As Budget 2024 approaches, government cuts import duty on mobile phone parts to 10%

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As Finance Minister Nirmala Sitharaman is set to announce the Interim Budget 2024 tomorrow, the PM Narendra Modi-led government today reduced import duty on heavy mobile phone components. The announced cut is from 15% to 10% and is aimed at boosting India's exports. Notably, the country is the third largest economy in Asia.

Import duty on battery covers, main lens, back cover, other plastic and metal other mechanical items has been reduced to 10%, the finance ministry said in a notification issued late on Tuesday, Reuters reported.

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The move was widely expected after some reports earlier this month highlighted the fact that the government is actively considering reducing import duty on components crucial to the production of high-end mobile phones.

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