India leading a duty-led import growth regime for electronic components

The Indian manufacturing sector in technically advanced ranges has developed astoundingly in the past few years and India has taken a leading role in the manufacturing and export of smartphones and other components which have given India arising reputation in the world when it comes to the manufacturing capabilities and the necessary technical expertise that exists in the country for the conveniences of the world bodies to invest in India and get definitive and conformed returns based upon the prolific curves of technical advancements followed in the country.

This growth story is not without its own set of support aspects and a lot of flaws which is the necessity of any story to remain on the same path of growth as if there are no holes to plug, the water stagnates, and thus the stagnation also happens in the economic activities involved with any business adventure and that with the competitive abilities of a service or a business. The growth story in India is led by a basic flaw that the ecosystem surrounding the Industry couldn’t be developed and the import of electronic components from other suppliers have reached to an unprecedented levels which are on the advice of the industry taxed on customs and import for that hasn’t led the conducive nature of the Industry to seep in and create an environment for growth and develop its own local supply chain for an independent functioning in the face of a disastrous foreign policy decision.

We imported about a billion dollars’ worth of electronic components from Vietnam in the first half of this financial year which is 20% more than the import we had in the whole of our last financial year, which is a representative statistics of the inter-dependency we face with other countries to cater to the growing industrial requirements in the country.