Indian IT Hardware Industry in dire need of Govt Support

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Indian IT Hardware Industry in dire need of Govt Support 
The Manufacturers’ Association of Information Technology (MAIT) has urged the Ministry of Finance, Ministries of Commerce & Industry and Ministry of Communications and Information Technology to address the critical challenges being faced by the Indian IT hardware industry due to the existing foreign exchange volatility.
MAIT pointed out that the IT hardware industry has already proven to be the backbone of the nation’s growth as it is a critical enabler in enhancing inclusion, reach, productivity and speed in all kinds of economic activities. It is particularly most relevant to all Government projects and programmes like those of Education, e-Governance, Healthcare, Financial Inclusion, etc. as more and more use of technology is being adopted. Every nation considers IT as integral to their success which has made this industry worldwide as one of the fastest-growing in the world. World Bank’s reports state that 10% increase in computer and broadband penetration increases GDP by 1.38%. This is particularly relevant to the emerging economies like India.
Ajai Chowdhry, Chairman, Department of IT’s Task Force, said, “This unprecedented situation has arisen due to the hardening of the dollar. Many critical sectors are getting adversely affected. If it is not corrected immediately, suppliers will shy away causing delays in the procurement process which might impact all major economic activities, including industrial production. While the industry wants to go all out and support the Government in this hour of crisis, it is unable to do so because there is no protection against the volatility of foreign exchange. Government must incorporate exchange rate variation formula in all the IT hardware procurement contracts or else the industry, particularly domestic manufacturing, will begin to crumble. He assured that the inclusion of the ERV clause will, in no way, inhibit the growth of the domestic IT hardware industry. Further, once the Rupee turns around and appreciates against the US dollar, the industry will give the benefit back to the Government, as it has done in the past.”


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