Budget 2024: In a significant move to bolster the domestic mobile industry, Finance Minister Sitharaman announced plans to reduce the Basic Customs Duty (BCD) on mobile phones, components, and chargers to zero percent.
This initiative aims to boost domestic manufacturing, enhance India's global competitiveness, and benefit consumers. Notably, the Indian mobile sector has seen a threefold increase in domestic production and nearly 100% growth in exports over the past six years.
Last year, the central government reduced import taxes on key components, such as camera lenses, to promote mobile phone manufacturing in India.
Finance Minister Nirmala Sitharaman presented the 2024-25 Budget, her seventh consecutive presentation, surpassing the record of former Prime Minister Morarji Desai. This marks the first Budget of the Modi government's third term.
