Jan 19, 2024 07:02 PM IST
India is considering import duty cuts on components key to producing high-end mobile phones, in a potential boost for companies.
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.
“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.
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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.