MIC Electronics Limited sets forth Pre-Budget Vision for 2025

Hyderabad: MIC Electronics Limited (MICEL), into LED display and lighting solutions, has outlined its expectations ahead of the upcoming Union Budget 2025, emphasising the need for industry-friendly policies to foster growth and innovation in the electronics manufacturing sector.

Speaking about the company’s expectations, Rakshit Mathur, CEO, MIC Electronics Limited, said, “The Union Budget 2025 comes at a pivotal time for the Indian electronics industry. With the global shift towards sustainable and energy-efficient solutions, it is essential for the government to introduce incentives that bolster domestic manufacturing and promote R&D initiatives. We look forward to measures that simplify compliance frameworks and support small and medium enterprises (SMEs), enabling them to compete globally.”

Mathur further added, “As India positions itself as a global hub for electronics manufacturing, policies such as increased allocation for the PLI (Production-Linked Incentive) scheme, reduction in import duties for key raw materials, and investment in skill development programs will be crucial. Additionally, addressing the high cost of capital and providing tax relief for green energy initiatives could significantly accelerate industry growth.”

The company also highlighted the importance of public-private partnerships (PPPs) to drive innovation in emerging technologies like IoT, AI, and smart lighting systems. The company emphasized that supportive budgetary allocations could further India’s sustainability goals and enhance its export competitiveness in the global market.

The Union Budget 2025, set to be presented on February 1, is highly anticipated, with industry leaders and stakeholders eager to see how the government addresses the challenges and opportunities in a rapidly evolving economic landscape.