Union Finance Minister Nirmala Sitharaman on Wednesday announced a reduction in Customs duty on certain mobile phone components and television parts to boost their manufacturing in India.
In her speech, Sitharaman said the Customs duty will be brought down to 2.5 percent on camera lenses and continue the concessional duty on lithium ion cells for another year. Further she said Customs duties on open cells of LED TV panels will be reduced to 2.5 percent.
As per the Economic Survey 2022-23 released on Tuesday, India went from manufacturing 60 million mobile phones in the country in 2014-15 to 310 million in 2021-22.
Speaking to CNBC-TV18 after the budget, Union Minister for Electronics and Information Technology Ashwini Vashnaw said the budget is very conducive to electronic manufacturing.
"Mobile phones will be soon among top 10 commodities to be exported from India. We have reduced duties on mobile phone (camera) lenses. India will soon become a top manufacturer and exporter of mobile phones."
First Published: Feb 1, 2023 12:20 PM IST
