- Yong, the son of Samsung Group’s chief Lee Kun-hee, is in India to discuss the business plans
- Samsung’s smartphone shipments increased from 20 per cent in October-December 2018 to 25 per cent in April-June 2019 period
Samsung Electronics Vice-Chairman Lee Jae-yong is all set to announce business expansion plans in India.
Korean news agency Yonhap reported that Yong, the son of Samsung Group’s chief Lee Kun-hee, is in India to discuss the business plans. The company may make further investment to expand its presence in the world’s second-largest smartphone market, reported Yonhap.
According to a recent report by Counterpoint Research, the company’s smartphone shipments increased from 20 per cent in October-December 2018 to 25 per cent in April-June 2019 period.
Samsung stopped TV production at its Chennai plant in October 2018 after a 5 per cent customs duty was levied on open cell panels. Going forward Samsung may start the LED TV panel and TV set production only if the government scraps the customs duty on open cell panels.
Working for 5G rollout in India
Earlier this year, Samsung said that providing a secure network is the priority for them, expressing hope of working with various telecom operators to soon launch the fifth-generation cellular network technology in the country.
Government’s roadmap
The government is also working to woo new manufacturers. Last month, Finance Minister Nirmala Sitharaman announced that new domestic manufacturing companies incorporated after October 1 will pay the income tax at the rate of 15 percent. She also slashed the effective corporate tax from 30 per cent to 25.17 per cent.
