Budget 2024 Expectations: Will India see dip in mobile phone prices? What we know so far

By Team Asianet Newsable | First Published Jul 17, 2024, 5:59 PM IST

Last year, the central government took significant steps to promote mobile phone manufacturing in India by reducing import taxes on key components, such as camera lenses.

As Union Finance Minister Nirmala Sitharaman is all set to present her seventh budget on July 23, there is growing expectation about potential reductions in mobile phone prices. Smartphone buyers and industry stakeholders are keen to see if the budget will include measures to make phones more affordable.

Last year, the central government took significant steps to promote mobile phone manufacturing in India by reducing import taxes on key components, such as camera lenses. The Finance Minister also cut the tax rate on lithium-ion batteries, which are essential for both phones and electric vehicles. These policy changes were aimed at lowering manufacturing costs for companies in India.

Tap to resize

Latest Videos

Tap to resize

Budget 2024-25 Expectations: Electric Vehicle industry looks for green boost and strategic reforms

Reimplementation of PLI scheme:

This budget is expected to reintroduce the Production Linked Incentive (PLI) scheme, a flagship program designed to boost domestic manufacturing. According to reports, the new NDA government plans to reinstate this scheme to encourage local production.

The PLI scheme offers financial incentives to companies based on their increase in domestic production. It aims to enhance the global competitiveness of Indian-manufactured goods, promote large-scale manufacturing, and attract investments in key sectors.

Initially launched for 14 sectors, including electronics and textiles, the PLI program focuses on industries with the potential to become global leaders, thereby fostering job creation and export growth.

When India's Budget was leaked in 1950: Revisiting what happened, who did it and subsequent consequences

The government is now considering expanding the scheme to include additional sectors, recognizing the challenges faced by manufacturers and reopening some existing PLI schemes to provide new opportunities and benefits for more companies.

For more reliable and latest news