‘Designed by Apple in California, assembled in India’ can be reality soon; why Ravi Shankar Prasad says so

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Published: October 7, 2019 11:55:00 AM

With the government cutting corporate tax rate and bringing it on par with the leading economies globally, manufacturing of leading mobile phone brands such as Apple in India could be a reality soon, said Union Minister for Communications, IT and Law Ravi Shankar Prasad.

India, FDI, Ravi Shankar Prasad, economy news, The corporate tax rate cut has ensured that a large investment will come in India and the government in particular is pushing the case of electronics manufacturing in the country, Ravi Shankar Prasad said.

With the government cutting corporate tax rate and bringing it on par with the leading economies globally, manufacturing of leading mobile phone brands such as Apple in India could be a reality soon, said Union Minister for Communications, IT and Law Ravi Shankar Prasad. The tax rate cut decision will strengthen India’s case overseas to attract global investor interest in production of electronic goods, Ravi Shankar Prasad told The Indian Express in an interview. “We are hearing encouraging stories from Apple also, and for me, the happiest moment would be to see on my Apple phone “Designed by Apple in California, Assembled in China”, where China is replaced by India. Samsung has also withdrawn from China,” he added.

The corporate tax rate cut has ensured that a large investment will come in India and the government in particular is pushing the case of electronics manufacturing in the country, Ravi Shankar Prasad said.  “We are also looking to send our officers with some industrialists to showcase India in roadshows abroad. We are going to push electronics manufacturing in a big way,” he noted. Adding, he said that the share of India in global manufacturing rose substantially from 1.3 per cent in 2012 to 3 per cent in 2018.

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Finance minister Nirmala Sitharaman slashed the corporate tax rate to 22 per cent without any exemptions or incentives and to 15 per cent from the current 25 per cent for new manufacturing companies on September 20 as the government targeted to spur investment, revive growth and boost job creation. The economy is undergoing a slowdown and many of the sectors in the economy had asked the government announced a stimulus package to prop up the sagging economy.

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