Union Budget FY 2021-22- A transformative leap towards AtmaNirabhar Bharat
Post-Budget reaction by Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India
The Union Budget FY 2021-22 is a transformative budget with positive resolve for India to grow further with a vision of the AtmaNirbhar Bharat Abhiyan that compliments the ‘Make-in-India’ initiative of the Government. AtmaNirbhar Bharat is an expression of 130 crore Indians, who have full confidence in their capabilities and skills. The Union Budget has identified the six pillars of Atmanirbhar Bharat’s vision. On behalf of Prama Hikvision, we welcome the progressive and visionary budget and look forward to economic growth and stability.
The budget has sincere intent to provide momentum to strengthen local manufacturing capabilities. The Production Linked Incentive scheme (PLI) is a welcome move by the government. The review of the customs duty structure is clearly seen as a move towards promoting the domestic manufacturing. We hope that the review of the custom duty structure will be done after extensive consultation with the key stakeholders.
As India is set out to become the third-largest security industry in the world. We are striving to accelerate and build on this momentum of local manufacturing. The Indian security industry has seen the self-reliance push in the Union Budget 2021. We are hopeful that the proposed customs duty hikes on key electronic components will further give boost to the ‘Make-in-India’ 2.0. Smart Cities Mission is an important driver of growth in the security industry. The Smart Cities Mission has got a big boost in the Union Budget 2021-22 with allocation of Rs. 6450 Crore.
The move to strengthen the overall research ecosystem to boost innovation and R&D in the country, an outlay of
Rs. 50,000 crore, is being announced, for National Research Foundation. It is a big step for accelerating innovation and R&D in India. The budget clearly shows government’s mega thrust on developing Infrastructure, Road Transport, Waterways, Airports, Railway, Metro Rail, ‘MetroLite’ and ‘MetroNeo’. It is commendable for its inclusive growth agenda, overall a gradual step toward Atmanirbhar Bharat.
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