“With the aim of benefiting consumers, I am proposing a reduction in the Basic Customs Duty (BCD) on mobile phones, mobile PCBA, and mobile chargers to 15%,” stated Sitharaman. Previously, the BCD on mobile phones, chargers, and motherboards stood at 20%. The India Cellular and Electronics Association (ICEA) expressed that this decision would improve India’s export competitiveness in the mobile phone sector.

ICEA Chairman Pankaj Mohindroo mentioned that imported mobile phones might see a reduction of 5-5.5% in prices for certain models, while the decrease in charger duty could impact the final phone prices by 0.15 to 0.50% as domestic manufacturers are likely to lower their prices as well. The majority of mobile phones sold in India are domestically produced.

Additionally, the government is considering exempting specific goods used in mobile phone connector manufacturing and oxygen-free copper for resistor production from BCD. On the other hand, there is a proposal to raise the import duty on motherboards by 5% to promote local telecom gear manufacturing in the upcoming fiscal year.

“To encourage local manufacturing, I suggest increasing the BCD from 10% to 15% on PCBA of specified telecom equipment,” announced Finance Minister Nirmala Sitharaman. This increase in basic customs duty for telecom PCB assembly is accompanied by an exemption for critical minerals essential for communication equipment manufacturing. The finance minister has proposed a full exemption on 25 critical minerals used in high-tech electronics from customs duties to support the industry’s growth.

The post Indian Government Reduces Customs Duty on Imported Mobile Phones in Latest Budget appeared first on Vizag One.

It is reported that the central government is giving a big boost to the technology sector in this budget. It seems that the focus will be on promoting Digital India, green hydrogen and electric vehicles. Let’s see what steps the government will take in this direction.

It seems that food and fertilizer subsidies will be given heavily in this interim budget. It is reported that the Center is planning to allocate 4 trillion for this. These estimates are 10 percent higher than last fiscal year. If the government really implements this decision, the farmers will benefit a lot.

There is a possibility to take steps towards making the dream of owning a home come true in this year’s budget. In this budget, there are indications of increasing government funds by more than 15 percent. Experts estimate that this increase is likely to reach 12 billion dollars.

Seems that steps will be taken to give more impetus to rural agriculture in the budget to be introduced this time. It is estimated that there are opportunities for the government to reduce taxes while focusing on capex. With this, there is a possibility to announce plans to support agriculture and rural areas.

As the budget is coming at the time of elections, it seems that there are opportunities to focus on welfare. As a part of this, it is estimated that there are opportunities for the center to increase spending on welfare. It is reported that the target is to reduce the fiscal deficit to 4.5 percent of GDP by 2025-26.

The post Budget 2024: with more hopes, Importantly appeared first on Vizag One.