New Delhi: Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2024-2025 on Tuesday, highlighting significant changes affecting the cost of various items for consumers and industries.
Items that have seen a reduction in costs include mobile phones, mobile PCBAs and mobile chargers following substantial reduction in customs duty from the existing 20% to 15%. With a three fold increase in domestic production and almost 100 fold jump in exports of mobile phones over the last six years, the Indian mobile industry has matured. In the interest of consumers. I now propose to reduce the BCD (Basic Customs Duty) on mobile phone, mobile PCBA and mobile charger to 15%,” she said.
The budget has seen increases in costs for specific telecom equipment, with basic customs duties raised to 15% from 10%, and hikes in custom duties on plastic products.
Items that have become cheaper
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Items that have become costlier
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According to the Economic Survey 2024, India’s GDP is expected to grow between 6.5% and 7% this year. Retail inflation has also declined to 5.4% in 2023-24, down from 6.7% the previous year. The survey, presented by Finance Minister Nirmala Sitharaman on July 22, 2024, highlighted the importance of service and growth for the economy.
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