Budget 2023 brought in some major changes for the mobile phone industry in India

As a result, Union Finance Minister Nirmala Sitharaman's announcement today of a reduction in custom duty charges for a number of goods and services, smartphone prices could fall in the upcoming fiscal year. Everything you need to know is here.

Sitharaman proposed lowering customs duties on the import of certain mobile phone manufacturing inputs in her fifth and final full budget. I propose easing customs duties on certain parts and inputs like camera lenses and maintaining the concessional duty on lithium-ion cells for batteries for an additional year to further deepen domestic value addition in mobile phone manufacturing.

However, if smartphone manufacturers decide not to pass on the benefit to customers, there is a good chance that the prices of the phones will not fall. Due to lower customs duties than they were previously paying, some businesses may decide to keep the profit they will earn.

The government also proposed lowering customs duties on portions of open cell TV panels, similar to mobile phones. Because open cell panels account for up to 70% of the costs associated with producing LED television sets, the charge has been reduced from 5% to 2.5%. 

As a result, similar to mobile phones television prices are likely to also decrease by a small amount. The television industry has received a significant boost from the recently announced reduction in basic customs duty on several imports of television components. However, there was no mention of whether customers would receive the benefit.

In the upcoming fiscal year, it remains to be seen whether or not electronics will become more affordable. Due to the company's recent expansion of production in the Indian market, Apple iPhones are also anticipated to become more affordable in the near future.

The mobile phone market in India is expected to see a decrease in prices of mobile phones, following the announcement of the Union Budget for 2022-23. 

This is good news for consumers who are looking to purchase a new mobile phone, as they will be able to get their hands on a device at a more affordable price. In addition, this may also lead to an increase in demand for mobile phones in the country, as more people will be able to afford them. This is positive news for manufacturers and retailers who sell mobile phones in India.

Currently, there are more than a dozen mobile phone manufacturers operating in India. In addition, a number of international brands have also entered the market in recent years. This increased competition has led to a decline in prices of mobile phones.

The growing popularity of low-cost smartphone companies is expected to play a role in reducing prices of mobile phones in India. A number of companies have introduced affordable smartphone models that are feature-rich and offer good value for money. As more and more people switch to these affordable smartphones, prices of other mobile phone models are also expected to come down.

Moreover, our finance minister also said that the country would open 100 5G labs in engineering schools, 30 Skill India International Centres for coding, AI, robotics, mechatronics, the internet of things (IoT), 3D printing, and drones, and three Centres of Excellence (CoEs) for artificial intelligence (AI).