Corporate tax relief: Xiaomi, HMD say move to generate employment; encourage more companies to enter India

NEW DELHI: Chinese handset maker Xiaomi said that the government’s move to reduce corporate tax rates will further propel manufacturers’ abilities to generate employment and invest more in local research and development (R&D).

HMD Global, which makes Nokia phones, said that the move will encourage more entries into the Indian market.

“We are also hopeful that post the relaxation for domestic manufacturing firms, we are hopeful that we would be able to bring more of our component suppliers to India and help boost the local manufacturing industry further,” a Xiaomi spokesperson said in a statement.