Why cut in corporate tax means more 'made-in-India' smartphones

In a surprise gambit aimed at wooing manufacturers and boosting investment, India slashed its corporate tax rate to 22% from 30% last week. According to the four top industry executives, lower corporate tax rate will help the smartphone industry expand, fuel research and development (R&D) investment and attract higher-value component makers to the world's second-biggest smartphone market.

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In a surprise gambit aimed at wooing manufacturers and boosting investment, India slashed its corporate tax rate to 22% from 30% last week. According to the four top industry executives, lower corporate tax rate will help the smartphone industry expand, fuel research and development (R&D) investment and attract higher-value component makers to the world's second-biggest smartphone market.