Apple starts production in India
The Government’s recent decision on reduce corporate tax rate has made India a more attractive destination for Foreign Direct Investment (FDI) and it should aim for the largest FDI share in the world, Communications Minister Ravi Shankar Prasad said on 24 Sept 2019.
India offers a huge market for companies like Apple and others to make for India and also export, said the Minister, adding that Apple has started production in India in a very effective way.
Given the recent announcements on tax relief for manufacturing, India has the same tax regime as Vietnam and Thailand, he pointed out.
FDI has seen a jump over the last few years and grossed US$64 billion in FY19.
Telecom sector attracted FDI worth US$2.67 billion, and in electronics, computer software and hardware won US$6.4 billion.
India is the second largest telecommunications market and is on the cusp of transformational change which will require additional FDI in the sector, he told a seminar on INVEST DIGICOMM 2019 in Delhi.
Emerging technologies like Artificial Intelligence, Machine Learning and IoT will play a crucial role in the Indian ICT sector and will contribute over US$1 trillion to the overall planned target of US$5 trillion economy by 2024, believes Prasad.
It is the most opportune time for investors across the world to be part of the growth story of Indian Telecom and the Government will be happy to welcome and facilitate FDI in the sector.
The seminar was organized by National Institute of Communication Finance (NICF), Department of Telecommunications (DoT), Ministry of Communications in association with Federation of Indian Chamber of Commerce & Industry (FICCI), for drawing sustained FDI in the telecom sector of India.
The one-day seminar featured a high-level discussion on NDCP 2018: Converting Challenges into Opportunities, Foreign Investment: The Law in Practice, Convergence: Regulatory responses for the Digital Economy, and Industry 4.0: The role of digital communications. fiinews.com
