UNION BUDGET 2024 FOR TECH

The Union Budget 2024 of India has introduced a complete set of initiatives aimed at stimulating growth in the technology sector.

- Shintu Dhang

The budget places a strong focus on promoting innovation and development in various key areas, including mobile phones, printed circuit boards (PCBs), chargers, space technology, solar energy, and the IT sector. Here are the crucial highlights of the initiatives.

MOBILE PHONES

1 Reduced Customs Duties: The government has announced a reduction in customs duties on particular parts and components used in manufacturing mobile phones. This move aims to make mobile phones more affordable for consumers and encourage local production of mobile devices.

2 Expansion of the PLI Scheme: The Production Linked Incentive (PLI) scheme has played a crucial role in enhancing domestic manufacturing and is set to undergo further expansion. This initiative incentivizes companies to increase their production output, reducing dependence on imports and strengthening the local mobile phone industry.

PRINTED CIRCUIT BOARDS (PCBS) AND CHARGERS

1 Increased Domestic Manufacturing: There was a solid push to expand the domestic production of printed circuit boards (PCBs) and chargers on a budget. These components play an important role in the electronics manufacturing ecosystem. The aim is to decrease dependence on imports and stimulate job creation within the country.