Reuters was first to report using confidential government documents that India fears losing out to China and Vietnam as it seeks to become a major smartphone export hub and wants to “act fast” to lure global companies with lower tariffs which it considers amongst the highest in the world. Smartphone manufacturing is a key plank of Prime Minister Narendra Modi’s ambitions to boost the economy and create jobs in the world’s second-largest mobile market, but lawmakers and lobby groups for Apple argue India’s high tariffs are a deterrent for companies de-risking their supply chains beyond China.
The post India IT ministry fears losing out to China, Vietnam in smartphone exports race appeared first on Reuters News Agency.
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