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India cuts corporate tax to boost smartphone manufacturing
- Tuesday | 24th September, 2019
MUMBAI (Reuters) – India’s lower corporate tax rate will help its smartphone industry expand, fuel research and development (R&D) investment and attract higher-value component makers to the world’s second-biggest smartphone market, four top industry executives said. 2 mobile phone maker and the smartphone industry is central to Prime Minister Narendra Modi’s ambitious “Make in India” drive. The four senior smartphone industry executives said it was too early to speculate about how much more money their companies would commit to investing following the tax cut. “We are hopeful that we will be able to bring more of our component suppliers to India and help boost the local manufacturing industry further,” said a spokeswoman for Beijing-based Xiaomi, India’s top smartphone player. “Earlier, India’s corporate tax rate was among the highest in the world.
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