Finance Minister Nirmala Sitharaman has presented the country’s general budget 2023 today on February 1, 2023. During this, the Finance Minister announced relief in custom duty on camera lens, lithium ion battery and other parts of mobile phones. In such a situation, it is expected that there may be a reduction in the prices of mobile phones, smart TVs, electric vehicles, gadgets and other electronic devices in the country.
“The government will provide relief in custom duty on import of certain components such as camera lenses and concession on import of lithium-ion batteries to further boost the production of mobile phones in India,” the finance minister said during the budget speech. As of now, it is not clear how much custom duty exemption will be provided to the companies. After this announcement by the Finance Minister, it is expected that companies will be able to launch better 5G smartphones in the budget segment.
Smart TV will be cheap
Government will provide relief in customs duty on import of certain parts like camera lens and concession on import of lithium ion batteries to further promote mobile phone production in India – FM @nsitharaman #AmritKaalBudget #Budget2023 pic.twitter.com/EFVJ0L6eJb
— All India Radio News (@airnewsalerts) February 1, 2023
Apart from smartphones, smart TVs will also become cheaper in India due to concession in custom duty. It has been announced to reduce custom duty on TV panels to 2.5 per cent. Finance Minister Nirmala Sitharaman said, “In order to promote production in the manufacture of TVs, I propose to reduce the basic customs duty on open sale parts of TV panels to 2.5%.”
Electric vehicles will also be cheaper
In the General Budget 2023, custom duty relief has also been given in Lithium Ion Battery. After this, it is expected that the price of battery operated four wheelers and two wheelers in the country may come down. Along with EVs, every device with a battery can see a reduction in its price.
these items will be cheap
- battery operated toys
- electric bicycle
- mobile phone
- mobile camera lens
- electric vehicle
- lithium battery
- led television
5G will get a boost
100 labs for developing applications using 5G services will be set up in engineering institutions to realize a new range of opportunities, business models, and employment potential: FM @nsitharaman #Budget2023 , #AmritKaalBudget , #UnionBudget2023 pic.twitter.com/sxjbTj2lL7
— All India Radio News (@airnewsalerts) February 1, 2023
While reading the budget speech, the Finance Minister informed that the government will set up 100 labs in government engineering colleges to develop 5G services in the country. Many centers will be opened to develop 5G infrastructure. Centers will be opened for Internet of Things (IoT) and drone technology. Along with this, the government will bring a National Data Policy for data protection. Also read: POCO X4 Pro smartphone will be launched in India on February 6, know specifications and price
India will become a smartphone manufacturing hub
The Indian smartphone industry has seen tremendous growth in recent years. According to the Union Minister for Electronics and Technology, Rajeev Chandrasekhar, India is currently exporting only 10% of smartphones compared to 2014. According to a report by Counterpoint Research, the Indian smartphone market is expected to grow by 10% year-on-year in 2023. At present, every company in India is producing its own smartphone.
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