Finance Minister Nirmala Sitharaman announced a major reduction in customs duty for mobile phones, mobile PCBA and mobile chargers, taking the rate to 15%.Speaking during her budget speech, FM Sitharaman said, "With a three fold increase in domestic production and almost 100 fold jump in exports of mobile phones. Over the last six years, the Indian mobile industry has matured in the interest of consumers. I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15%. The BCD was 20% earlier. Finance Minister Nirmala Sitharaman is presenting her seventh consecutive Budget in Parliament today. In her 7th record Union Budget, Nirmala Sitharaman announced key employment schemes.
Prime Minister Narendra Modi yesterday had said that the Finance Minister will present a strong budget, adding that he will ensure that the government's guarantees reach the common man. Nirmala Sitharaman yesterday - on the first day of the Monsoon Session of Parliament - tabled the Economic Survey in Parliament. India is currently the world’s fifth largest economy and is well on its way to become the third largest in the coming years. Ahead of the Budget 2024 presentation, PM Narendra Modi said that India is the fastest growing major economy in the world and that Budget 2024 will further provide direction to the dream of ‘Viksit Bharat’ or developed India by 2047.