edited by: Mohammad Haris
Last Update: February 02, 2023, 14:42 IST
There was no mention in the budget 2023 whether the customers would get its benefit or not. (Representational photo/PTI)
Budget 2023 exempts customs duty on import of certain parts and inputs like camera lenses and extends concessional duty on lithium-ion cells for batteries for another year
in smartphone India May be cheaper in 2023-24 after govt. budget 2023 Announced reduction in customs duty on various goods including import of certain parts of mobile phones. While cheaper components such as camera lenses will reduce the cost of mobile phone production for companies, it is up to them to pass on the benefit of the duty reduction to customers.
In Budget speech 2023, Finance Minister Nirmala Sitharaman said, “To further deepen domestic value addition in manufacturing of mobile phones, I propose to provide customs duty relief and concessional duty on import of certain parts and inputs such as camera lenses.” I propose to continue.” Lithium-ion cells for batteries for another year.”
As a result of various initiatives of the government, including a phased manufacturing programme, mobile phone production in India has increased from 5.8 crore units worth about Rs 18,900 crore in 2014-15 to 31 crore units worth over Rs 2,75,000 crore in 2014-15. last financial year.
Apart from this, the government has also decided to reduce the basic customs duty on open sale parts of TV panels to 2.5 per cent.
“The newly announced reduction in basic customs duty for several television component imports is a big boost for the television industry. We fully welcome this budget and we are optimistic about our future business plans in India. There was no mention of whether the benefit would be passed on to customers,” said Sunil Nayyar, managing director of Sony India, as quoted by news agency PTI.
Due to rising demand, affordable smartphones will also boost AI, ML, 5G-based technology services in India. “It (AI, ML, 5G) further future-proofs India’s youth and encourages innovation and retaining talent which is vital for economic progress. Encouraging private sector participation in this collaboration should further benefit youth in skill building and job creation,” said Adelia Castellino, Co-Founder and Managing Director of In-Solutions Global Limited.
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