TO REDUCE IMPORT dependence and boost domestic manufacturing of laptops and other IT hardware items, the Union government may link import permissions to domestic capacity expansion going forward, it has been learnt.
The government is also considering the introduction of a credit system for such imports, with a final decision likely once domestic production in India reaches a critical threshold.
The strategy, a source said, mirrors the approach that successfully attracted investment in the tyre manufacturing sector where the government temporarily eased import restrictions on certain tyre categories, contingent on establishing local manufacturing facilities.
In 2020, the import of 'New Pneumatic Tyres' was classified under the 'restricted category'. However, in 2023, the Ministry of commerce and industry relaxed the guidelines for tyre manufacturers who committed to investing in India through "brownfield or greenfield projects for manufacturing tyres within the restricted category".
This story is from the December 25, 2024 edition of Financial Express Bengaluru.
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This story is from the December 25, 2024 edition of Financial Express Bengaluru.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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