Union Minister Ashwini Vaishnaw emphasis on mobile component duty cut in upcoming budget

In an interview with CNBC TV-18 on Friday, Union Electronics & Information Technology Minister Ashwini Vaishnaw emphasised the necessity of reducing duties on mobile phone parts as a pivotal move for India's ambition to enhance production and exports.

Vaishnaw stressed the imperative shift from import substitution to export-driven growth, calling for a distinct mindset and structural transformation. When asked about the potential for tariff cuts, Vaishnaw expressed strong support, particularly for the component ecosystem.

Industry players have been advocating for cuts on nearly a dozen components to lower smartphone manufacturing costs in India, fostering fair competition with regional rivals such as China and Vietnam. The final decision on these cuts is anticipated to be made by the finance ministry during the budget finalisation on 1 February.