- LOCAL MANUFACTURING ON AN UPSWING
AFTER ACHIEVING SUCCESS in domestic mobile manufacturing, the government is working on a strategy for an export-led growth for smartphones and electronics, communications and IT minister Ashwini Vaishnaw told FE in an exclusive interview.
"Today India has become part of the global value chain (GVC) of mobile phones and electronics.
Now we are looking at a strategy of export-led growth rather than simply import substitution and looking at our needs," Vaishnaw said. "A great opportunity has come ourway and we have reached a level where we can rapidly grow our exports," he added.
For an export-led growth in mobile phones and electronics, the ministry of electronics and IT (Meity) will work closely with the ministry of finance for making movement of goods across borders very smooth. Vaishnaw said this is needed as the nature of GVC is such that goods keep crossing borders multiple times before the final product is made.
"Speed is important in this process," he added. According to him, what all needs to be looked at to make multiple transactions across borders more smooth are import duties, processes, automation, and warehousing.
Denne historien er fra November 27, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra November 27, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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