Budget 2023: Boost to electronics manufacturing as customs duty cut on key parts

New Delhi: The reduction in basic customs duties on certain parts and components like camera lenses will have no significant impact on the final product price, but will have a 0.16-0.19% cost impact on the mobile phone’s bill of material, India Cellular and Electronics Association said in reaction to the union budget 2023 announcements.

Sections of the industry welcomed the move to remove customs duties on certain parts and components for mobile phones and televisions, stating that it will deepen the value chain in India, and make manufacturing more competitive.