“Currently, tariffs on imported parts for smartphones in India are between 7.5 per cent and 10 per cent. The Budget should not cut the import tariffs on parts used to make smartphones,” it said, adding that the current rate of levies supports duty-free imports for making products to exports. The think tank said that Indian manufacturers “must pay” duties on smartphones sold within India, but exports should be exempted from such duties. It added that maintaining the current import tariffs is crucial for sustaining the growth and depth of India’s smartphone manufacturing sector. The decision to maintain the current import tariffs on smartphone components is more than a fiscal policy; it’s a strategic move towards sustainable economic growth,” it said.

Source: Economic Times January 23, 2024 12:25 UTC