Budget 2024: Basic customs duty on mobile phones and chargers reduced to 15%

Finance Minister Nirmala Sitharam presented the Union Budget 2024 on Tuesday (July 23) and proposed changes in the basic customs duty (BCD) on mobile phones, mobile PCBA and mobile chargers. She proposed the BCD on these commodities will be 15%.

“With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15%,” said Sitharam during her budget speech.

“To increase value addition in the domestic electronics industry, I propose to remove the BCD, subject to conditions, on oxygen-free copper for manufacture of resistors. I also propose to exempt certain parts for the manufacture of connectors,” she said.

Also See: Budget 2024 Live Updates

"My proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount," the finance minister said while presenting the budget.

FM announces investments in R&D

Apart from this, Sitharam made various announcements to power innovation and Research and Development. She announced the establishment of Anusandhan National Research Fund for basic research and prototype development.

The finance minister also announced a financing pool of Rs 1 lakh crore to spur private sector-driven research and innovation at commercial scale. Additionally, a venture capital fund of Rs 1,000 crore to expand space economy by 5 times in the next 10 years.

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