2023 budget special announcement of the government, smartphones, TV and electric vehicles will be cheap

2023 budget special announcement of the government, smartphones, TV and electric vehicles will be cheap
  • Budget 2023 announces reduction in custom duty on lithium-ion batteries
  • Proposal to reduce custom duty on TV panels to 2.5 percent
  • Announcement to set up 100 labs in the country to boost 5G services

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

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

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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