Finance Minister Nirmala Sitharaman announced the Union Budget 2022 – 2023 earlier today. Although the budget did not include any changes in the tax slab of salaried employees as many hoped, it did bring some highlighted changes. According to this new budget, concessions in customs duty will be given to certain consumer electronic devices. It is to further boost domestic manufacturing of “high growth electronic items” in India. Sitharaman also says that electronic manufacturing is growing rapidly in the country.
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Mobile phones set to get cheaper in India with Union Budget 2022
In addition, duty concessions are also going to happen for the transformer of mobile phone chargers. Even the camera lens of the mobile camera module, and certain other items. The reduction in some of the component duties come at a time when the sector is already facing a shortage. This drop-in customs duty will certainly give a boost to electronic manufacturing in India.
Moreover, with the reduction in duty on parts of mobile phones, it won’t be wrong to say that smartphones can get cheaper. Although not by a very large margin. Most smartphone manufacturers in the country including Xiaomi, Realme, among others are in the make in India initiative.
Furthermore, the Union Budget 2022 also announced initiatives to boost local manufacturing of other electronic items. Like wired and wireless earphones, smartwatches, and fitness bands, among others. FM also announced fresh details related to the 5G auction and network rollout in the country, e-passports, digital payments and banking, EV battery swapping policy and much more.
