Electronics and IT hardware manufacturing is acknowledged as a ‘meta resource’. The electronics and IT hardware industry is the world’s leading and fastest-growing industry and is progressively discovering applications in all sectors of the economy. It has influence in developing infrastructure, increasing productivity, increasing efficiency in the delivery of services, and fostering social transformation is a critical enabler in the country’s economic growth.
As part of Union Budget 2022 announcements, Finance Minister of India laid out objectives for India’s Electronics and IT Hardware manufacturing of components. The Finance Minister said that electronic manufacturing has been proliferating in India. The customs duty rates are standardized to deliver a graded rate structure to encourage domestic manufacturing of wearable devices, like hearing aids, headphones, and electronic smart meters.
The FM also stated that duty concessions are being given to parts of transformers, mobile phone chargers, camera lenses of mobile camera modules, and other similar items and components. During the union budget 2022, she also added that 5G services will be rolled out in India by 2023. A design-led manufacturing endeavor will be launched to manufacture 5G equipment to build a robust 5G ecosystem as part of the Production Linked Incentive (PLI) scheme. Thus, creating opportunities for semiconductor manufacturing in India.