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NEW DELHI: Chinese smartphone maker Xiaomi has praised the governments move to promote investment by easing local sourcing norms under single brand retail, but said it would not make much difference for the company since it was extensively making in India.

The company, which has been the No 1 smartphone seller by shipments, was making its handsets locally since 2015 and had since begun selling in India through its own and operated stores. Presently, it makes locally 99% of the number of phones it sells in India through contract manufacturers.

“It is a good move by the government to promote more investments. However, as PCBA, battery, chargers and cables locally sourced – nearly 65% of the value of a Xiaomi smartphone is locally sourced – the new regulations does not impact Xiaomi as much,” a Xiaomi spokesperson said, adding that the companys Mi TVs and power banks were also locally made.

The company added that one of its component suppliers Holitech Technology had invested over $ 200 million USD spanning three years for manufacturing Compact Camera Modules (CCM), Capacitive Touch Screen module (CTP), Thin Film Transistor (TFT), Flexible Printed Circuits (FPC), and fingerprint module locally.

Finance minister Nirmala Sitharaman Friday said while announcing the Union Budget 2019 that local sourcing norms will be eased for

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