Government reduces mobile phone components import duty to 10% ahead of Budget 2024
The PM Narendra Modi-led government has implemented a significant reduction in import duties on mobile phone components, from 15% to 10%, in an effort to enhance India’s exports. This move comes ahead of Finance Minister Nirmala Sitharaman’s upcoming announcement of the interim Budget 2024. It is worth mentioning that India is the third-largest economy in Asia.
The import duty on battery covers, main lens, back cover and other plastic and metal mechanical items, among others, has been reduced to 10%, the finance ministry said in an announcement late on Tuesday, Reuters reported.
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The move was widely expected as some reports earlier this month had highlighted the fact that the government was actively considering lowering import duties on components critical to the manufacture of high-end mobile phones.
