Industry
Budget 2024: Imported phones may become cheaper on 5% customs duty cut
![Budget 2024: Imported phones may become cheaper on 5% customs duty cut](https://cdn.statically.io/img/img.etimg.com/thumb/msid-111969431,width-362,height-240,imgsize-368148,resizemode-4/industry/cons-products/electronics/budget-2024-imported-phones-may-become-cheaper-on-5-customs-duty-cut.jpg)
The cost of imported high-end smartphones will come down by 5.0-5.5% if brands pass on the benefit of the reduced customs duty to consumers, experts said. India is estimated to import around $1 billion worth of high-end phones a year, with 98% of those coming from China. To be sure, the customs duty cut would not affect prices of locally made devices.
Spending gets rural springboard: More money in consumer’s hand will lead to a rise in demand for consumer goods
The Indian government's budget focuses on infrastructure, rural outlay, and tax savings, which are expected to boost rural demand for packaged consumer goods and two-wheelers. The budget also aims to create jobs, which will drive consumption in tier-2 and 3 cities. However, the increase in capital gains taxes could impede discretionary spending.
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