The country's budget will be presented by Union Finance Minister Nirmala Sitharaman on February 1. Everyone has high expectations from the budget to be presented for 2022-23. The average employer expects a reduction in expenses and an increase in salary. In addition, the budget of the central government is likely to make a big announcement about electronics items. According to sources, the central government is likely to change the customs duty on consumer electronics and mobile phones. The government's decision is likely to bring relief to the general public, including in the electronics sector. There was a demand from the industry to reduce the customs duty on electronics items. According to a Hindustan Times report, the central government may announce a reduction in customs duties on electronics and mobile phones to boost manufacturing and local sourcing.
At the same time, there is talk of simplifying the entire structure of custom duty. This will make local products easier to produce and reduce the burden of compliance. The government is also considering reducing import duty on audio gadgets and smartwatches and smart bands to boost local production in the country. According to the report, the sector is expected to accelerate mobile phone production and exports. Exports of electronics products are expected to reach 8 billion dollar by 2025-26.
Union Railway Minister Ashwini Vaishnav had said that the country was making rapid progress in electronics production. India is manufacturing and exporting mobile phones. India is producing battery packs, chargers, USB cables, connectors, inductive coils, magnetics and flexible printed circuit board goods. The electronics sector currently has a production capacity of up to 75 billion dollar. That could reach 300 billion dollar by 2025-26. In this, India is likely to emerge as a power house in electronics manufacturing all over the world. India currently accounts for 12% of the world's total.