The Indian government has cut import taxes on some components of mobile phones in a bid to make the local industry more competitive. The move will help the likes of Apple and Samsung to ramp up exports, according to exports. The India Cellular and Electronics Association (ICEA) had earlier submitted a report comparing import duties among India, China, Vietnam and other countries, where they flagged a steep cost disability due to high tariffs on input parts.
Mobile Phones: The industry association had earlier tabled a report highlighting the need to rationalise tariffs on mobile phone input parts to compete with the likes of China and Vietnam.
Petrol, Diesel Rates: India has significantly increased the windfall profit tax on crude oil from Rs 1,300 to Rs 2,300 per tonne. Simultaneously, New Delhi abolished the tax on diesel and aviation turbine fuel (ATF), maintaining the absence of windfall taxes on petrol. Previously, windfall taxes of 50 paise per litre and one rupee per litre applied to diesel and ATF, respectively, which have now been eliminated. These revised rates came into effect on January 2, 2024.
Budget Gap: India s fiscal deficit for April to November, or the first eight months of this fiscal year, was at 9.07 lakh crore rupees, equivalent to 50.7% of annual estimates, marginally narrowing from the previous year s X%. The government aims to narrow the fiscal gap to 5.9% of GDP in this financial year from 6.4% a year earlier.