri

“The Union Budget, introduced as a framework to steer the Indian economy and foster growth, has proposed noteworthy initiatives to ensure holistic development along with a significant boost to taxpayers. Despite global challenges and macroeconomic downturns, the Indian economy has been projected to grow at 7%, indicating the benchmark that we have set across sectors with startups with MSMEs being recognised for their efforts. 

In order to realize the vision of making AI in India and make AI work for India, the three Centers of Excellence for artificial intelligence being set up offer a massive opportunity for the technology industry and will further boost R&D capabilities of the country, enabling technology brands to strengthen their innovation efforts. We hope this will give us an opportunity to truly Make in India, for the world. 

The government has also taken some extensive initiatives in skill development and has catered to STEM education and will be launching PMKVY 4.0  to skill lakhs of youth within the next three years, building a robust army for Industry 4.0 which will accelerate the vision we have seen together for an Aatmanirbhar Bharat. 

With a continued focus to support start-ups and recognise them as a major driver of the economy, measures such as extending the date of incorporation for income tax benefits and enabling startups to carry forward losses to 10 years will be highly beneficial for the ecosystem players. Lastly, the new income tax regime offering up to INR 7 lakh rebate and reducing the number of basic custom duties from 21 to 13 will spur consumption of products across sectors in the economy and will set the precedent for a vibrant 2023 for startups and the technology industry.”


Arijeet Talapatra, CEO, TRANSSION India

‘The Union Budget allocation towards the development of electronics manufacturing clusters and implementation of the National Policy on Electronics, along with the reduction of customs duty on certain components, is a major step forward for the industry. This will provide a much-needed boost and help us compete at a global level, leading to increased domestic manufacturing and exports of smartphones. This is a move towards democratizing technology aligned with itel’s vision and transitioning towards a smartphone & digital economy.’


Rajeev Singh, Managing Director, BenQ India

The Union Budget 2023 is a reflection of a nation’s priorities and aspirations, and it provided a roadmap for its economic growth and development backed by technology. This year’s budget encourages domestic value addition in the manufacturing of mobile phones and televisions by reducing customs duties on specific parts and inputs, thus boosting the economy further. India has made significant advancements over recent years in the domain of technology development and integration across various industries. The budget will help drive both the government and private sector companies to further promote the growth of technology-based businesses and digital infrastructure. The country has also seen growth in sectors such as software development, IT services, and e-commerce, as well as advancements in areas such as artificial intelligence, machine learning, and the Internet of Things (IoT). The rise of Indian start-ups and the increasing availability of venture capital funding has and will continue to contribute to the country’s technological growth.


Rajesh Doshi, Director and Co founder, Zebronics

“The Union Budget 2023 was presented by the Union Finance Minister Nirmala Sitaraman today. The budget is being received positively as a progressive step towards improving the economy. One of the notable changes is the increase in the tax slab limit from 5L to 7L, providing more purchasing power to the general public. The new tax regime also offers relief to law-abiding taxpayers. These rebates on income tax will infuse a new life in the economy. The reforms in agriculture and health sectors are expected to have a positive impact on the economy. Additionally, the budget introduces new tax reforms and incentives for the “Make in India” program, as well as duty rebates for manufacturing, like TV Panel, li-ion batteries etc, which are expected to drive growth in the modern electronics and mobility sector. These rebates will help in setting up the local electronics manufacturing ecosystem in the country, which is the need of the hour. We can surely see India becoming one of the manufacturing hubs in the world.”


Muneer Ahmad, Vice President, Sales and Marketing, ViewSonic India

“We are happy to see that the budget 2023 talks at length about decreasing the digital divide by introducing National Digital Libraries that will facilitate access to quality books for children and adolescents across geographies, languages, genres, and levels. Furthermore, the centre’s mission to re-envision teachers’ training through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation will help boost the sectoral growth and knowledge sharing with the District Institutes of Education and Training set to be developed as vibrant institutes of excellence for this purpose. Furthermore, we are excited to see that the centre is working towards setting up of three Centres of Excellence for AI (Artificial Intelligence) in top educational institutes. It is a progressive measure that will help boost knowledge sharing and technology development in the education sector. However, we expected substantial measures in the budget for the allocation of resources for the development of technology in the educational sector. This would have supported higher investment and opened doors for new ventures in the industry.”


Ishwar Kumhar, CEO, Brandworks

Overall, there are positive vibes and it clearly demonstrates the government’s intentions towards the growth of the country and the electronics industry. The government has reduced the basic customs duty on imported mobile phone parts, such as camera lenses, and extended the concessional duty on lithium-ion cells for batteries for another year. This is a positive move for the market as it will encourage domestic manufacturing.

The manufacturing ecosystem in India is being established and it is expected that India will become a leader in the world of manufacturing in the coming years.

Brandworks aligns well with government policies and is actively involved in the growing manufacturing ecosystem.


Gaurav Mathur, Director of Lexar Co. Limited

“The budget of FY 2023-24 focused on reducing basic custom duty (BCD) on import of certain mobile phone parts and inputs like camera lens and as well as continuing the concessional duty on lithium-ion cells for batteries for another year. This will recognise the importance of self sufficiency in the electronics sector. It believes that increasing the production of televisions, mobile phones , and other electronic devices through these initiatives is essential in boosting the economic growth of the country. The promised announcements to encourage manufacturing have given industry a green signal that will boost confidence and encourage additional investments and provide the subsequent industry to grow.’


Akhilesh Chopra, Technology and Sales Director Bluei

We warmly accept the Budget 2023 because we believe it will be well-received by the general populace. Overall, it has worked to strike the correct balance between raising our GDP and containing inflationary pressures. Although lowering the fiscal deficit will be difficult, particularly in light of the epidemic that has affected nearly every sector of society worldwide, the steps adopted will go a long way to reducing it. However, we believe that if the manufacturing component section of manufacturing had seen some relaxation, manufacturers would have been better able to advance. However, we believe that the creation of jobs through inclusive development is receiving a lot of attention.

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