Budget 2014: Finance Minister should promote localization in manufacturing

By Eric Braganza

The election results have been the much needed morale booster for the market. A single party winning the majority means a stable government and more concrete and faster decisions.

The primary expectation from the annual budget for the manufacturing sector will be to promote the localisation of products. The more the localization, the better it is for the manufacturers and the end consumers.

Reduction in customs and excise duties on energy efficient products shall always be desirable as it finally trickles down as lesser MRP for the consumer. This in turn will also give the market the much needed boost.

We also hope the new government gives importance to faster implementation of GST to decrease compliance burden for businesses and also makes tax system simpler and transparent.

We expect the government to enhance manufacturing set-ups and invite new technologies and investments into India, furthering the objective of making it a manufacturing hub.

Eric Braganza, President, Haier India