Customs duty on import of certain inputs for mobile phone manufacturing to be cut: FM

Finance Minister Nirmala Sitharaman on Wednesday announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing.

In her Budget 2023-24 speech, she said India’s mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal.

Her announcement comes at a time when India has aggressively positioned itself as an electronics powerhouse to the world, as global players look for a China plus 1 strategy.

In fact, India has emerged as the world’s second-largest mobile phone manufacturer backed by the Centre’s enabling policies, various incentive schemes, and a resolve to provide the industry with a competitive environment.