New Delhi: The Union government has decided to reduce the import duty on key components used in the production of mobile phones. The government has reduced the import duty to 10% from 15%. Union Finance ministry announced this.
These components include battery covers, main lenses, back covers, and other mechanical items composed of plastic and metal. The Indian Cellular and Electronics Association (ICEA) earlier said that if the government reduces import tariffs on components, and eliminates them in some categories , then the mobile phone exports from India could triple to $39 billion over the next two years, from $11 billion in FY23.
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The Indian mobile industry is expected to make about $50 billion worth of mobile phones in FY24, which is likely to rise to $55-60 billion next fiscal year. Exports are likely to rise to about $15 billion in FY24, and then to $27 billion in FY25.
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