As the Union Budget 2021 focuses on having a positive impact on the Indian economy, Finance Minister Nirmala Sitharaman extends her support to the electrical sector by reducing import duties on steel flats & copper scrap. He also revises the labor laws which, will have a significant impact on the manufacturing sector.
Dinesh Aggarwal, Joint Managing Director, Panasonic Life Solutions India Pvt.Ltd., said: “Reflecting on the continued focus on ‘AtmaNirbhar Bharat’, the Finance Minister announced extended support for the manufacturing of electronic components & sub-assemblies, including mobile phones. This long-awaited concession will steamroll global funding into India’s real estate sector leading, to a large boom in Housing and Commercial infrastructure. Specifically for the Electrical Construction Materials industry, reduction of import duties on steel flats & copper scrap, long-awaited revision in the labor laws (including women being allowed to work in night shifts) are some of the significant steps that will create a strong export-led economy in the Manufacturing sector.”
Aggarwal added: “Focusing on rebuilding India, this is a very positive budget for the industry as the PLI scheme will accelerate growth, and encourage global manufacturing companies to create large-scale employment in production and allied areas like product development and design, considering the talent pool which exists across India.”
