Budget 2020: Import duty hiked on a host of products to bolster Make in India
This increase in import duties that is intended at discouraging companies from importing components and goods from outside India and encouraging them instead to replace them with goods that are manufactured in India, is on expected lines
- Feb 1, 2020,
- Updated Feb 1, 2020 10:35 PM IST
The Union Budget 2020 has provided a definitive push towards government's Make in India theme with import duties hiked on a host of products from fans, shavers, water heaters and ovens, to shoes, mattresses and lamps, refrigerator and air conditioner compressors to electric vehicles and circuit board of mobile phones.
This increase in import duties that is intended at discouraging companies from importing components and goods from outside India and encouraging them instead to replace them with goods that are manufactured in India, is on expected lines. In her maiden Budget last year too, Nirmala Sitharaman had tweaked import duties on a host of consumer durable items like air conditioners, cathode ray tubes, CD, DVD, CRT monitors and TV and plasma display panels.
"Under Make in India initiative, well laid out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India," Sitharaman said in her budget speech on Saturday. "Customs duty rates are being revised on electric vehicles, and parts of mobiles as part of such carefully conceived Phased Manufacturing Plans."
Big blow to NRIs! Modi govt to tax individuals who work in tax-free countries
The Union Budget 2020 has provided a definitive push towards government's Make in India theme with import duties hiked on a host of products from fans, shavers, water heaters and ovens, to shoes, mattresses and lamps, refrigerator and air conditioner compressors to electric vehicles and circuit board of mobile phones.
This increase in import duties that is intended at discouraging companies from importing components and goods from outside India and encouraging them instead to replace them with goods that are manufactured in India, is on expected lines. In her maiden Budget last year too, Nirmala Sitharaman had tweaked import duties on a host of consumer durable items like air conditioners, cathode ray tubes, CD, DVD, CRT monitors and TV and plasma display panels.
"Under Make in India initiative, well laid out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India," Sitharaman said in her budget speech on Saturday. "Customs duty rates are being revised on electric vehicles, and parts of mobiles as part of such carefully conceived Phased Manufacturing Plans."
Big blow to NRIs! Modi govt to tax individuals who work in tax-free countries