Budget 2018: Mobile Phones Prices Hiked, Customs Duty increased to encourage Make In India. Want to buy a new mobile phone? But hurry up now. Because mobile phone prices will rise from the next financial year.
Mobile Phones Prices Hiked, Customs Duty increased from 15 to 20 percent
Union Finance Minister Arun Jaitley has introduced the budget for 2018-19 in Parliament on Thursday. On this occasion, customs duty was increased on mobile phones imported from abroad. Budget speech revealed that the customs duty of 15 percent is now increased up to 20 percent.
Shri Jaitley said, “This measure will promote the creation of more jobs in the country’. In fact, this will make the domestic phones and TV parts cheaper than imported ones and will generate more demand. In turn, it will create more employment opportunities for the people at large.
The goal of the government is to make electronic products as part of the ‘Make In India’ program. Besides, the govt plans to reduce mobile phones from abroad. In the latest budget, customs duty was increased from Rs 15 per share to 20 percent.
Already several mobile companies such as Samsung and Shiomi have started nation-wide manufacturing units. In this background, the popular brand of mobile phones such as iPhone will increase prices of mobile phones.
According to expert estimates, iPhone prices can rise from Rs 2,000 to Rs 5,000. For instance, iPhone X is priced at Rs 89,000. As per raised customs duty, mobile price expected to grow up to Rs.94,000.