On Wednesday, an inter-ministerial panel took up the proposal of American multinational tech major, Apple for starting the manufacturing process of iPhones in India. However, the company wants some fiscal concessions, which include custom duty waiver on import of components. The members of the panel include officials from the departments of industrial policy and promotion, revenue, commerce electronics and information technology as well as environment & forest.
Global Vice-President, Priya Balasubramanian met commerce & industry minister Nirmala Sitharaman and prepared a detailed presentation on the road map for a manufacturing unit in India. India is known as the fastest growing mobile phone market in the world and thus, the company is looking forward to set a manufacturing unit to cut costs. As per a report, besides exemption from the customs duty on imports of components as well as equipment for 15 years, Apple is in the need of relaxation in the administered 30 per cent local sourcing of components. In other words, their certain duty exemptions as well as several other concessions will be looked by the respective departments.
Company Wants To Make India A Major Manufacturing Hub
The company has full-fledged plan for the establishing its manufacturing unit and the whole team of Apple have been working hard for the development of the company’s operations in India and is feeling proud to deliver world class products as well as services to its esteemed customers in India. In addition, the company is really appreciating the constructive interaction it had with the Government about expanding the local operations. In order to boost electronic manufacturing, at present, the government is providing support by way of benefits under the Special Incentive Package Scheme (MSIPS).
The company sells its state-of-the-art products through Apple owned retail stores in countries like France, UK, US, Germany and China and when it comes to India, products are being sold through distributors such as Ingram Micro and Redington because of the absence of store in India. However, Apple will soon have its wholly-owned store in India.