President of PHDCCI highlights importance of broad-based PLI and AI focus in crypto regulation.
New Delhi: India needs to implement regulations for cryptocurrency as US president-elect Donald Trump supports crypto, which is positive for the country, according to Hemant Jain, President of PHDCCI.
“We have urged the government to establish regulations because Trump was a strong advocate of cryptocurrency. So, I believe we need to reconsider and regulate it,” Jain told ET.
With the US threatening to impose higher tariffs on China, Jain mentioned that India benefited last time this happened, especially in sectors like artificial marbles, which saw an increase in exports.
Jain also suggested expanding incentives under the Production Linked Incentive schemes to include more sectors like handicrafts, gems, jewellery, and footwear. He highlighted the importance of AI as a focus area to further promote Make in India.
“Similar to Make in India, the US is emphasizing Make in US and imposing high duties on countries that dump products in various nations. The government needs to review the duty structure where rates on raw materials are lower than on finished goods,” he explained.
Jain emphasized the need for sector-specific Employment Linked Incentive schemes to create more jobs. He suggested increased public spending by the government and the establishment of specific economic zones similar to those in China with a single window clearance system.
The chamber advocated for lower personal income tax rates and a change in the classification norm for NPAs, extending it to 180 days from 90 days, especially for micro, small, and medium enterprises in the upcoming Budget.
“Currently, around 49% of Indian exports come from MSMEs, and we need to ensure that this remains a priority,” he added.
Discussing the current global challenges and geopolitical uncertainty, Jain stated: “It is a challenging time. The last 20 years were relatively peaceful, but in the last 4-5 years, the world has experienced wars and uncertainty, especially in Bangladesh, with whom we share economic ties. This is a concern for us both politically and economically.”
Nominations for ET MSME Awards are now open. The deadline for submissions is December 15, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.
Source link
#Crypto #regulation #broad #based #PLI #focus #key #PHDCCI #president
