The Union Budget 2016 is set to be announced on 29 February.
With the Startup India initiative gaining momentum, many new industries are mushrooming in the country. One such industry is the 3D printing industry. The field is often referred to as the sunrise sector, given the massive investments in the industry.
In a recent study, 6Wresearch, a leading research firm, stated: "Indian 3D printer market is expected to cross $79 million by 2021, with automotive applications accounting for the biggest chunk of business."
Catch spoke to Novabeans, a leading 3D printing firm, on what the industry wished to see in the Budget 2016. A representative of the firm said that 3D printing industry had a number of concerns they wish to see addressed in the Union Budget. Here are five things Novabeans highlighted:
Â Â 1) The high duty structure needs to be addressed.
Â Â 2) The custom duty levied on 3D printers should be reduced.
Â Â 3) High custom duty leads to firms being rendered unable to procure advanced machinery. This is a huge hindrance
Â Â Â Â Â Â to technological advancements in production.
Â Â 4) The Make in India initiative cannot be a reality unless taxation rates are reduced on 3D printing machinery.
Â Â 5) High duties are a widespread roadblock. It is this particular factor that is keeping most Indian firms from adopting
Â Â Â Â Â Â 3D printing.
Â Â 6) Tax credit and subsidies to startups in 3D printing business for a minimum period of 5 years.
Â Â 7) Easy access to funding with low interest rate.
Â Â 8) Sale and income tax exemption at least in the incubation period of 3D printing startups.
Media Source: Catch News