Slash import duty on security gadgets: Assocham
Industry body Assocham has suggested a 50 per cent cut in import duty on electronic security gadgets to strengthen the domestic security business.business Updated: Mar 19, 2009 22:04 IST
Industry body Assocham has suggested a 50 per cent cut in import duty on electronic security gadgets to strengthen the domestic security business.
Installation of security gadgets is an expensive affair as import duties on electronic products hovers around 37 per cent and on telecom equipment in the range of 12 per cent, the chamber said.
"There is a need for reduction in import tariffs on security-related electronic products by at least 50 per cent," it said, adding the imports of such equipments comprise nearly 30-35 per cent.
The size of Indian security industry, growing at 25 per cent, is estimated at Rs 22,000 crore and is likely to cross Rs 50,000 crore by 2012, it said.
In a representation to the government it has asked for bringing down the import duty on electronic products to 18.5 per cent and making import of telecom equipments duty free.
"The government should not be concerned about the revenue loss in terms of import duty tariffs on security products and gadgets....As India and its business can no longer afford to compromise on security," Assocham Secretary General D S Rawat said.