{"id":1242341,"date":"2023-02-03T09:15:34","date_gmt":"2023-02-03T03:45:34","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1242341"},"modified":"2023-02-03T09:16:07","modified_gmt":"2023-02-03T03:46:07","slug":"smartphones-made-in-india-will-be-cheaper-tv-prices-can-come-down-after-budget-2023-announcements","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/smartphones-made-in-india-will-be-cheaper-tv-prices-can-come-down-after-budget-2023-announcements\/","title":{"rendered":"Smartphones Made In India Will Be Cheaper; TV Prices Can Come Down After Budget 2023 Announcements"},"content":{"rendered":"\n<p>According to the Union Budget the govt is planning to boost the production of smartphones and TVs in India by incentivizing manufacturers.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-2-1-1280x720-1-1024x576-1.jpeg\" alt=\"Smartphones Made In India Will Be Cheaper; TV Prices Can Come Down After Budget 2023 Announcements\" class=\"wp-image-1242359\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-2-1-1280x720-1-1024x576-1.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-2-1-1280x720-1-1024x576-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-2-1-1280x720-1-1024x576-1-768x432.jpeg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Increased cellphone production&nbsp;<\/strong><\/p>\n\n\n\n<p>In the Union Budget 2023, Finance Minister Nirmala Sitharaman announced the govt\u2019s intentions to provide some relief to both smartphone and TV makers by reducing customs duty on some key components.<\/p>\n\n\n\n<p>In the budget speech, Sitharaman said that mobile phone production in India has increased to 31 crore units valued at over Rs 2,75,000 crore in the last financial year.<\/p>\n\n\n\n<p>The figure stood at 5.8 crore units valued at about Rs 18,900 crore in 2014-15.<\/p>\n\n\n\n<p>Sitharaman said mobile phone production in India has increased thanks to various initiatives of the Government, including the Phased Manufacturing programme.<\/p>\n\n\n\n<p><strong>Customs duty on imported parts<\/strong><\/p>\n\n\n\n<p>To further increase production, the govt will reduce customs duty on import of certain parts including the camera components of the phones.<\/p>\n\n\n\n<p>\u201cTo further deepen domestic value addition in manufacture of mobile phones, I propose to provide relief in customs duty on import of certain parts and inputs like camera lens and continue the concessional duty on lithium-ion cells for batteries for another year,&#8221; Sitharaman said.<\/p>\n\n\n\n<p>The relaxation in customs duty for lithium-ion cells will also be in place for another year.&nbsp;<\/p>\n\n\n\n<p>Coming to manufacturing of TVs the government will <a href=\"https:\/\/www.businesstoday.in\/technology\/news\/story\/union-budget-2023-made-in-india-smartphones-tvs-to-get-cheaper-368467-2023-02-01\">reduce <\/a>basic customs duty on parts of open cells of TV panels to 2.5 percent.<\/p>\n\n\n\n<p><strong>Potential impact<\/strong><\/p>\n\n\n\n<p>Needless to say the smartphone industry has lots to gain from the new developments.<\/p>\n\n\n\n<p>Praising these initiatives Prabhu Ram, Head &#8211; Industry Intelligence Group, CyberMedia Research (CMR), said, &#8220;The reduction in customs duty on import of certain component parts for mobile phones is a welcome move, and will provide further impetus to deepen the domestic value addition, and in furthering the development of electronics components ecosystem in India.&#8221;<\/p>\n\n\n\n<p>Consumers may benefit too, since the budget addresses the issues of rising component prices and inflation which has resulted in higher retail prices.<\/p>\n\n\n\n<p>Due to inflation the industry was impacted due to lower feature-phone to smartphone migration.<\/p>\n\n\n\n<p><strong>5G in India<\/strong><\/p>\n\n\n\n<p>But thanks to the provisions in this year\u2019s budget 5G devices can become more affordable for the common man.<\/p>\n\n\n\n<p>Industry experts <a href=\"https:\/\/www.businesstoday.in\/union-budget\/opinion\/story\/union-budget-2023-may-bring-hope-for-indias-smartphone-industry-heres-why-368369-2023-02-01\">believe <\/a>that India is going to witness the fastest rollout of 5G which will be at least three times faster than with 4G.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Union Budget the govt is planning to boost the production of smartphones and TVs in India by incentivizing manufacturers. Increased cellphone production&nbsp; In the Union Budget 2023, Finance Minister Nirmala Sitharaman announced the govt\u2019s intentions to provide some relief to both smartphone and TV makers by reducing customs duty on some key [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1242359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[638],"class_list":["post-1242341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-budget-2023"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Smartphones Made In India Will Be Cheaper; TV Prices Can Come Down After Budget 2023 Announcements - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/smartphones-made-in-india-will-be-cheaper-tv-prices-can-come-down-after-budget-2023-announcements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smartphones Made In India Will Be Cheaper; TV Prices Can Come Down After Budget 2023 Announcements - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"According to the Union Budget the govt is planning to boost the production of smartphones and TVs in India by incentivizing manufacturers. 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