Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News

India Reduces Custom Duties To Support Local Manufacturing of Electronic Products

Yusuf Balogun
Yusuf Balogun
Yusuf is a law graduate and freelance journalist with a keen interest in tech reporting.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

In a bid to support local manufacturing of electronic products in the country, the Indian government said it has decided to reduce customs duties on smartphones, TVs, electric vehicles, and other electronic products.

Custom Duties

This was announced by the county’s Finance Minister, Nirmala Sitharaman while introducing the 2023 federal budget.

Nirmala Sitharaman stated that the Indian government has proposed reducing import duties on mobile phone camera lenses and their components used in the production of mobile phone camera modules to 0% from 2.5%. He further pointed out that the government has also proposed to reduce the Basic Duty (BCD) rate from 21% to 13% for products other than agricultural and textiles.

“In order to further strengthen the added value of domestic mobile phone production, the government will extend the preferential tariff for lithium-ion batteries for another year, – Nirmala Sitharaman.”

Govt. Initiatives for local manufacturing of Electronic Products

Moreover, the finance minister further asserted that numerous government initiatives, such as the phased manufacturing plan, led to an increase in India’s mobile phone production from 5.8 million units in 2014–2015 to 31 million units annually, totaling more than 2,750 billion Indian rupees.

Additionally, he stated that tariff-free imports of capital goods and machinery required to make lithium-ion batteries used in electric car batteries would be allowed until March 31, 2024.

Finally, the Minister added that the Faculty of Engineering will establish 100 laboratories to develop applications utilizing 5G services, opening up a variety of new options, economic models, and employment chances.


Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic