Budget 2024: FM Proposes to Reduce Customs Rate on Mobile Phone and Chargers

In the 2024 Union Budget, Finance Minister Nirmala Sitharaman proposed reducing customs duties on mobile phones and their chargers to 2.5%. This move is aimed at making smartphones more affordable and stimulating the domestic electronics manufacturing industry. The budget also introduces incentives for local production and seeks to boost the "Make in India" initiative. The reduction in customs rates is expected to benefit both consumers and domestic manufacturers by lowering costs and encouraging investments in the sector. The overall goal is to enhance the competitiveness of India's electronics market and support the growth of local industries.