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The import duty on parts such as battery covers, main camera lenses, back covers, other mechanical items of plastic and metal, has been reduced to 10%.
Budget News: The Indian auto industry is hopeful for import duty relief, green mobility push, and rationalized taxes in the Budget 2024. Continental India, Mercedes-Benz India, JK Tyre & Industries, Ultraviolette, SUN Mobility, Luxury Ride, and the Ministry of Road Transport and Highways have expressed their expectations for the upcoming budget.
No duty cuts expected for importing electric vehicles; government focuses on production-linked incentives for auto industry with Rs 25,938 crore budget.
At present, India has a miniscule market share of just 3 per cent with a sale of USD 196.8 million while the US has around 30 per cent of the market, followed by China with a share of 9.2 per cent, GJEPC said in a release. Budget 2023: Trade Body GJEPC Urges Centre To Introduce Jewellery Repair Policy and Import Duty Reduction.