Key Highlights
- Union budget 2023 announced in India
- Emphasis on Digital Payments and Make in India program
- Mobiles and EVs to get cheaper
- TVs will be affordable too
- Electric chimneys to be expensive
India’s Union Budget 2023 is out. Finance Minister Nirmala Sitharaman announced this year’s budget for different industries and sectors in the Parliament yesterday. Approx Rs. 45,03,097 crores have been proposed by the Indian government to be spent as budget in 2023-24 out of which Rs. 16,549 crores have been allocated to the Ministry of Electronics and Information Technology. We are listing down the key takeaways of the Union Budget 2023 for the tech industry including what’s got cheaper and what all got expensive.
Emphasis On Digital Payments
Digital payments became a success in India ever since the government introduced UPI services. This year too, a major focus will be on digital payments where banks will be facilitating services to develop an enhanced digital payment ecosystem for the Indian market. Both BHIM UPI and RuPay debit cards will be promoted for digital transactions in India.
Approx 100 Digital Labs To Develop 5G Apps, New AI Centres
Digitization seems to be the prime focus for the Indian government during this year’s budget. The government has announced that around 100 Digital apps will be set up to aid the budding 5G industry in the country. These 100 digital labs will be established in engineering institutions where applications will be developed for smart classrooms, precision farming, smart transport system, and health care. Additionally, three new AI excellence for AI will also be developed for Indian educational institutions.
Mobile Phones, EVs To Get Cheaper
The Union Budget 2023 came as a respite for smartphone OEMs and users. Mobile phone production will not only be increased but also relief on custom duty will be lowering down the costs of camera and other parts imports. Additional duty concessions on li-ion cells for batteries will be continued for this year. This will possibly allow manufacturers to launch cheaper electric vehicles in the country.
Also Read: Best Premium Android Smartphones With 12GB RAM, 256GB Storage
TVs Will Also Become Affordable
In addition to smartphones, smart TVs and LED TVs will also get cheaper this year. A 2.5 percent reduction has been announced on basic customs duty on open cell TV panels. This will effectively reduce the cost of manufacturing directly impacting the pricing in the wholesale and retail market in India.
Also Read: Smart TV Buying Guide: Best Smart TVs With Voice Control Feature In India In 2022
Expensive Electric Chimneys
Electric chimneys will be selling at a higher cost compared to the current market. This can be deduced following the announcement of an increased 15 percent custom duty on electric chimneys. This is almost double the previous custom duty charge of 7.5 percent. However, the government suggests the increased rate is to encourage the Make in India program.
Also Read: List Of Top Electric Tandoor For Commercial Use In India
