Budget 2024: Mobiles, TV and other gadgets will become cheaper, what is the hope for the electric sector?

In just two days, the interim budget for the nation is set to be revealed, heightening expectations and speculations across various sectors. The Modi government's interim budget, slated to be the last before the 2024 Lok Sabha elections, is eagerly awaited with anticipation.

Similar to other sectors, the electric sector holds high hopes for the interim budget. Expectations include a reduction in import duties, GST relief, and a decrease in the lower tax slabs. Additionally, there is optimism for the electric sector to receive a boost in the form of incentives under the PLI scheme in mobile manufacturing, technology products, and drone components.

The solar sector, in particular, is eyeing significant developments. Prime Minister Modi's push for solar energy is evident through initiatives like the Suryoday Yojana, aiming to generate electricity through solar panels in a million homes. Subsidies are provided for setting up solar plants under such schemes. The sector is hopeful that the interim budget will increase subsidies for the solar industry.

The India Cellular and Electronics Association has once again called for the elimination of the 2.75% tariff on mobile phone components and sub-assembly, echoing last year's demand. According to the association, these tariffs burden manufacturers and pose a threat to domestic industries.

A significant demand revolves around the reduction of the 28% GST imposed on electronic products and gadgets. With a substantial demand for laptops, mobiles, and other gadgets within the country, lowering the GST on these items would make them more accessible to the general public. In the midst of these expectations, the nation eagerly awaits the unveiling of the interim budget, poised to shape the economic landscape before the upcoming elections. Stay tuned for comprehensive coverage as the budget unfolds.

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