Customs duty rates are being adjusted to provide a graded rate structure to facilitate the manufacturing of products like wearables and electronic smart meters in India, Finance Minister Nirmala Sitharaman said on Tuesday.
Detailing the Union Budget 2022-23, Sitharaman said that duty concessions are being given on some items to enable the domestic manufacturing of high-growth electronic goods. These items also include transformers of mobile phone chargers and camera lenses of mobile camera modules and certain other items.
“This will enable domestic manufacturing of high growth electronic items,” she noted. The finance minister also stated that electronic manufacturing has been growing rapidly.
“Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices, and electronic smart meters,” she added.
According to a vision document released by communications and information technology minister Ashwini Vaishnaw earlier this week, the aforementioned segments are expected to rise to $8 billion in exports in FY26 from close to zero in FY21. Electronics components exports, meanwhile, are expected to near double from $9 billion in the same period to $17.3 billion (via mint).
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