India will consider Apple‘s request for incentives to invest and put its resources in India with an “open mind”, IT Minister Ravi Shankar Prasad told reporters.
“We will very much like Apple to come and have a base in India,” said Prasad.
Apple has sent a list of demands to the Government of India seeking tax concessions and several other policy exemptions, as necessary pre-requisites before it begin production of its iPhones in India.
The minister also said a government panel headed by the cabinet secretary would now clear investment proposals in the electronic sector above $1 billion, instead of them going through multiple government departments.
Prasad’s comments came after the federal cabinet revamped a subsidy programme for electronic manufacturing, tightening some of its provisions following objections from the finance ministry.
He announced a limit of $1.5 billion on the amount of subsidy the government provided under the Modified Special Incentive Package Scheme (M-SIPS) designed to boost electronics manufacturing.
The finance ministry had raised concerns about the scheme due to lack of clarity about the subsidy payout, delaying a slew of investment proposals.
Apple has offered to manufacture and produce iPhones in the country both for the domestic market as well as exports, in a potential boost for PM Narendra Modi’s “Make in India“ programme to expand a domestic industrial base
and create millions of jobs.
“We want to make India a big hub of electronic manufacturing,” stated Prasad.
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Sameeksha Bhardwaj, From ITvoir News Desk