Union Budget 2022: Concessions in customs duty to boost domestic electronics manufacturing

HomeIn-FocusUnion Budget 2022: Concessions in customs duty to boost domestic electronics manufacturing

Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech today announced concessions on the customs duty levied on mobile phone parts and other electronics to boost domestic manufacturing.

“Customs duty rates have been calibrated to provide a greater rate structure to facilitate domestic manufacturing of wearable devices, shareable devices, and electronic smart meters,” the minister said in the Parliament.

“Duty concessions are being given to parts of transformer of mobile phone, chargers, camera lens of mobile camera module, and certain other such items. This will enable domestic manufacturing of high growth electronic items,” she said.

Also Read: Union Budget 2022: India to hold 5G spectrum auctions this year

Sitharaman also announced that spectrum auctions will be conducted this year to roll out 5G services within FY2022-23 in India. Outlining the government’s priorities, the minister also announced inclusion of the design led initiatives for 5G and other technologies in production linked incentive (PLI) scheme.

She said, “To enable affordable broadband and mobile service proliferation in rural and remote areas, 5% of annual collections Universal Service Obligation Fund will be allocated.”

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