What does Union Budget 2024, presented by Nirmala Sitharaman, mean for consumers, job seekers? 10 points

The union finance minister announced a reduction in basic customs duty (BCD) on mobile phones, their printed circuit board (PCB) assembly, and chargers to 15 per cent from the previous rate of 20 per cent.

Making the announcement in the Budget 2024-25, the finance minister said, “With a three-fold increase in domestic production and almost a 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phones, mobile PCBA, and mobile chargers to 15 per cent.”

“To increase value addition in the domestic electronics industry, I propose to remove the BCD, subject to conditions, on oxygen-free copper for the manufacture of resistors. I also propose to exempt certain parts for the manufacture of connectors,” the finance minister added.