‘Made in India’ iPhone to get delayed; India says “no” to Apple’s demands
Advertisement
Apple’s plans of setting up manufacturing plants in India might get delayed as the country has rejected most of its demands.
India’s Trade Minister Nirmala Sitharaman said the government has not accepted most of the demands of the iphone manufacturer.
Apple has sought concessions such as duty exemption on manufacturing and repair units, components, capital equipment and consumables for smartphone manufacturing and service/repair for a period of 15 years.
In a communication to the government, the Cupertino-based technology major has asked for incentives from the Department of Revenue and Department of Electronics and Information Technology (DeITy).
Apple also wants relaxation in the mandated 30 per cent local sourcing of components.
It also wants reduction in customs duties on completely- knocked-down and semi-knocked-down units of devices that are to be assembled in the country.
With sales tapering in the US and China, Apple is eyeing India -- the fastest-growing smartphone market in the world -- and looking to set up a local manufacturing unit to cut costs.
Advertisement
India’s Trade Minister Nirmala Sitharaman said the government has not accepted most of the demands of the iphone manufacturer.
In a communication to the government, the Cupertino-based technology major has asked for incentives from the Department of Revenue and Department of Electronics and Information Technology (DeITy).
Apple also wants relaxation in the mandated 30 per cent local sourcing of components.
Advertisement
With sales tapering in the US and China, Apple is eyeing India -- the fastest-growing smartphone market in the world -- and looking to set up a local manufacturing unit to cut costs.
Advertisement
- 10 Ultimate road trip routes in India for 2024
- Global stocks rally even as Sensex, Nifty fall sharply on Friday
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market