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Government Slashes Mobile Phone Components Import Duty Ahead of Budget 2024
Highlights
In preparation for Budget 2024, the Indian government reduces mobile phone components import duty from 15% to 10%, aiming to boost exports.
Ahead of Finance Minister Nirmala Sitharaman's anticipated announcement of the interim Budget 2024, the Narendra Modi-led government has enacted a substantial cut in import duty for mobile phone components. The duty, previously at 15%, has now been reduced to 10%, with the objective of fostering India's export growth.
This move is expected to benefit various components, including battery covers, main lenses, back covers, and other plastic and metal mechanical items. The reduction, in line with earlier reports, underscores the government's active consideration of import duty cuts on critical components essential for manufacturing high-end mobile phones.
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