APN News

  • Thursday, December, 2022| Today's Market | Current Time: 07:21:26
  • UBON – Mr Mandeep Arora , Managing Director – Consumer Tech Industry

    The Union Budget has tweaked duty on electronics and phone parts in the Union Budget 2022. Revision of customs duties on components or sub-parts of consumer electronics items is a seemingly encouraging step to promote local manufacturing and increase local sourcing of components. This may lead to reduction in cost prices of Mobile phones and chargers.”

    He further added, “Another noteworthy point was on how using smartphones to carry on transactions will bring in more transparency in the system.”

    VingaJoy – Mr Lalit Arora, Co- Founder – Consumer Tech Industry 

    We welcome the UNION Budget 2022. Concessions in customs duty will be given to promote electronics manufacturing, wearables and hearables devices including concessions on parts of mobile phones including camera modules etc. This will be an encouraging step for companies operating in consumer durables manufacturing. Since mobile phones constitute a major chunk of the country’s electronics exports, the step by the Government is a positive move. The initiative to boost startups and make the market value and position of existing players more promising is well received.

    Mr. Vipin Agarwal, Co – Founder, Candes – Consumer Durables 

    While there was no change in the current tax structure, it was still heartening to note some relief offered for custom duty. Growing urbanization and the quest for better lifestyles and convenience are driving interest in smart home appliances while also increasing disposable income levels. The Union Budget 2022’s focus on Atma Nirbhar Bharat will definitely have a huge impact on the growth potential of the consumer durables category especially in emerging segments such as smart washing machines, dishwashers, and more.

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