Electronics is acknowledged as a 'meta resource'. The electronics industry is the world's largest and fastest-growing industry and is increasingly discovering applications in all sectors of the economy. Its influence in expanding infrastructure, increasing productivity, growing efficiency in the delivery of services, and fostering social transformation is a critical enabler in the country's economic development.
As part of Budget 2022 announcements, Nirmala Sitharaman, Finance Minister (FM), laid out objectives for India's manufacturing electronics and electronic components. Sitharaman said that electronic manufacturing has been proliferating in India. The customs duty rates are calibrated to deliver a graded rate structure to promote local manufacturing of wearable devices, like hearing aids, headphones, and electronic smart meters.
The FM also announced that duty concessions are being given to parts of transformers, mobile phone chargers, camera lenses of mobile camera modules and other such items and components. During the budget presentation, Sitharaman also stated that 5G services will be rolled out in India by 2023. A design-led manufacturing endeavour will be launched to manufacture 5G equipment to build a robust 5G ecosystem as part of the Production Linked Incentive (PLI) scheme.