
The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has introduced several measures affecting the electronics manufacturing sector. Xiaomi India, a major player in the Indian smartphone market, has responded to these announcements.
Key Budget Provisions for Electronics Sector
- Reduction in Basic Customs Duty (BCD) on mobile phones, PCBAs, and chargers
- Extended exemptions on inputs and raw materials for smartphone manufacturing
- Exemptions on capital goods and related inputs for the electronics industry
- Proposal for a comprehensive review of the tariff rate structure