As part of Budget 2022 announcements, Finance Minister Nirmala Sitharaman laid out plans for the government?s approach towards manufacturing electronics and electronic components in India. During her speech, Sitharaman said that electronic manufacturing has been growing at a rapid rate in India and the customs duty rates are being calibrated to provide a graded rate structure to facilitate local manufacturing of wearable devices, hearable devices like hearing aids and headphones, and electronic smart meters.
?Electronic manufacturing has been growing rapidly and customs duty rates are being calibrated to provide a graded rate structure to facilitate local manufacturing of wearable devices, hearable devices, and electronic smart meters,” she said.
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The Finance Minister also announced that duty concessions are being given to parts of transformers, mobile phone chargers, camera lenses of mobile camera modules, and other such items and components. During the budget presentation, Sithraman also said that 5G services will be rolled out in India by 2023, and said that a design-led manufacturing drive will be launched to manufacture 5G equipment to build a strong 5G ecosystem as part of the Production Linked Incentive (PLI) scheme.
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The government has also announced several other measures that concern the technology space in the country. FM Sitharaman announced the creation of a new task force that will look at ways to build domestic capacity and also to serve the global demand in the Animation, Visual Effects, Gaming and Comic (AVGC) sector. She said that the Animation, Visual Effects, Gaming and Comic (AVGC) provide a huge opportunity for the young generation and can also create many new jobs for the youth.
Apart from this, the finance minister also said that data centers and energy storage systems will be given infrastructure status to provide easy financing to the sector
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