Post Budget Reactions: Budget 2020 From Mr. Manish Sharma, President & CEO, Panasonic India & SA, Chairperson -Electronics & Manufacturing Committee, FICCI; Co-Chair FICCI Energy Storage Committee

“Our honourable FM’s second Union Budget will help iron out some concerns for the Indian economy related to manufacturing, ease of doing business leading to make in India. From a consumer electronics industry perspective, the decision to encourage domestic manufacturing of mobiles and electronic goods in India is a welcome move while a definitive timeline would have helped further boost the industry sentiments. It is one of the vital steps towards establishing a robust, ecosystem for domestic manufacturing while also giving a boost to exports. With the NIRVIK scheme, the SMEs stand to gain financial stability. We look forward to seamless implementation of this scheme to scale up manufacturing and developing an export hub.

Also, the Government push on enabling technology with regard to development of 5 new smart cities, setting up of data center parks, investment in quantum technology, will help establish India as new age economy. With increased focus of Panasonic on developing smart business solutions, we see a role for ourselves in driving this agenda.”

Taxation:

“There is a positive outlook towards what the budget brings, particularly with regards to the decisions on simplification of GST filing, extending tax rebates on the personal tax bracket for people with income up to 15 lakhs. With increase in the disposable income, we hope this will drive consumption for the consumer durables industry too which experienced flat growth in this fiscal.

Further reduction in Corporate Tax for existing companies to 22% and for new at 15% and abolishment of dividend distribution tax making India a more attractive destination for investments.”