Finance Minister Nirmala Sitharaman announced the Union Budget 2021 in the Parliament. Sitharaman announced a 2.5 percent hike in customs duty on certain mobile phone parts and power banks. In the previous budget too, the minister had hiked duty on products like fans, refrigerators, lamps, medical equipments, electronic toys, headphones, ovens and mixer grinders. Union Budget 2021: All Budget Related Documents Can Be Accessed From 'Union Budget Mobile App'; Here Are Steps to Download The Application.

This hike is brought to motivate manufacturers to make smartphones and other products in India. The Finance Minister also announced that domestic electronic manufacturing has grown drastically over the years.

Sitharaman said, "Withdrawing exemptions on parts of chargers and mobile phones to boost local manufacturing of smartphones. we are now exporting mobiles and chargers to the world."

This means that the prices of smartphones and power banks will go up again. On the other hand, customs duty on Gold and Silver will be rationalised. The duty on leather items and finished synthetic gemstones will also be increased as per the finance minister.

(The above story first appeared on LatestLY on Feb 01, 2021 01:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).