Power banks can be Rs 18,000 crore industry, create 80,000 jobs in India by 2025

According to the mobile phone and component industry body, India consumes about 33 million power banks a year worth about Rs 2,000 crore.

Published: 28th December 2018 12:02 PM  |   Last Updated: 28th December 2018 01:41 PM   |  A+A-

Power bank, powerbank, charge, charger, mobile, phone

Image of a power bank used for representational purpose only. (Photo | Sunish Surendran)


NEW DELHI: Power bank segment can grow around nine-fold to become an Rs 18,000 crore industry by 2025 and create 80,000 jobs if right policies are implemented, the India Cellular and Electronics Association (ICEA) said Thursday.

The ICEA has proposed to bring power banks under phased manufacturing plan scheme, which if accepted, will lead to the imposition on customs duty on imported power banks.

"Given the right policy prescription, by 2025 the Power Banks can be built into Rs 18,000 crore industry, generate 80,000 jobs in India and exports can touch Rs 5,800 crore," ICEA Chairman Pankaj Mohindroo told PTI.

According to the mobile phone and component industry body, India consumes about 33 million power banks a year worth about Rs 2,000 crore.

"Currently, most of the power banks are imported and can be easily substituted by power banks made in India," Mohindroo said.

He appreciated government's recent clarification to bring power banks under 18 per cent Goods and Services Tax category which the authorities were earlier insisting to classify them under 28 per cent slab.

"It has been ICEA's technical interpretation that Lithium-ion power bank merits classification under Lithium-ion accumulator and GST at the rate of 18 per cent is applicable, although it was attempted to misclassify Power banks under 28 per cent GST rate.

At least now the path for the future is clear and this will allow the industry to function smoothly," Mohindroo said.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp