HIGHLIGHTS
- Smartphones, TVs, and electric vehicles are expected to get cheaper in India.
- The government has proposed reducing the number of Basic Customs Duty (BCD) rates on products.
- The Finance Minister also proposed reducing the customs duty on the import of camera lenses and their components from 2.5 percent to 0 percent.
According to Finance Minister Nirmala Sitharaman, who made the announcement while presenting the Union Budget 2023, the government has decided to reduce customs duty on smartphones, TVs, electric vehicles, and many other goods. A report in PhoneArena said that the government has proposed to reduce the number of basic customs duty (BCD) rates on products other than agriculture and textiles from 21 percent to 13 percent.
The Finance Minister has proposed to reduce the customs duty on the import of camera lenses for mobile phones. And their components from 2.5 percent to 0 percent for use in the production of cellular mobile phone camera modules. To further strengthen domestic value addition in mobile phone production, the government will extend the concessional duty on lithium-ion cells for batteries for an additional year.
The Finance Minister said that as a result of various government initiatives, including a phased manufacturing program, mobile phone production in India increased from 5.8 crore units worth about Rs 18,900 crore in 2014-2015 to 31 crore units worth more than Rs 2 crore in 2014-2015. 75,000 crore in the last financial year.
To promote value addition in the production of televisions, Sitharaman also proposed to reduce customs duty on open-sale components of TV panels from 5 percent to 2.5 percent. Additionally, he said that till 31.03.2024, the import of capital goods and equipment required for production of lithium-ion cells for use in electric vehicle batteries will be exempted from payment of customs duty.
Regarding 5G services, the minister said that engineering schools will set up 100 labs to develop applications using 5G services so that new opportunities, business models, and employment potential can be realized.
Read More: Auto Budget 2023: Cars, bikes, scooters will be cheaper! Nirmala Sitharaman’s heart-warming announcement
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