Budget 2023 gives impetus to smartphone production, redcues custom duty on parts – Crypto News – Crypto News
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Finance Minister Nirmala Sitharaman holds a folder-case containing Union Budget 2023-24 outside the Finance Ministry at North Block, in New Delhi. (PTI) Finance Minister Nirmala Sitharaman holds a folder-case containing Union Budget 2023-24 outside the Finance Ministry at North Block, in New Delhi. (PTI)

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Budget 2023 gives impetus to smartphone production, redcues custom duty on parts – Crypto News

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In her budget speech today, Finance Minister Nirmala Sitharaman announced to reduce customs duty on import of certain inputs for mobile phone manufacturing. The decision is aimed at boosting smartphone production in the country.

“To further deepen domestic value addition in manufacture of mobile phones, I propose to provide relief in customs duty on import of certain parts and inputs like camera lens and continue the concessional duty on lithium-ion cells for batteries for another year,” Sitharaman said. .

Presenting the last full budget of PM Narendra Modi-led government, the minister said that the mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal. She also announced to extend the custom duty exemption on lithium-ion batteries for a year.

The finance minister also decreased the customs duty on parts of open cells of TV panels. It has been reduced to 2.5 per cent. While the customs duty on kitchen electric chimney has been increased to 15 pc from 7.5 pc.

“To rectify inversion of duty structure and encourage manufacturing of electric kitchen chimneys, the basic customs duty on electric kitchen chimney is being increased from 7.5 per cent to 15 per cent and that on heat coils for these is proposed to be reduced from 20 per cent to 15 per cent,” the minister said in his speech.

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