Budget 2013: Hike in excise duty on mobile phones to have negative impact, says Asim Warsi

The Union Finance Minister, P Chidambaram, presented the Budget 2013-14 on Thursday, aiming to revive country's growth. One of the leading electronics manufacturer, Samsung Mobile's Vice-President Asim Warsi said that, "the benefits announced for key sectors like infrastructure, agriculture and education are bound to positively impact the economy. This year’s budget initiatives focusing on women and youth also resonate well.

The 15% investment allowance on manufacturing investment should give a fillip to domestic manufacturing. However, in overall terms, we do not see the Budget reviving the consumer sentiments in the absence of any specific incentives to boost consumer sentiment itself.

Further, the increase in the excise duty on mobile phones will not have a positive impact on the mobile industry and should lead to an increase in prices for end consumers", Asim Warsi, VP at Samsung Mobile said.