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Image Source : PIXABAY Smartphone
The government has cut the import duty on essential components used in mobile phone production as part of a strategic move to boost export activities. The finance ministry announced the reduction in import duty rates from 15 per cent to 10 per cent through a notification on Tuesday.
The revised rate of 10 per cent is applicable to critical components used in mobile phone assembly, including battery covers, main lenses, back covers, and other mechanical items made of plastic and metal.
The Indian Cellular and Electronics Association (ICEA) Chairman, Pankaj Mohindroo, said this is a critical policy intervention by the government towards making mobile manufacturing competitive in India.
“Electronics has improved from the 9th position a few years ago to India’s 5th largest export in 2024. Mobiles constitute over 52 per cent of electronics exports thanks to the Production-Linked Incentive Scheme. This is the first industry to leapfrog from import substitution to export-led growth within the last 8 years,” Mohindroo said.
This decision is in line with earlier reports from the month, indicating that India was considering lowering import duties specifically on components crucial for the manufacturing of high-end mobile phones. The reduction in import duties is anticipated to have a positive impact on the mobile phone industry, fostering growth and enhancing competitiveness in the global market.
(With agency inputs)
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