Budget 2025-26 should introduce PLI scheme for R&D to attract global innovation: Deloitte
Budget 2025-26 should announce a PLI scheme for R&D to attract foreign companies and make India a global hub for innovation, said Deloitte India Partner (Direct Tax) Rohinton Sidhwa. He said the government has been pursuing a policy wherein tax holidays are less and more focus is on Production Linked Incentive (PLI) or other schemes which promote investment and employment.
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«We need to push India as the R&D lab of the world and if there can be such a policy which stimulates that, like PLI for R&D which includes foreign companies, that could be a game changer,» Sidhwa told PTI in an interview.
The Budget for 2025-26 will be presented in Parliament on February 1.
Sidhwa said that one area which the government needs to look at is how to stimulate innovation and reward R&D spending and that would happen only when the country is able to attract global R&D centres into India.
«If we can develop our own R&D, we are less reliant on developed world for technology and that is also import substitution. Something around innovation and R&D is definitely called for and I'm hoping that the government will look at rolling out a PLI for R&D,» he said.
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