The government is considering a proposal to sweeten export incentive scheme for smartphone manufacturers such as Apple, Samsung, Huawei, Vivo and Oppo by offering 6% duty credit scrips, replacing the current 4% scrip, two people aware of the development said.
The government has set an ambitious target to increase smartphone exports from the country to $110 billion by 2025 from $3 billion now. Duty credit scrip is a certificate with certain monetary value that can be utilised for payment of customs duty.
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“The industry had sought up to 8% (duty credit slip) but the government is considering a 6% replacement for the MEIS (Merchandise Exports from India Scheme),” a senior government official told ET.
Source: Economic Times
