Budget 2023: Good news for smartphone manufacturers

The Union government proposed to reduce customs duty on the import of certain inputs for mobile phone manufacturing.

New Delhi:The Union government proposed to reduce customs duty on the import of certain inputs for mobile phone manufacturing, according to the budget statement from Finance Minister Nirmala Sitharaman. To promote value addition in the manufacturing of TVs, the government has also proposed to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5 percent, the Finance Minister announced.

The Finance Minister also announced 100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems and Healthcare.