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.
Read interesting news, reviews as well as tips & tricks on TechnoBugg website, and stay updated with the latest happenings of the tech world on the go with Technobugg App. Also follow on Google News and join our Telegram channel for the latest updates.