“India has high production cost due to highest tariffs amongst key manufacturing destinations,” wrote Mr. Chandrasekhar in the documents. These parts are then subject to the high tariffs the government has put in place to protect the local manufacturers, raising overall costs. Mr. Chandrasekhar’s documents were addressed to India’s Finance Minister last month to lobby for lower tariffs in the annual budget. India does not do that and imposes “high” tariffs on many components, he said. “No country with high tariffs has or can attract” them.

Source: The Hindu February 14, 2024 14:55 UTC