Govt Slashes Customs Duty on Phone, TV Parts in Budget 2023: Why, Reaction?

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Govt Slashes Customs Duty on Phone, TV Parts in Budget 2023: Why, Reaction?
Credit: © Reuters.

By Malvika Gurung

Investing.com -- In her fifth Union Budget presentation on Wednesday, finance minister Nirmala Sitharaman announced to reduce customs duty on the import of certain electronic parts of mobile phones and televisions, including camera lens as well as a concession on the import of lithium-ion batteries.

This is done to boost and drive the manufacture of mobile phone components and devices in India.

Sitharaman announced to cut the basic customs duties on open cells of televisions along with that on camera lenses to 2.5% each, in the Budget 2023 speech on Feb 1, 2023.

As a result, shares of the leading Indian electronic manufacturing services (EMS) provider Dixon Technologies (NS: DIXO ) surged almost 7% higher on Wednesday’s trade to hit the session’s high at Rs 2,860 apiece and closed the day 4.66% higher even as the benchmark indices Nifty50 and Sensex ended in the red.

"To promote value addition in the manufacture of televisions, I propose to reduce the basic customs duty on parts of open cells of TV panels to 2.5%," said Sitharaman in her speech today.

Read Also: ‘Excellent Budget for Difficult Time’, ‘A 10 on 10 Budget’: Reactions on Budget 2023

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