The Union Budget for ongoing financial year 2023-2024 will soon be presented on the forums of the both houses in the Parliament by Finance Minister Nirmala Sitharaman on February 1. This will be the fifth successive budget speech and similar to the last two will replace the paper format for digital medium. Some experts claim that the budget will be offer a balanced view for the current fiscal.
The budget is expected to focus more on the growth and capital expenditure on infrastructure (comprising defence, railway, roads, etc.). This will broaden the production-related incentive schemes for more sectors, increasing the divestment targets and rural demand and divestment targets.
The India Cellular and Electronics Association (ICEA) has also suggested for rationalisation of duties on components of mobile phones and sub-assemblies, stating that the some chunk of the smaller tariffs must be waived off while the inputs duties on ‘mechanics’ must be eliminated.
The industry body further further added that it must ease the Basic Customs Duty (BCD) on high-end phones.
In case of a higher BCD pegged at Rs 4,000 per device, the 20 percent custom duty will be levied. This will be continued for the high-end phones, the body mentioned in its Budget wishlist.
Important sectors like infrastructure, railways, defence, public sector undertakings, and renewables are on the verge to go through an increase in the expenditure by the government.