New Delhi, 1/2:Today on February 1, Union Finance Minister Nirmala Sitharaman is going to present the budget in a short time. The government can make many big announcements in the budget, and in the meantime, the government can also take some such steps, which will reduce the prices of mobiles and gadgets. Officials related to the matter said that the government is planning to cut customs duties on components and some parts of consumer electronics and mobile phones. The objective of the government is to promote local manufacturing and increase the export of consumer electronics related products.
Customs procedures will also be simplified to reduce compliance burden on importers. In the budget, customs duty can also be reduced on components of audio devices and wearables like smartwatches, smartbands. This will help domestic companies to increase production. The electronic industry had also requested for reduction of customs duty on it.