Duty concessions in Budget 2024 to boost domestic consumer electronic manufacturing
investment with the government extending the custom duty exemption or concession in the Budget on several key components used in manufacturing of televisions, microwave ovens, LED lights, CCTV cameras, washing machines and fans till March 2026. Most of these concessions were to expire after September 30.
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These components are open cell TV panel (the main part of televisions), magnetron (the main part of microwave ovens), BLDC motors (the key component of washing machines and fans), parts and components for manufacturing of microphones, digital camera, digital video recorder, security cameras, e-reader and LED lights.
“The extension of duty benefit on components will encourage local manufacturing and increase confidence of the industry for new manufacturing investment,” said Sunil Vachani, chairman of Dixon Technologies and president at industry body Consumer Electronics and Appliances Manufacturers Association.
The Budget also extended concession duty till March 2026 for all inputs used in the manufacturing of LED drivers for LED lights, and moulds, tools and dies used in manufacturing of electronic products and its components. Also, capital goods and machinery used in the electronics and semiconductor industry have received duty exemption or concession till March 2029.
“The domestic production capability for the electronics industry will further go
