Mumbai, July 24: India's Finance Minister Nirmala Sitharaman presented the Budget 2024 on July 23, 2024, for the fiscal year 2024-25, with significant changes in the tax structures for salaried individuals and industries. While the new Budget 2024 did not get an overwhelming response from individuals and industries, it promised opportunities for the industry, according to a report. The budget will reportedly disappoint individuals looking to buy new models at lower rates.

According to a report by News18, the recent changes announced to the basic customs duty on mobile phones and components would make it difficult for companies to provide benefits to end consumers. The report said that imported smartphones from renowned brands such as Apple and Google will have to bear the customs duties. These companies offer their devices in India, but they are entirely made in other countries. Stock Market Today: Indian Equity Indices Recovers After Budget Announcements; Titan, NTPC and ITC Among Top Gainers.

The Budget 2024's announcement of basic import duty (BSD) reduction on the smartphones, charges and printed circuit board assembly (PCBA) will reportedly have no notable impact on the smartphone prices. The expected cut on these smartphones could be around 1% or 2%. Tarun Pathak, working at Research Director and Telecom Analyst at Counterpoint Research reportedly highlighted that the price cuts for customers would solely depend on the OEMs.

No Notable Price Cuts on Premium Smartphones

Indian smartphone market witnessed significant rise in the demand for premium smartphones and most of the buyers while the majority of the buyers still look for getting affordable mid-range smartphone. The report highlighted a statement from Mohammad Faisal Ali Kawoosa, founder of Techarc, about the situation. He reportedly said that the opportunity that favoured the premium since launch of 5G smartphone was almost exhausted by now. He reportedly added that the industry would need to make affordable 5G smartphones for users. Paytm Partners With Axis Bank To Offer POS Solutions, Card Payment Machines to Banks and Merchant Network.

The report mentioned that the ongoing inflation of prices and overall raw material costs would not let the changes of 20% to 15% per cent on customs duty make it to the customers. Recently, it was reported that the Indian smartphone industry saw a modest 1% rise in Q2 2024, and the vendors were preparing for the festive seasons.

(The above story first appeared on LatestLY on Jul 24, 2024 02:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).