In a key announcement from Union Budget 2024, Finance Minister Nirmala Sitharaman has proposed a reduction in the Basic Customs Duty (BCD) on mobile phones, mobile PCBs, and mobile chargers to 15%. This move is set to make mobile phones more affordable and boost the industry. Watch our detailed analysis to understand how this change will impact mobile phone prices and what it means for consumers and the tech market.
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NewsTranscript
00:00Mobile Phone and Related Parts
00:05With a threefold increase in domestic production and almost a hundredfold jump in exports of
00:11mobile phones over the last six years, the Indian mobile industry has matured. In the
00:19interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile
00:28charger to 15%.
00:32Critical Minerals
00:34Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors
00:41like nuclear energy, renewable energy, space, defence, telecommunications and high-tech
00:49electronics.
00:51I propose to fully exempt customs duties on 25 critical minerals and reduce BCD on two
00:59of them. This will provide a major fillip to the processing and refining of such minerals
01:08and help secure their availability for these strategic and important sectors.
01:15Solar Energy
01:17Energy transition is critical in the fight against climate change. To support energy
01:23transition, I propose to expand the list of exempted capital goods for use in the manufacture
01:30of solar cells and panels in the country. Further, in view of sufficient domestic manufacturing
01:38capacity of solar gas, glass and tinned copper interconnect, I propose not to extend the
01:47exemption of customs duties provided to them.
01:52Marine Products
01:53India's seafood exports in the last financial year touched an all-time high of more than
02:0060,000 crores. Frozen shrimp accounted for about two-thirds of these exports. To enhance
02:09their competitiveness, I propose to reduce BCD on certain broodstock, polychaete worms,
02:19shrimp and fish feed to 5%.
02:23Mobile Phone and Related Parts
02:28With a three-fold increase in domestic production and almost a hundred-fold jump in exports
02:34of mobile phones over the last six years, the Indian mobile industry has matured. In
02:41the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA
02:50and mobile charger to 15%.
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