Finance Minister Nirmala Sitharaman said customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic production of products like wearables and electronic smart meters while presenting the Union Budget 2022 -- 23.
Nitin Kunkolienker, MAIT president said, Kick off of PMP for Hearables, Wearables Smart meters is a continuation of India's Electronics Atmanirbhar strategy. Electronics and tech get good mention and support in Budget 2022 customs duty rationalization to help growing mobile phones and wearables segments, announcement of govt sponsored privately managed tech fund, policy clarity on CBDC, tweeted Rajeev Chandrasekhar, Union Minister for Entrepreneurship, Skill Development, Electronics Technology.
Home-grown industry players are welcoming the government's initiatives. Vikas Jain, Co-Founder and CEO of World of Play, welcomed the government's focus on technology and said it will help many tech based companies come up with exciting product experiences for the Indian consumers. He said that the government's focus will make India a formidable design and manufacturing powerhouse in the long term and that they welcome the focus on the wearables and acoustic component ecosystem and domestic manufacturing.
Long-term policies like this will give them the support for local design and manufacturing in India.
Duty concessions are also being given to parts of the transformer of mobile phone chargers and camera lens of the mobile camera module.
It is heartening to see that the Government of India has acknowledged the potential of this sector. There has been an increase in the prices of electronics, especially smartphones due to the ongoing chip shortage and other COVID 19 factors. With duty concessions and domestic manufacturing boost, prices of electronics are expected to decrease which will increase demand in the coming days, Ameen Khwaja, Founder CEO of pTron, told Business Today.
According to Harsha Razdan, Partner and Head, Consumer Markets and Internet Business, KPMG in India believes that the government s impetus on PM GatiShakti plan to build world class infrastructure and logistics with multimodal means of transport is likely to give a boost to the consumer sector supply chain. Parts of the transformers of mobile phone chargers and camera lens of mobile phones have been given duty concessions to domestic manufacturing of high growth electronic items. Domestic production of high-growth electronic items will be boosted by the impetus.