With Budget 2024 looming, Govt cuts mobile phone components import duty to 10%
With Finance Minister Nirmala Sitharaman all set to announce the interim Budget 2024 tomorrow, the PM Narendra Modi led government has rolled out a massive mobile phone components import duty cut today. The cut that has been announced is from 15% to 10% and it is aimed at boosting India’s exports. Notably, the country is Asia’s third-largest economy.
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%, the finance ministry said in a notification issued late Tuesday, Reuters reports.
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The move was widely expected as some reports had, earlier this month, highlighted the fact that the government was actively considering import duty cuts on components key to producing high-end mobile phones.
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With Finance Minister Nirmala Sitharaman all set to announce the interim Budget 2024 tomorrow, the PM Narendra Modi led government has rolled out a massive mobile phone components import duty cut today. The cut that has been announced is from 15% to 10% and it is aimed at boosting India’s exports. Notably, the country is Asia’s third-largest economy.
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%, the finance ministry said in a notification issued late Tuesday, Reuters reports.
We are on WhatsApp Channels. Click to join.
The move was widely expected as some reports had, earlier this month, highlighted the fact that the government was actively considering import duty cuts on components key to producing high-end mobile phones.
Also read other top stories today:
Brain Chip Implanted! A lucky individual has become the first human to receive a brain implant from Elon Musk’s Neuralink, marking a step toward being able to steer computers with our minds. Is that the right way to go? Find out out here.
Bad news for Apple! Influential technology analyst Ming-Chi Kuo warned that the company is expecting lower demand for iPhone 15 and the upcoming iPhone 16 in 2024. Know all about it here.
Samsung Woos China with Ernie Bot! Samsung will feature Baidu Inc.’s Ernie Bot as a key attraction of its new Galaxy S24 smartphone series in China. Dive in here.
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