Mobile Phones Get Cheaper in Union Budget 2024: The Government of India has reduced the import duty on smart phones, which has brought a lot of relief to the consumers. Even before the budget session 2024, the Government of India has reduced the import duty on components-parts used in the manufacturing of smartphones from 15 percent to 10 percent. The Government of India has made this announcement before the interim budget. Make in India project has benefited a lot from this announcement.The government has made meaningful efforts to bring down the prices of components and parts. Regarding the decision, the government said that the import duty on SIM sockets, metal parts, cellular modules and mechanical items will be reduced by five percent. Let us tell you that the interim budget of the Center will be presented on February 1.
There will be a direct impact on prices also
Let us tell you that this decision of the Central Government must have brought happiness to the companies producing their phones in India. After the decision to import raw materials, now less tax will have to be paid. Due to low tax, it will also have a direct impact on the prices of mobile phones. After the government takes this decision, there will be a decline in the prices of mobile phones.
Promotion of Make in India Initiative
It is worth noting that some time ago a report by the Global Trade Research Initiative revealed that electronic parts are used to make smart phones, the import duty on which has been reduced. It is also being said that this step of the Central Government will promote Make in India Initiative. According to the information, this step of the Central Government will help companies like Apple in making high-end premium smartphones in the country.
Input tariff is currently the highest
India's smartphone input tariff is currently the highest. According to the data, India's smartphone manufacturing will depend on four percent imports in the year 2022-23, which was 78 percent dependent on imports in terms of revenue in the year 2014-15. 99.2 percent of the smartphones sold in India are manufactured in the country. At the same time, smartphone exports have increased by 100 percent to $ 11.1 billion in 2022-23 compared to the previous year.