"We propose reducing the current seven slabs to three slabs. Aligning our tariff structure with those of competing electronics manufacturing nations will boost cost competitiveness, simplify trade, and attract global value chains," said Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA).
The industry body also recommended removing the 2.5 per cent tariff slab to HIKE BASIC EXEMPTION enhance ease of business in the industry.
"This 2.5 per cent makes no sense. ICEA is devoted to building domestic manufacturing and has never hesitated in making stiff recommendations for promoting domestic industry. Whenever required we have asked for bold steps including short term higher tariffs," Mohindroo added.
Nasscom, which also represents startups, also recommended enabling the direct listing in India of Indian-origin foreign-incorporated firms.
An expert committee of market regulator Sebi has recommended that equity shares of companies incorporated outside India should be allowed to be listed on Indian stock exchanges. Its recommendations have not yet been implemented.
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