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.
We are on whatsapp channels. Click to join.
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.
Also read today's other top stories:
Brain chip implanted! Elon Musk has become the first lucky recipient of a brain implant from Neuralink, which marks a step towards running computers with our minds. Is that the right way? Find out here.
Bad news for Apple! Influential tech analyst Ming-Chi Kuo has warned that the company is expecting lower demand for the iPhone 15 and the upcoming iPhone 16 in 2024. Learn about it here.
Samsung Woos China With Ernie Bot! Samsung Baidu Inc. 's Ernie bot as a key attraction of its new Galaxy S24 smartphone series in China. Dive in here.