Budget 2022: A Booster Shot to Wearables and Hearables

My Mobile spoke to a few stakeholders and industry players to find out their opinion on what this move by the government would translate on the ground

- Ramesh Kumar Raja

he government has presented the Union Budget for the year 2022-23 and the speech of Finance Minister Nirmala Sitharaman has since February 1 triggered innumerable debates, discussion and analysis. Whether or not we give thumbs up or thumbs down to this year's budget, we cannot ignore the fact that the Finance Minister's speech did encapsulate the latest trends in spaces like wearables, hearables and other consumer electronics. The speech categorically mentioned that Customs duty rates have been calibrated to provide a greater rate structure to facilitate domestic manufacturing of wearable devices, heareable devices and electronic smart meters, thereby hinting at the widespread implications of growth in the sector registered during the new normal.

We spoke to a few stakeholders and industry players to find out their opinion on what this move by the government would translate on the ground. When asked as to how the wearable makers look at this development, Arnav Kishore, the cofounder of one of India's fastest growing smartwatch brands, Fire-Boltt, said, We are happy that the government is paying attention to this massively growing segment and wants to aid domestic manufacturing. If the calibration of customs duty rates facilitates economical inflow of raw materials, we consider it a win-win proposition. If implemented effectively and taking into account the existing bottlenecks for homegrown brands, then the impact on the wearable sector would be exponential. While we would definitely witness a barrage of domestic manufacturers, the key for all brands would be to offer innovative features and premium quality.