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New Delhi : Union Finance and Corporate Affairs Minister Arun Jaitley on December 11, 2017, said that to promote indigenous manufacturing of electronic goods, many steps have been taken by the present Government in last three years including rationalization of the tariff structure with extension of differential excise duty dispensation on specified electronic equipments and withdrawal of duty exemption etc.
The Finance Minister said that in the Union Budget 2017-18, with the aim of creating an eco-system to make India a global hub for electronics manufacturing, the allocation for incentive schemes like M-SIPS and EDF has been exponentially increased to Rs 745 crore. Jaitley was making the opening remarks during his 6th Pre-Budget Consultation Meeting with Stakeholders from IT (Hardware &Software) Group in New Delhi.
The IT sector representatives maintained that India’s competence in IT-Software is recognized globally. In recent times, software development and information technology enabled services (ITeS) including business process outsourcing (BPO)/ knowledge process outsourcing services (KPO) industry in India has emerged as one of the most dynamic and vibrant sectors in India’s economy with huge employment potential. They, however, pointed out that considering some recent protectionist and discriminatory policies followed by other countries, the IT sector would need Government’s help at Policy level to handle visa restrictions issues as also to ensure our economic interests, according to a PIB release.