MAIT wants tax sops

The Manufacturers’ Association of Information Technology (MAIT), the apex body of electronic product makers, has asked the government to restore the 4-5% incentive under the Merchandise Exports of India Scheme (MEIS) as the curb of these benefits is likely to hit exports worth about US$ 8 billion.

 “At a time when the government is working towards fostering electronics exports from India, it is a surprise to see the reduction in MEIS for the electronics industry… We feel this will discourage exports and negatively impact the current and future investments planned for the sector,” a Xiaomi spokesperson stated.