GG News Bureau
New Delhi, 16th July. With Finance Minister Nirmala Sitharaman scheduled to present the Union Budget on July 23, there is widespread anticipation among smartphone consumers regarding possible reductions in mobile phone prices. Speculation is rife whether Sitharaman will unveil measures aimed at making smartphones more affordable.
Last year, the central government took steps to lower import duties on crucial components like camera lenses to boost local manufacturing of mobile phones in India. Additionally, the Finance Minister reduced taxes on lithium-ion batteries, essential for phones and electric vehicles, in a bid to reduce manufacturing costs.
According to a report in the Financial Express, there are expectations that the new government will reintroduce India’s flagship Production Linked Incentive (PLI) scheme. This scheme, aimed at promoting domestic manufacturing, offers financial incentives based on increased local production. It aims to enhance the competitiveness of Indian-made products globally, stimulate large-scale manufacturing, and attract investments across promising sectors.
“The PLI scheme has proven effective in creating jobs and boosting exports, particularly in sectors identified for their growth potential,” the report highlighted. Originally launched for 14 key sectors including electronics and textiles, the government is now contemplating expanding the PLI program to encompass additional industries. Existing PLI schemes are also being reconsidered to provide renewed opportunities and support a broader range of companies.
The upcoming budget announcement is eagerly awaited by stakeholders in the mobile phone industry and beyond, as they look for signals on how the government plans to bolster domestic manufacturing and consumer affordability through strategic policy interventions.
Comments are closed.