Mobility Wishes a Successful Financial Year 2022-23 for all the Manufacturers in India
Mobility Wishes a Successful Financial Year 20022-23 for all the Manufacturers in India so that they can take India to the next level to become a big manufacturing hub.
As part of Union Budget 2022-23 announcements, Finance Minister of India laid out objectives for India’s Electronics and IT Hardware manufacturing of components. The customs duty rates are standardized to deliver a graded rate structure to encourage domestic manufacturing of wearable devices, such as hearing aids, headphones, and electronic smart meters.
A rise in the standard rates of electronically operated vehicles (EVs) will encourage importers to concentrate on completely knocked down (CKD) parts for imports, rather than importing EVs to India. This will promote the Atmanirbhar Bharat goals for value-added manufacturing and reduced imports. Coming to the discussion of providing power to EVs, the increasing adoption of electric vehicles would see an expanding opportunity to the key players in the lithium-ion battery segment in future.