India minister sees case for duty cuts on mobile phone parts - TV

Wistron

19/01/2024 13:16

NEW DELHI, Jan 19 (Reuters) - 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. 
    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  AAPL.O  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. 

 (Writing by Shivangi Acharya; Editing by Sharon Singleton)
 ((Shivangi.Acharya@thomsonreuters.com;))