Prof N K Goyal,
President,
CMAI Association of India
“TEMA & CMAI welcomes the initiative of NDA Government to impose basic customs duty at 10 percent on specified telecommunication products that are outside the purview of the Information Technology Agreement. The Government of India signed ITA 1 on 25th March 1997 and committed import of duty free on 217 items. However, several items which were not covered under ITA 1 were also imported Duty Free. So now this has been corrected by levy of import duty on non ITA-1 items. This budget gives a positive signal that while India will meet all its WTO commitments, it will also support Domestic Manufacturing.
This budget is an indication & commitment of Modi Government to promote local manufacturing. For the 1st time the duty has been imposed on non ITA 1 items. This agenda was pending since 2006. The other positive of the budget is for the 1st time the Government has talked of Start Ups, entrepreneurs, domestic products, R&D with a budget provision of 10000 crores for venture capital.”
