Budget 2024: FM Nirmala Sitharaman reduced import duty on parts used for mobile phone manufacturing from 15% to 10%

Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in Parliament on February 1, focusing on India's macroeconomic growth and fiscal consolidation. This marks the sixth budget under Sitharaman and the final one for the second term of the Narendra Modi-led government.

Given that 2024 is an election year, an Interim Budget or Vote on Account was unveiled instead of a comprehensive annual budget, with expectations for a new full Budget in July after the elections.

While the budget speech did not specify changes in the prices of goods and services, the government, on January 31, reduced the import duty on parts used for mobile phone manufacturing from 15% to 10%. This move aims to promote mobile phone manufacturing in India, aligning with the country's focus on exports and global supply chain participation.

The government also lowered duties for various inputs used in mobile phone manufacturing, such as battery covers, main lenses, back covers, antennae, SIM sockets, and other mechanical items of plastic and metal.

Additionally, before the budget presentation, the government reduced jet fuel (aviation turbine fuel) prices by Rs.1,221 per kilolitre in the national capital, marking the fourth consecutive monthly reduction in this commodity. The adjusted ATF prices for domestic airlines vary across cities.

Also read: Budget 2024: Finance Minister Nirmala Sitharaman presented these declarations specifically for women

Finance Minister Nirmala Sitharaman presented her final Budget or Interim Budget on Thursday, ahead of the 2024 Lok Sabha elections scheduled for later this year.

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