Import Duty - Latest News Update, Information, Photos & Videos on Import Duty at Lokmat Times

New Delhi, Jan 31: The India Cellular and Electronics Association (ICEA), the nation's top electronics manufacturing industry body, on Wednesday said the move by the government to slash import duty on parts used for manufacturing of mobile phones to 10 per cent is a critical and welcome policy intervention towards making mobile manufacturing competitive in the country. The finance ministry said in a latest notification that the import duty on parts such as battery covers, main lens, back cover, other mechanical items of plastic and metal, among others, has been reduced to 10 per cent from 15 per cent.The move will help companies like Apple to manufacture more of its high-end premium smartphones in the country. "Building scale, riding on low input tariffs is key to transforming India into a global hub for electronics manufacturing and exports," said Pankaj Mohindroo, Chairman, ICEA. 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 PLI scheme. This is the first industry to leapfrog out of import substitution to export-led growth within the last 8 years, Mohindroo added. India's smartphone input tariffs are currently the highest among the competing manufacturing destinations. Unless India can match China and Vietnam’s competitive tariff regime in addition to other factors which impact competitiveness, export growth will also start seeing a slowdown beyond the current fiscal, according to a latest report by the ICEA.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Import DutyFOLLOW

Import duty, Latest News

Business :India Extends Duty-Free Import of Yellow Peas by Four Months

New Delhi, May 5: India has extended the timeline for duty-free imports of yellow peas by four more months ... ...

Business :Tesla Awaits Clarity on Import Duties Before Potential Investment in India

US automaker Tesla awaits clarity from the government of India before making any move. Officials suggest that global EV ... ...

Technology :Import Duty Cut to Boost Mobile Manufacturing Competitiveness: ICEA

New Delhi, Jan 31: The India Cellular and Electronics Association (ICEA), the nation's top electronics manufacturing industry body, on ... ...