New Delhi: According to an ICEA report that examined input tariffs in the electronics sector across five countries, India has the highest rates among rival economies.
The ICEA stated on Thursday that high tariffs have an impact on competitiveness and that the industry is seeking a reduction in taxes and a glide path to catch up to Vietnam and other rival countries.
According to the India Cellular and Electronics Association (ICEA), the study is essential to determine India’s competitiveness to produce 300 billion dollars worth of electronics by 2025-2026, including 120 billion dollars worth of exports.
According to a study presented at a conference and issued by ICFA, the rival economies have twice as many or more Zero tariff lines as India. The five-nation analysis of input tariffs in the electronics sector was performed by ICEA, India’s leading electronics industry group, and covered 120 major components in India, China, Vietnam, Thailand, and Mexico.
“… we recommend that we should begin decompression exercise starting 2023. Relevant FTAs will take time, targeted tariff reduction is the immediate solution,” Pankaj Mohindroo, Chairman at ICEA, said during a briefing.