The move will help smartphone players like Apple, Samsung, Xiaomi and others, which have a manufacturing base in the country. The import duty cut will lead to a reduction in the production costs of these companies and would help them become more competitive in the exports market.
It will also enable them to scale up, which in turn, will lead to domestic value addition.
With the production costs coming down, manufacturers will also be able to pass on the benefits to customers, with retail prices of mobile phones coming down by up to 5%.
The import duty on mobile phone components such as battery cover, front cover, middle cover, main lens, back cover, GSM (global system for mobile communication) antenna, PU case, sealing gasket, SIM socket, screw, LCD foam, film-front flash, conductive cloth, and other mechanical items of plastics and metal, will now be charged at 10%, a notification by the finance ministry said.
The import duty on inputs or parts that are used in manufacturing of these components has been reduced to nil from 7.5% and 15%.
"This rationalisation of customs duties brings muchneeded certainty and clarity for the industry and in the customs processes," communications and IT minister Ashwini Vaishnaw said. "I thank the Prime Minister and the finance minister for this step towards strengthening the mobile phone manufacturing ecosystem," he added.
Diese Geschichte stammt aus der February 01, 2024-Ausgabe von Financial Express Mumbai.
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