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Asia Today ISSN 1861-4604 Monday, February 19, 2018

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India wants Apple to commit to investment, job creation in exchange for tax breaks

Apple had sought tax concessions for manufacturing iPhones in India

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BANGALORE, India - Apple, that last month started initial production of 4-inch iPhone SEs at a Wistron Corp. plant in the southern Indian city of Bangalore in Karnataka, has now heard back from the government.> BNN
 
According to reports, Apple had sought tax concessions for manufacturing iPhones in India and now the government has specified that the tech giant would have to lay out details of the money it plans to pump into the country and the potential number of jobs the investment will create.
 
Prime Minister Narendra Modi’s government, sources have said, will consider Apple’s plea for tax concessions based on the details it provides. 
The move comes amid concerns that growth in Asia’s third-largest economy isn’t helping add jobs.
 
Meanwhile, after the Cupertino, California-based manufacturer of iPads and iPhones began production in south India, Electronics and IT secretary Aruna Sundararajan said that the company was in talks with the government on its expansion plan in the world’s fastest-growing major smartphone market.
The Modi government has been urging foreign investors to make products in the country as part of its ‘Make in India’ policy.
 
The policy aims to increase the share of domestic manufacturing in the $2 trillion economy and create jobs.
 
In 2016, Apple had sought a slew of incentives, including lower duties for importing components and equipment for a period of 15 years. 
However, the finance ministry turned down the company’s demands then.
 
Sources have now said that India’s federal government is unwilling to give company-specific tax concessions, it is, however, prepared to look into the sector as a whole for concessions to enhance manufacturing in the country.
 
Last year, the company shipped 2.5 million iPhones into the country, which made it its best year ever in terms of revenues and sales.
However, Counterpoint Research pointed out that it only ranked tenth among vendors in the December quarter.
 
Apple currently accounts for about 3 percent of shipments in India, where an estimated 750 million smartphones will be sold by 2020.

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