Union Budget 2024: From cheap smartphones to solar panels!

Tech Budget 2024:  While presenting the budget, he said that the customs duty on mobile phones and the price of mobile chargers will be reduced. This will reduce the prices of smartphones and mobile chargers. Along with this, he made many more announcements regarding the tech industry. 

Budget Highlights 2024​:  The Finance Minister of the country presented the Union Budget today i.e. on Tuesday, 23 July. This is the seventh Union Budget to be presented by him and the first Union Budget of the NDA government which came to power for the third time. The Finance Minister made big announcements regarding the tech industry in this budget. While presenting the budget, he said that the customs duty on mobile phones and the price of mobile chargers will be reduced. This will reduce the prices of smartphones and mobile chargers. Along with this, he made many more announcements regarding the tech industry. 

From reducing duties on mobile phone components to promoting the space sector in the country, targets have been set. The government is also considering promoting higher education and employment. Let us tell you what announcements Finance Minister Nirmala Sitharaman made related to the tech sector while presenting the Union Budget 2024-25. 

mobile phone

The biggest announcement related to the tech sector in the Union Budget is that the government will reduce the customs duty on smartphones and their components. The Union Budget 2024-25 has reduced the basic customs duty (BCD) on mobile phones to 15 percent. Also, the BCD on printed circuit board assembly (PCBA) and mobile chargers have been reduced to 15 percent. This will make smartphones cheaper. 

Solar Technology 

Finance Minister Nirmala Sitharaman has announced that the recently launched PM Surya Ghar Free Electricity Scheme will enable 1 crore households to access rooftop solar technology that can provide up to 300 units of power every month.

Space Development

The government will set up a Rs 1,000 crore venture capital fund that will promote the space technology sector in India. The government also aims to grow the space economy fivefold within the next decade. This fund is expected to benefit Indian companies, including many space technology startups in the country.

Education Loan

According to the Finance Minister, the government will provide loans up to Rs 10 lakh to students for higher education in domestic institutions. The Model Skill Loan Scheme will be revised and students will be able to avail e-vouchers for loans up to Rs 10 lakh every year.