Budget 2023: How it affects consumer electronics?

By: Rohit Yadav

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Updated on: 01-Feb-2023

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AI ecosystem: Make AI for India, Make AI work for India.

According to Sitharaman, three Centers of Excellence for Artificial Intelligence would be established in prestigious academic institutions to carry out the goal of Make AI in India and Make AI work for India.

Scheme to introduce new age courses

Thirty skill India international centres will be established throughout several states, and the program will also encompass new age courses for industry 4.0 including coding, AI, robotics, mechatronics, IoT, 3D printing drones, and other soft skills to prepare youth for international prospects.

100 labs will be set up take full advantages of 5G services

In technical institutions, 100 labs will be set up for the development of apps employing 5G services. Labs will address, among other things, applications like Smart Classrooms, Precision Farming, Intelligent Transports Systems, and Healthcare to realise new range of options, business models, and job potential.

National Data governance policy

A national data governance policy will be released to encourage innovation and research by startups and academic institutions. This will to make the personal data of users anonymous.

DigiLocker to become one stop KYC maintenance system

One stop solution for updating information like address will be established using the DigiLocker.

Relief to customs duty on import of smartphone parts

To further encourage the manufacture of mobile phones in India, the minister said that the government would reduce customs duties on the import of some components, such as camera lenses, and grant concessions on the import of lithium ion batteries.

Reduction of custom duty on TV parts

In an effort to encourage value addition in the production of TVs, it has also recommended lowering the basic customs duty on components and TV panels to 2.5%.

The new proposals will bring a huge growth in the Indian consumer market. This might make consumer electronics like TV and Smartphones cheaper, and bring a new age AI, IoT and Robotics in India.