Finance Minister Nirmala Sitharaman
A production linked incentive (PLI) scheme for research and development (R&D) should be announced in the General Budget 2025-26. This will help in attracting foreign companies and making India a global center of innovation. Rohinton Sidhwa, Partner (Direct Tax), Deloitte India, said this. He said that the government is working on a policy in which there should be less tax concessions and production linked incentives (PLI) or other schemes which can boost investment and employment. Sidhwa said that we need to push India as the R&D laboratory of the world and if there can be a policy that encourages it, like PLI for R&D involving foreign companies, then it would be This could prove to be a game changer.
Budget will be presented on 1 February
The budget for the financial year 2025-26 will be presented in Parliament on February 1. Sidhwa said one area the government needs to focus on is how to encourage innovation and reward R&D spending. This will happen only when the country is able to attract global R&D centers to India. He said that if we can develop our own R&D, we will not need to depend on the developed world for technology. There is a need to do something regarding innovation and R&D and I hope that the government will consider starting a PLI scheme for research and development.
Will help in promoting FDI
Sidhwa said if a policy can be announced in the Budget that specifically rewards global companies for coming to India, it will boost foreign direct investment (FDI) in the country. He said that India is a service based economy and if it is taken forward, it can be a major source of earning foreign exchange.
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