With Budget 2024 looming, Govt cuts mobile phone components import duty to 10%

In a major move ahead of Budget 2024, the Finance Ministry has announced a mobile phone components import duty cut to encourage exports.

Mobile phone components import duty has been cut from 15% to 10% ahead of Budget 2024. (unsplash)

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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