Union Budget 2024: Made-in-India Smartphones May Get Cheaper

[{"selector":"#anim-0d6f962d-e0c2-40cc-8a0f-651260f2ca89","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7eda4888-10d7-494e-b8d8-43fa54847e31","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Union Budget 2024: Made-in-India Smartphones May Get Cheaper

[{"selector":"#anim-e15b4754-b2fd-4781-a203-fae730b0084b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-19a52e8a-14b6-4743-bca7-cc63dd32d371","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Customs Duty Reduction on Smartphone Components – Announced by Finance Minister Nirmala Sitharaman – Basic customs duty on smartphone components lowered to 15% – Aims to make smartphones more affordable – Boosts the mobile industry in India

[{"selector":"#anim-4f1b1822-866f-4a4a-8802-69206ed736e1","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1221cb92-8df5-4e78-b80f-579f2cc7ce0f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Impact on Smartphone Makers and Consumers – Helps reduce prices of made-in-India smartphones – Not applicable for Completely Built Units (CBUs) – Expert Opinion: – Navkendar Singh, IDC India: Positive step for mass segments and domestic consumption growth – Prabhu Ram, CMR: Boosts local assembly, attracts global investments, and strengthens India as a smartphone manufacturing hub

[{"selector":"#anim-f09f0707-af2a-4b08-834f-50482e1bb9a5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-eeaa8079-f411-46ec-9fb3-85777cf88625","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Exemptions and Medical Equipment – 100% customs duty exemption on three specific medicines for cancer patients – Reduced customs duty on X-ray tubes and flat panel detectors – Aims to make medical diagnostics cheaper and more accessible

[{"selector":"#anim-5514d547-4df7-4d2e-8c9b-8126e3c1a3ca","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-42a71ec0-7797-4f6a-906e-7383347e5252","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] New Income Tax Slabs – Up to ₹3,00,000: Nil – ₹3,00,001 to ₹7,00,000: 5% – ₹7,00,001 to ₹10,00,000: 10% – ₹10,00,001 to ₹12,00,000: 15% – ₹12,00,001 to ₹15,00,000: 20% – Above ₹15,00,000: 30% – Old Regime: Wide range of deductions and exemptions – New Regime: Lower tax rate with limited deductions and exemptions

[{"selector":"#anim-b251286f-d603-4d66-b35b-fd471f62f50b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a1a2d786-f611-4655-a257-e587a075d303","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Pankaj Mohindroo, Chairman, ICEA said “We would like to congratulate the government for this landmark budget. We are impressed with its intent and direction focusing on enhancing manufacturing and export competitiveness. Hon’ble Finance Minister has also acknowledged the tremendous growth of mobile phone manufacturing and exports.

[{"selector":"#anim-76e6600a-23ab-4f93-a341-28ec8b8d6b23","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-36cfde8a-8877-4fa2-ab23-f0854cce869b","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] At Xiaomi India, we have been manufacturing nearly 100% of our smartphones locally with a strong emphasis on sourcing components like PCBA, charging cables, camera modules, and mechanics, among others. Today's announcement will help further strengthen the domestic electronics manufacturing ecosystem.

[{"selector":"#anim-e6579cd1-3b5b-4705-bfac-3d7a95bda360","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4e4a0f61-f1ef-49b9-ae68-afded671df7e","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The proposal for a comprehensive review of the tariff rate structure is another positive step that will further strengthen the industry. We appreciate the government’s emphasis on increasing women's participation in the workforce and the employment-linked incentives for first-time employees. With these progressive steps, we anticipate a surge in consumer spending, including increased demand for smartphones." said, Mr. Muralikrishnan B, President at Xiaomi India.

[{"selector":"#anim-4d320359-a7f2-4821-b42b-9742071294ce","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7cc531a4-458e-4fc0-bfa7-0e7d0968749c","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Mr. Amit Khatri, Co-Founder, Noise chimed in as well. "The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman is a visionary step towards inclusive growth, with a strong emphasis on manufacturing, upskilling, and women empowerment. Youth and participation of women in the workforce hold the key to India’s success.