Last Updated on February 2, 2022 by Anu Joy

The Union Budget 2022-23 was announced earlier on Tuesday and highlights duty concessions on some mobile phone parts, wearables, and more. This might turn out to be good news, as mobile phone prices in India have been increasing consistently over the past couple of years. Let’s take a look at the concessions the latest budget has introduced on mobile phones and other electronic devices.

Customs Duty Concessions For Mobile Phones and Other Electronic Products

With the announcement of Union Budget 2022-23 earlier on Tuesday, mobile phones are set to get cheaper in the country with the reduction in duty on parts of mobile phones. The Finance Minister believes that duty concessions will contribute towards boosting domestic manufacturing of electronic goods.

“Duty concessions are being given to parts of the transformer of mobile phone chargers and camera lens of mobile camera module and certain other items. This will enable domestic manufacturing of high growth electronic items,” the Finance Minister announced.

Driven by the Make in India initiative, major smartphone brands manufacture their devices in the country, which reduces the manufacturing costs by a large margin. Xiaomi, Realme, Apple, Samsung, Oppo, OnePlus, and Vivo, among others, have been working in line with this initiative. This certainly helps make futuristic technology easily accessible to the masses and avoids costs involving import of such devices.

Sitharaman said, “customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices, and electronic smart meters.”

As quoted above, the Budget 2022 aims to boost domestic manufacturing of other electronic items, such as wired and wireless earphones, smartwatches, and fitness bands among others. Besides, the duty concessions are also being given to parts of transformer of mobile phone chargers and camera lens of mobile camera module.

Also Read: Union Budget 2022: Government to Auction 5G Airwaves This Year, Network Rollout To Begin In 2023

Digital Rupee by RBI in 2022-23

In an attempt to give a boost to the digital economy, the government proposed to introduce Digital Rupee by the Reserve Bank of India. The Finance Minister said that the Central Bank Digital Currency (CBDC) will lead to more efficient and cheaper currency management system.

While the government didn’t pass a crypto bill, the Union Budget 2022-23 has announced 30 percent tax for Cryptocurrency payments in India with no exemption. To learn more about this, head to our previous coverage for the same.

What do you think of the Digital Rupee introduced in Union Budget 2022-23? Let us know in the comments section below.