The budget has arrived. Like every time, some things have become cheaper this time, some more expensive. But there are not many things that have been affected. As it used to belong ago. Gold, silver, utensils, leather goods will be cheap, while mobiles, solar inverters, and carts will be expensive. The GST, which came three years ago, has taken away from the budget the power to make goods and services expensive. Now GST fixes the price of 90% of things. But import duty on goods imported from abroad is affected and it is announced in the budget. Therefore, budget announcements affect the price of things like petrol, diesel, LPG, CNG, and imported products like liquor, footwear, gold-silver, electronic products, mobiles, chemicals, cars, tobacco. Only on these the government increases or decreases import duty. The Finance Minister has done the same in this budget.
Now let us know what has become expensive and cheap due to this budget…
Finance Minister Nirmala Sitharaman has raised 7.5% import duty on some auto parts to 15%, which will make the vehicles expensive. Solar inverters will be expensive, as the import duty on this has been increased by 15%. Import duty on mobile phone chargers and headphones is increased by 2.5%. This will make these things too expensive.
Import duty on gold and silver has been reduced by 7.5%. This will make jewelry affordable. Import duty on steel products has been reduced by 7.5%. Import duty on copper has been reduced by 2.5%. Select leather has been removed from custom duty. This will make leather products cheaper.
Increased import duty on mobile-connected devices by 2.5%
Mobiles, chargers, headphones will be more expensive. Because the government has increased the import duty on mobile and related devices coming from abroad by 2.5%. In the last 4 years, the government has increased import duty on these products by an average of about 10%. With this, the production of mobile phones in the country has increased up to three times, but these things have become expensive. Till 2016-17, mobile phones worth Rs 18,900 crore were manufactured in the country. In 2019-20, phones worth 1.7 lakh crores started being manufactured in the country.
35 crore mobile phones are being made every year in India
According to the India Cellular and Electronics Association, there are 268 units of mobile phone production in India. 35 crore mobile phones are being made here every year. These units employ 6.7 lakh people.
As of 2017, 7.57 crore mobile phones were imported from abroad. It decreased to 2.69 crores in 2019. This shows that by increasing the tax on customs or import duty on mobile phones, the pace of making phones in India has increased significantly.
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