'Assemble in India' to power 'Make in India'
Government makes focus on local production of mobiles and other electronic goods clear
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Last Updated: Feb 01, 2020, 18:06 IST1 min
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“The electronics manufacturing industry is competitive and India has shown its cost advantages. India needs to boost domestic manufacturing and attract large investments in the electronics value chain,” said the press release from the finance ministry.
According to the Economic Survey, by integrating ‘Assemble in India for the world’ into ‘Make in India’, India can create 4 crore well-paid jobs by 2025 and can raise its export market share to about 3.5 percent by 2025 and 6 percent by 2030. The Budget also announced the withdrawal of the Dividend Distribution Tax, along with a reduction in the corporate tax, which will be a major boost to the existing FDI norms. This will make India an attractive destination for further substantial growth in FDI inflows. Adds Mohindroo: “We are happy with the tightening of the rules to check the misuse of FTA, especially by ASEAN countries, as an escape route for duty-free imports which circumvent the duty structure.”
Smartphone manufacturers have welcomed the implementation of a scheme for the electronics industry. Nipun Marya, director, brand strategy, Vivo India, says, “The Union Budget"s significant focus on local production of mobile phones, electronics and semi-conductor packaging is going to propel the Make in India vision further. We are excited about the detailed scheme.”
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First Published: Feb 01, 2020, 18:06
Subscribe NowNaini Thaker is an Assistant Editor at Forbes India, where she has been reporting and writing for over seven years. Her editorial focus spans technology, startups, pharmaceuticals, and manufacturing.
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