2024 Budget Highlights on Mobile Phone Price Reductions

Tuesday, 23 July 2024, 07:34

The FY 2025 Budget introduces significant duty cuts on mobile phones, PCBs, and chargers, reducing duties to 15%. This reduction is expected to lower prices for Pro model Apple iPhones and stimulate domestic manufacturing through exemptions for critical minerals. With mobile exports experiencing a remarkable increase and the Finance Minister emphasizing growth, these measures are set to enhance the high-tech electronics sector. In conclusion, the budgetary changes present a promising outlook for the mobile phone market.
Economictimes
2024 Budget Highlights on Mobile Phone Price Reductions

Overview of Budget 2024

The FY 2025 Budget brings a range of proposals aimed at transforming the mobile phone market. Here are the key points:

  • Duty Cuts: The reduction of duties on mobile phones, PCBs, and chargers to 15%.
  • Impact on Prices: Pro model Apple iPhone prices are anticipated to drop significantly.
  • Support for Domestic Manufacturing: Exemptions for critical minerals are designed to aid production.

Industry Reactions

The Finance Minister has hailed these changes as a boost for the economy, and the ICEA Chairman commended the government's efforts.

Future Considerations

  1. Review of tariff structures is planned within six months.
  2. High-tech electronics stand to gain from these modifications.
  3. Mobile exports have increased by 100-fold.

In summary, the proposed duty reductions are poised to reshape the mobile phone landscape, benefiting consumers and manufacturers alike.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Subscribe to our newsletter for the most reliable and up-to-date tech news. Stay informed and elevate your tech expertise effortlessly.

Subscribe