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With Finance Minister Nirmala Sitharaman all set to announce the interim Budget 2024 tomorrow, the PM Narendra Modi led government has rolled out a massive mobile phone components import duty cut today. The cut that has been announced is from 15% to 10% and it is aimed at boosting India’s exports. Notably, the country is Asia’s third-largest economy.
The import duty on parts such as battery covers, main lens, back cover, other mechanical items of plastic and metal, among others, has been reduced to 10%, the finance ministry said in a notification issued late Tuesday, Reuters reports.
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The move was widely expected as some reports had, earlier this month, highlighted the fact that the government was actively considering import duty cuts on components key to producing high-end mobile phones.
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