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India intending to reduce parts import tariffs to build "world factory"

Writer: Admin Source: MDM Date:2016-10-17

India intending to reduce parts import tariffs to build "world factory"

Mention the factory of the world, the first time to think of is China. India reduce import tariffs, parts and components to build the second "world factory"?
In order to promote the development of domestic manufacturing industry, make the international position of "made in
India", recently the government plans to launch reduce parts import tariff policy, thus making India as the world
manufacturing factory just like China. 
The Indian government intended to reduce import tariffs on components, aims to revive manufacturing
industry. According to the Indian prime minister Narendra Modi, Indian government has raised the influence of the "made
in India" as its main development strategy, and to be included in the next budget.
Many Indian business leaders long ago pointed out that high tariffs on imported components and raw materials have
pushed up the final price of manufactured goods, the price increasing reduced India's manufacturing product
competitiveness in global markets. In order to make "made in India" take up a place in the global market, the Indian
government is trying to wipe out all possible obstacles, but also the problem of tax as a focus.
At the same time, the Indian government is also trying to solve the problem of reverse tariff structure. Reverse tariff
structure means that India's domestic products more expensive than imported products, because under this kind of tax
structure, the Indian government to impose a 4% surcharge in particular, the products made in domestic prices up
Chinese-made products.
In addition, the local products also have to bear the sales tax. However, in India, sales tax is far
below the special surcharge (SAD).
This creates the domestic manufacturing product price is higher than the imported
products.

In September, the government began to roll out "made in India" development strategy, the purpose is by removing
bureaucracy, and better to delegate to reduce all kinds of examination and approval procedures and putting out all sorts of
investment barriers makes India the world factory like China. In order to attract foreign investment, the government must
solve the problem of reverse tax structure. For the present, some industry has improved, the industrial manufactured goods
tariffs is lower than the price of raw materials, it will no doubt in order to promote the position of "made in India"
injected a shot in the arm. 

Indian government has set a development goal: in the next ten years, manufacturing in the share of GDP rose to 25% from
18% now. In addition, the government is also considering offers tax breaks to small and medium enterprises preferential
policies to promote the development of domestic manufacturing industry. It is understood that small and medium-sized
enterprises occupy 40% of India's manufacturing capacity, accounted for 8% of GDP. Small and medium-sized enterprise
workers for 100 million, created a lot of jobs to India. So, promote the development of small and medium-sized
enterprises is very important to elevate the status of "made in India".


 


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