Budget 2024 expectations – PLI scheme to GST reduction, budget expectations from the tech industry

• The Budget 2024 will be tabled by the finance minister Nirmala Sitharaman on July 23.
• The tech and electronics industry’s expectations from the Budget 2024 include a push for localisation, reduced GST and more.
• Here are the key expectations from the tech and electronics industry from Budget 2024.

The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian tech and electronics industry is ready with its list of expectations from the Narendra Modi-led government in the upcoming budget.

The Indian government has been pushing for an increase in electronics manufacturing in India with schemes like Make in India and the Production Linked Incentive (PLI) scheme.

This article delves into the key budget expectations of the tech and electronics industry in India.

Budget 2024 expectations

In the last budget, the government had reduced taxes on key smartphone components such as camera lenses and lithium-ion batteries. This move was aimed at boosting smartphone production in India and bringing the costs down. Companies and consumers both will hope for similar boosts in the upcoming budget as well.


The PLI scheme has played a key role in boosting domestic production in various sectors. The introduction of a revamped PLI scheme for the manufacture of various consumer technology products such as smartphones, laptops, wearables and more will give a good boost to domestic production.

“Guided by Aatmanirbhar Bharat, we seek government support for extensively localizing component production, fostering a lucrative environment where homegrown brands can lead globally. Incentivizing domestic production through tax breaks, subsidies, and R&D funding will enhance India's manufacturing capabilities,” said Amit Khatri, co-founder, Noise.

Industry leaders are hoping for steps aimed at boosting the disposable income of consumers.

“Higher disposable incomes will lead to a promising growth impetus. We look forward to a budget that will create a stable and growth-oriented tax environment, which will help in ease of doing business, and will lead to increased economic activity and demand generation,” said Pradeep Bakshi, chief executive officer, Voltas.

Companies are also hoping for simplified GST rules and reduced GST rates. In one such instance, TV makers are hoping for a reduced GST rate for TVs sized above 32 inches.

“One expected move is reducing the GST rate on LED TVs larger than 32-inches from 28% to 18%. This change aims to boost consumer spending in the electronics sector. Expanding PLI schemes to include smart TVs, refrigerators, and washing machines is also important for market growth and improving manufacturing capabilities,” said Avneet Singh Marwah, chief executive officer, Super Plastronics.

In addition to measures aimed at boosting domestic production, companies are also hoping for antidumping duties to ensure fair competition with Chinese companies.

"While the government has made significant strides in supporting Indian manufacturers through initiatives like the 'Made in India' campaign and the PLI scheme, there is a pressing need to level the competitive playing field. Anticipations include measures such as antidumping duties to ensure fair competition against Chinese and other international companies in the industry,” said Imran Kagalwala, co-founder, UNIX India.

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