Business
India Cuts Tax To Lure Apple Production Outsourcing To Mumbai
India introduced new tax legislation which lower taxes in its manufacturing sector. The move aims at making the country more appealing to both local and international manufacturers.
“We have redone the entire architecture of taxation law as far as manufacturing is concerned. As of now, this corporate tax cut in itself is massive. Mobile phones already are a success story.” Prasad told The Economic Times
India’s Communication Minister believes that the tax cuts will attract players like Apple, Foxconn, and Flextronics planning to scale production in India.
“We are already the second biggest manufacturer of mobile phones in the world. Now, even Apple is coming in a big way, Foxconn 2 and 3 will launch base.” Prasad said.
Indian minister has said that they are setting up the country as main replacement of China as the ideal manufacturing destination for electronics.
“Apple reportedly is going to open its biggest state-of-the-art shop in Mumbai, and Samsung is withdrawing from China,” Prasad went on.
While Microsoft is heavily investing in Africa, India might likely win the deal owing to the previous production of low-cost iPhone models as well as the new tax cuts.
Apple has been very is open to the idea of shifting manufacturing from China to reduce its dependence. Moreover, RT reveals that Apple asked its suppliers to shift up to 30% of its production away from China.
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