On Friday, government hiked the prices of custom duty on most of the electronic gadgets like mobile phones, televisions sets, LED lamps, microwave etc. In order to uplift the “Make in India” concept finance ministry raised the basic custom duty in order on host of electronic gadgets to make them more costly and unaffordable.
This move will give sudden boost to “Make in India”. As per the reports, custom duty on mobile phones has been hiked to 15 %, on television sets and microwave has been doubled up to 20% and video cameras has been hiked to 15 % from 10%. Set up boxes aren’t spared either custom duty on set up boxes has been doubled up to 20 %, LEDs has been doubled to 20% while, same on the electricity meters from 10% to 15%. This shall not lead to drastic price boost as duty structured remained same for the local manufacturers.
The custom/import duty raise is expected instigate on companies like Apple to rapid up the local manufacturing projects, giving an effective and efficient boost to “Make in India” project imposed by the Prime Minister of India.