India cancels taxes on imports of many electronic components

India has canceled taxes on imports of many electronic components in the federal budget, while the administration of Prime Minister Narendra Modi is seeking to enhance local manufacturing.

The Indian Finance Minister Nermalla Sitaramann said to Parliament, on Saturday, during the Federal Budget for the financial year that begins on the first of next April, that her country will not impose import taxes on components, including the pieces used in camera units, and those required to collect printed circuit boards, according to the Bloomberg agency.

India had previously imposed customs duties of 2.5 percent on the import of these parts.

In her speech on the budget, the minister said: “Support will be provided to develop local manufacturing capabilities in order to integrate our economy with global supply chains.”