Budget 2024: There are high expectations regarding a potential reduction in the price of mobile phones in the upcoming budget. Smartphone buyers are eager to know if Finance Minister Nirmala Sitharaman will announce measures to make phones cheaper. Sitharaman is set to present her seventh budget in Parliament on July 23. Last year, the central government reduced import taxes on key components, such as camera lenses, to promote mobile phone manufacturing in India. According to the Financial Express report, the Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.
Govt likely to re-implement PLI scheme
According to the report, the new NDA government is expected to re-implement India's flagship program to promote domestic manufacturing - the Production Linked Incentive (PLI) scheme in its upcoming budget. Designed to encourage companies to manufacture locally, the PLI scheme provides financial rewards based on the increase in domestic production. It aims to increase the competitiveness of Indian manufactured goods globally, promote large-scale manufacturing and also attract investment in promising sectors.
PLI boosts employment and exports
The Production Linked Incentive (PLI) programme focuses on industries that have the potential to become leaders, thereby boosting job creation and export growth. After launching the PLI scheme for 14 key sectors such as electronics, textiles and others, the government is now considering expanding the programme to include additional sectors. Recognising the challenges faced by manufacturers, some existing PLI schemes are being reopened to provide new opportunities and benefit more companies.
Also Read: Union Budget 2024: Space industry urges government for tax holidays, PLI scheme | DETAILS
