India’s customs duty change to dial up local phone production-tax official
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India expects to manufacture more mobile phones this year after the government eliminated import tariffs on some components used to assemble high-end phones from global companies such as Apple Inc , a tax official told Reuters on Friday. Indian mobile phone exports nearly doubled year-on-year to $5 billion between April-October in 2022, primarily supported by the government's key scheme to offer incentives to local manufacturers. At the annual budget for 2023/24 on Wednesday, Finance Minister Nirmala Sitharamam eliminated the 2.5% customs duty on select parts of mobile camera phones. "The duty structure now encourages them (phone manufacturers) to import parts and assemble here," V. Rama Mathew, member of India's Central Board of Indirect Taxes and Customs, said in an int...