Technology
13 February 2024, 10:44 pm 1 minute
Reuters was first to report using confidential government documents that India fears losing out to China and Vietnam as it seeks to become a major smartphone export hub and wants to “act fast” to lure global companies with lower tariffs which it considers amongst the highest in the world. Smartphone manufacturing is a key plank of Prime Minister Narendra Modi’s ambitions to boost the economy and create jobs in the world’s second-largest mobile market, but lawmakers and lobby groups for Apple argue India’s high tariffs are a deterrent for companies de-risking their supply chains beyond China.
Market Impact
India is seeking to account for 25% of global electronics manufacturing by 2029, but the official documents showed its stake was currently at just 4%, even though Apple, Foxconn and Xiaomi had all boosted production recently.
Article Tags
Topics of Interest: Technology
Type: Reuters Best
Sectors: Technology
Regions: Asia
Countries: India
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
