Mobile phone prices to rise marginally after import duty levy on some parts
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Last Updated: Feb 01, 2021, 04:31 PM IST
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Synopsis
The mobile phone industry has sought maintaining the status quo from the government and thus a reversal of the hike in customs duty.
Budget 2021: FM Sitharaman lays down indirect tax proposals, vows to further smoothen GST structure
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NEW DELHI: Mobile phone users may have to pay marginally more for smartphones with the government proposing to impose a 2.5% customs duty on import of electronic components, which go into manufacturing the devices.
“Its impact on consumers will be in the range of 0.3% to 0.4%,” Pankaj Mohindroo, chairman of India Cellular and Electronics Association (ICEA) the industry body which has Apple, Foxconn, Lava, Xiaomi, Vivo and Oppo among its members.
Budget 2021: Can mega investment parks spin success for Indian textiles?
Budget 2021: Can mega investment parks spin success for Indian textiles? | India Today Insight
With the global sentiment turned against China, this an opportune time for India to give a big boost to its textile sector
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A textile manufactoring unit in Pune (Mandar Deodhar)
The textile sector, India’s second largest employment generator after agriculture, had been badly hit by the Covid lockdown. As the fifth largest exporter of textiles and apparel in the world, the country has also not realised its full potential. In a bid to enable the textile industry to become globally competitive, attract large investments and boost job creation, finance minister Nirmala Sitharaman has announced a scheme of Mega Investment Textile Parks (MITRA) that will be launched in addition to the Production-Linked Incentive (PLI) scheme. “This will create world class infrastructure with plug and play facili
New Delhi [India], February 1 (ANI): A scheme of Mega Investments Textile Park will be launched in addition to the Production-Linked Incentive (PLI) Scheme which will create world-class infrastructure with plug and play facilities to enable global champions in exports, said Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021-22 on Monday.
Synopsis
To meet the aim of doubling the textile industry size to $300 bn by 2025-26, 7 mega textile parks have been planned for a ramp up of the sector.
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Exports in the textiles and apparel industry are expected to reach $300 billion by 2024-25 resulting in a tripling of Indian market share from 5% to 15%, as per national investment promotion and facilitation agency Invest India.
To enable the textile industry to gain a global edge, Finance Minister Nirmala Sitharaman announced a scheme of Mega Investment Textiles Parks (MITRA) in the Budget on Monday. The scheme is expected to help the industry become globally competitive, attract large investments and boost employment generation. “A scheme of MITRA will be launched in addition to the PLI scheme. This will create world class infrastructure with plug and play facilities to create global champions in exports. 7 Textile Parks will be established over 3 years,” the minister stated.
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