The Finance Minister has proposed to reduce the customs duty on import of camera lenses for mobile phones and their components from 2.5 per cent to 0 per cent for use in the production of cellular mobile phone camera modules. To further strengthen domestic value addition in mobile phone production, the government will extend the concessional duty on lithium-ion cells for batteries for an additional year.
The Finance Minister said that as a result of various government initiatives, including a phased manufacturing programme, mobile phone production in India increased from 5.8 crore units worth about Rs 18,900 crore in 2014-2015 to 31 crore units worth more than Rs 2 crore in 2014-2015. 75,000 crore in the last financial year.
To promote value addition in the production of televisions, Sitharaman also proposed to reduce customs duty on open sale components of TV panels from 5 per cent to 2.5 per cent. Additionally, he said that till 31.03.2024, import of capital goods and equipment required for production of lithium-ion cells for use in electric vehicle batteries will be exempted from payment of customs duty.
Regarding 5G services, the minister said that engineering schools will set up 100 labs to develop applications using 5G services so that new opportunities, business models and employment potential can be realised.
