Budget toward pro-development: Jaswinder Ahuja, Cadence

BANGALORE, INDIA: Jaswinder Ahuja, Corporate Vice President and Managing Director, Cadence Design Systems, India, on the Union Budget. He is also a member of the Executive Council of the India Semiconductor Association (ISA) and has served as the Chairman of ISA from April 2008-09.

“The Union Budget announced today seems to be pro-development and has made some welcome allocations towards infrastructure creation and betterment as well as social welfare projects.

The budgetary allocation towards schemes such as the unique identity number for every Indian enabled by the creation of the Unique Identification Authority of India (UIDAI) will set the tone for future public private partnerships as well. Apart from establishing a foundation to deliver better governance it creates new opportunities for the semiconductor sector.

Reducing customs duty on LCD panels and introducing customs duty on set-top-boxes both signal a pro-manufacturing agenda, which is much needed.

Scrapping the Fringe Benefit Tax (FBT) provision, increasing the slab for personal income tax and abolishing the surcharge on Income Tax are welcome measures. Extension of the STPI scheme for one more year is a good step, however the government needs to think of an appropriate scheme that incentivizes SMEs to foster innovation in the knowledge sector.”