Duty cuts on mobile phone parts a ‘good logical next step’: Ashwini Vaishnaw

Rate this post

A cut in duty on mobile phone parts is the “good logical next step” for India, as the nation aims to boost production and exports, the electronics minister told CNBC TV-18 in an interview on Friday.

Union Minister for Information Technology Ashwini Vaishnaw (REUTERS)

“We have to move from import substitution to export-led growth, that is the transition we need to make. That requires a totally different mindset and a totally different structure,” Ashwini Vaishnaw said.

Asked if there is a case for cuts in tariffs, Vaishnaw said “absolutely, specially for the component ecosystem.”

India is considering import duty cuts on components key to producing high-end mobile phones, in a potential boost for companies like Apple and the country’s exports, government sources told Reuters last week.

Companies in the sector have been pushing for cuts on nearly a dozen components to reduce the cost of making smartphones in India and level up the playing field, with regional competitors such as China and Vietnam.

A decision on the cuts will be taken by the finance ministry when it finalises the budget for Feb. 1, Reuters reported.

Source link

Visit www.cagurujiclasses.com for practical courses

Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Leave a Comment