Sunday, March 7, 2021

Tax remission on electronics exports to curb imports: ICEA

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icea11New Delhi, Jan 22 (IANS) As the government emphasises on making India a manufacturing hub for mobile and electronics, the India Cellular & Electronics Association (ICEA) has said that the scheme of Remission of Duties and Taxes on Exported Products (RoDTEP), if implemented in the electronics sector, would lead to import substitution.

In a recent report, the industry body said that the output, exports and employment for all electronics components and final products will grow by relatively large proportions with the lower value products growing at higher rates.

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“This is to be expected. What is surprising is that import growth in most cases is comparatively low, signifying that RoDTEP will lead to import substitution with currently existing technologies,” it said.

ICEA has sought a minimum RoDTEP of 1.5 per cent in the electronic products.

Pankaj Mohindroo, Chairman, ICEA said: “RoDTEP is critical to address India’s deep disabilities vis-a-vis its competitors for boosting electronics manufacturing and making it India’s number 1 export by 2025.”

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“This needs to be an ongoing exercise to address the adverse impact on India’s competitiveness, of high taxes which remain unremitted. An early finalisation of RoDTEP base rate and rates of priority products needs to be our immediate focus,” he said.

Source: IANS

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