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Tamil Nadu tries to woo electronic companies like Nokia, Foxconn for its investment summit

After trying to woo top IT and tech cos abroad for its investment summit, the Tamil Nadu govt has now turned its attention towards the dwindling electronics cluster in its own backyard.

, ET Bureau|
Updated: Aug 22, 2015, 05.10 AM IST
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After trying to woo top IT and tech cos abroad for its investment summit, the Tamil Nadu govt has now turned its attention towards the dwindling electronics cluster in its own backyard.
After trying to woo top IT and tech cos abroad for its investment summit, the Tamil Nadu govt has now turned its attention towards the dwindling electronics cluster in its own backyard.
CHENNAI: After trying to woo top IT and technology companies abroad for its investment summit, the Tamil Nadu government has now turned its attention towards the dwindling electronics cluster in its own backyard.

Multinationals such as Nokia Solutions and Networks, Foxconn, Salcomp, and Dell International Services found an audience with the state administration in the context of investments under the Global Investors Meet 2015.

The closed-door meet held on Wednesday had the state IT department officials appraising the industry about opportunities in the IT and electronics segments in the state, according to industry executives.

The companies, in turn, discussed what will be compelling reasons for investment in supply chain, taxation and labour. They pitched for extension of duty relaxations to electronic devices besides mobile handsets. Predictable tax policies, supportive labour environment, and a state leadership agile to the dynamic business environment in the electronics industry were among the requisites for investment, they hinted.

Specifically, companies wanted to know about the future of value-added tax refunds when the proposed Goods and Services Tax system kicks in. Secondly, VAT for some electronic items was on the higher side, dimming the prospects of state participation in ecommerce businesses. They also pointed out higher corporate and dividend distribution taxes compared to competitors such as Vietnam.

A top state government official said, “In our representations to the Centre, we have always stressed that the GST regime should not wipe out tax incentives to the industry. As for specific industry grievances, we have made sure our weight was behind them if their causes were justified.”

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