Wednesday, May 18, 2022

India will witness a boost in the manufacture of wearables owing to the adjustments in customs duty rates in the Budget 2022

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Customs duty rates are being adjusted to provide a graded rate structure to facilitate the manufacturing of products like wearables and electronic smart meters in India, Finance Minister Nirmala Sitharaman said on Tuesday.

The Finance Minister elaborated in the Union budget 2022-23 that the duty concessions are being given on some items to enable the domestic manufacturing of high-growth electronic goods. These items also include transformers of mobile phone chargers and camera lenses of smartphones and other select items.

“This will enable domestic manufacturing of high growth electronic items,” she noted. The Finance Minister also stated that electronic manufacturing has been growing at a rapid pace.

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“Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices, and electronic smart meters,” she added.

As per a vision document released by communications and information technology minister Ashwini Vaishnaw earlier this week, the segments mentioned are expected to rise to $8 Billion in exports in FY26 from nearly 0 in FY21. Electronics components exports, meanwhile, are expected to near double from $9 billion in the same period to $17.3 billion.

Source: Mint

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