Nirmala Sitharaman, Indian Finance Minister has said that customs duty rates will be calibrated to provide a rated rate structure to facilitate domestic production of products such as wearables and electronic smart meters
Explaining the Union Budget for 2022-23, Sitharaman said tariff concessions were being given to certain items to enable domestic production of high-growth electronic products. These items include transformers for mobile phone chargers, camera lenses for mobile camera modules and some other items.
“Customs duty rates are calibrated to provide a rated rate structure to facilitate the domestic manufacture of wearable devices in the union budget, hearing aids and electronic smart meters, ”she added.
According to a Vision document released earlier this week by Communications and Information Technology Minister Ashwini Vaishnav, the above categories are expected to rise from zero in FY21 to $ 26 billion to $ 8 billion in exports. At the same time, exports of electronics components are expected to double to $ 17.3 billion (via the Mint) from $ 9 billion over the same period.
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