Smartphone Prices to drop due to a Customs Duty Reduction
By MYBRANDBOOK
A number of initiatives were unveiled by Finance Minister Nirmala Sitharaman to bolster India's electronics sector. These included a 20% reduction in basic customs duty on mobile phones, mobile printed circuit board assemblies (PCBAs), and mobile chargers, as well as a 15% increase in duty on PCBAs of certain telecom equipment. In order to ensure the availability of these materials for key industries like telecommunications, electronics, energy, space, defence, renewable energy, and nuclear energy, the budget also suggested reducing the basic duty on two of these materials and exempting 25 essential minerals and rare earth elements from custom duties.
“With a threefold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured,” Sitharaman said in her budget speech in Parliament. “In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15%,”
To boost value addition in the domestic electronics industry, the government also proposed reduced BCD on oxygen-free copper used to manufacture resistors from 5% to nil, and BCD on specified goods for use in manufacture of connectors from 5% or 7.5% to zero.
Earlier this month, lobby group India Cellular and Electronics Association had asked the finance ministry to reduce input tariffs in the budget to reduce cost of production, increase local production of electronics and increase exports, especially given the lower tariffs and fewer slabs in countries such as China and Vietnam. It had wanted all tariff lines that raise costs significantly to be reduced to zero.
The association welcomed the budgetary announcements. “Our proposal for tariff slab rationalisation has also been acknowledged and the finance minister has announced that it will be taken up in the next six months. It will further embolden the industry and its competitiveness. We welcome the tariff concessions on the majority of critical materials which are used in strengthening the semiconductor ecosystem. The concessions are provided to the extent of nil from existing BCD slabs of 10% to 2.5% depending on the different critical metals. We also welcome the rationalisation of tariff on silicon quartz, silicon dioxide from 5/7.5% to 2.5%. This is a crucial step to propel the establishment of a strong silicon and power semiconductor wafer production ecosystem in the country,” Chairperson Pankaj Mohindroo said.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
SECUREYE SERVICES PVT. LTD.
EXATRON SERVERS MANUFACTURING PVT. LTD.
ADITYA INFOTECH LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : MADHABI PURI BUCH
Madhabi Puri Buch is the first-female chairperson of India’s markets...
ICONS OF INDIA : RAJIV MEMANI
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
ICONS OF INDIA : SRIDHAR VEMBU
Sridhar Vembu is the chief executive officer (CEO) of Zoho Corporation...
PARTNER SPEAKERS
PSU
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
