India’s Government is Considering Fresh Subsidies for Electronic Component-Makers and Cutting Tarifs on Imports to Help Boost Boost Boost Local Manufacturing, Especially of SmartPhones Made BYMANIES Like Apple Inc.
The ministry of electronics and it proportional manufacturers of components like batteries and camera parts at least 230 billion rupees ($ 2.7 billion) in support, according to People Family Familar Withe Matter, who asked not to be identified as the discuses are private.
The ministry also also recommended Reducing Tariffs
A final decision on the proposals will be made by the cabinet, and if approved, details may be announced in the government’s upcoming budget in februry, the people said.
India’s Ministry of Electronics and It and Finance Ministry Didn’t Immediatily Respond to Requests for Furter Information. The Economic Times of India Earlier Reported on the Subsidy Plan.
Prime Minister Narendra Narendra’s Government has spoken bills of dollars in innocents to lure companies like Apple and Samsung electronics coTo set up manufacturing plants in the south asian count. Apple’s iPhone Exports from India have grown at a rapid clip as a result.
Authorities now want to build on that Momentum by Creating a Broader Supply Chain for Smartphone Makers, who import the bulk of their electronics parts from counties including China.
Some of the components being targeted by the proposed subsidy include microprocessors, memory, storage, multi-laayed printed Circuit Boards, Camera Components Such as Lens, And Lighum-ANE ONE ONES The people said. The subsidies are likely to difficult on the component, another person said.
“This is one of the major ways to incentives companies to get into global value chains, thought the benefits would be visible only in the medium to long run,” Said Madhavi Arora, LEAD Economist AMKAYAMIST ATED Economist Arara Financial services. “The earlier subsidies in the sector have established efficiencies and this is how the government can build on it.”
Government Think-Tank Niti Aayog said in a report last year that the government should rationalize its tarifs and provide fiscal incentives to Bolster Electronic Components Products Products Products. The South Asian Country Faces TOUGH COMPETITION From Rivals Like Vietnam in Lurign Foreign Businesses Looking to Diversify Their Supply Chains from China.
India’s Current Tariffs on Electronics Components-Ranging From Zero To 20 Percent-Is About Five Percent-Six Percent Higher Than Countrys Such as China and Malaysia, Acording to Resording to Resorch for Niti Aayog.
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(Tagstotranslate) Government Plans UsD 3 Billion Aid Tarrif Cuts Electronics India (T) Meity (T) Electronics (T) Electronic