Budget 2024 Mobile Phones, Gold and Silver Jewellery to Get Cheaper
The Indian government, under the leadership of Finance Minister Nirmala Sitharaman, has presented the Budget 2024, bringing several significant changes aimed at boosting the economy and providing relief to consumers. One of the key highlights of this budget is the reduction in prices for mobile phones, gold, and silver jewellery. These measures are expected to stimulate consumer spending and support various sectors of the economy.
Cheaper Mobile Phones
The Budget 2024 brings good news for tech enthusiasts and the general populace alike, as mobile phones are set to become more affordable. FM Nirmala Sitharaman announced a reduction in customs duty on certain components used in the manufacturing of mobile phones.
This move is aimed at encouraging local manufacturing and making high-quality mobile devices more accessible to a larger segment of the population.
By lowering the cost of production, manufacturers can pass on the benefits to consumers, resulting in lower retail prices. This initiative not only supports the domestic manufacturing industry but also aligns with the government’s Make in India campaign. As mobile phones become cheaper, it is expected that more people will upgrade their devices, further driving the digital economy.
Here’s a look at a list of what will get costlier and cheaper in Financial Year 2025:
- Cancer drugs
- Medical X-ray machines
- Mobile phones, chargers
- Equipment using solar cells, panels
- Fish and shrimp feed
- Leather goods
- Footwear
- Textiles
- Gold, silver, platinum making charges
What is costlier
- Ammonium nitrate
- PVC flex banners
- Imported telecom equipment
Affordable Gold and Silver Jewellery
In a bid to make precious metals more accessible, the Budget 2024 includes a reduction in customs duty on gold and silver. This is a strategic move by FM Nirmala Sitharaman to boost the jewellery sector and support the traditional craftsmanship associated with it.
Gold and silver hold significant cultural and economic value in India, and the reduction in prices is likely to increase consumer demand, especially during festive seasons and weddings.
Lowering the customs duty will make these precious metals more affordable for consumers, encouraging investment in gold and silver jewellery. This measure is also expected to benefit jewellers and artisans by increasing sales and supporting employment in the sector.
Impact on the Economy
The measures announced in the Budget 2024 are poised to have a multifaceted impact on the economy. By making mobile phones and precious metals more affordable, the government aims to boost consumer spending, which is a critical driver of economic growth.
Increased demand for mobile phones will spur the growth of the electronics sector, create jobs, and enhance technological adoption across the country.
Similarly, the reduction in gold and silver prices is expected to revive the jewellery market, benefiting both consumers and businesses. This move will likely lead to increased sales, higher production rates, and more employment opportunities within the sector.
Government’s Vision
FM Nirmala Sitharaman’s announcements in the Budget 2024 reflect the government’s commitment to supporting key industries and enhancing the overall economic landscape.
By focusing on reducing prices for essential and culturally significant items like mobile phones and jewellery, the government aims to provide relief to consumers and stimulate economic activity.
These budgetary measures are part of a broader strategy to make India a hub for manufacturing and technological innovation. The focus on affordable mobile phones aligns with the Digital India initiative, which aims to increase internet penetration and digital literacy across the country.
Meanwhile, making gold and silver jewellery more affordable supports the cultural heritage and the livelihood of artisans and jewellers.
Conclusion
The Budget 2024 presents a promising outlook for consumers and industries alike. With mobile phones, gold, and silver jewellery becoming more affordable, the government’s initiatives are set to boost consumer spending, support local manufacturing, and enhance economic growth.
FM Nirmala Sitharaman’s strategic announcements reflect a balanced approach to fostering economic development while providing tangible benefits to the populace.
As these measures come into effect, it will be interesting to observe their impact on the market and the broader economy. The reduction in prices is a positive step towards making essential goods more accessible and supporting various sectors integral to India’s economic fabric.
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