Just before the Budget announcement, the Government of India has slashed import duty on key smartphone components from 15% to 10%, a move aimed at making 'Made in India' mobile phones more competitive for exports. This tax cut is expected to provide a significant boost for companies like Apple and Xiaomi, as it will lower production costs for iPhones and other handsets in India. Concurrently, Apple has surpassed Samsung to become the top smartphone seller in India by revenue in 2023, with the country witnessing more iPhone sales than ever before. The Indian smartphone market, valued at approximately $40 billion, may see reduced smartphone prices due to this policy change. Additionally, the tariff reduction is seen as an effort to entice more iPhone manufacturing in India.
India cuts tariffs to entice more #iPhone manufacturing https://t.co/RB9Ku4L6NY https://t.co/TORVhVCrpo
Apple tops Indian smartphone market by revenue in 2023: Report Apple became the largest smartphone brand by revenue in India in 2023 for the first time ever, surpassing Korea’s Samsung in a market valued at around $40 billion. https://t.co/uuk3DsTEXA
Smartphone prices may reduce in India as government cuts down import duty on mobile parts https://t.co/JV3UMXQCbq
India has reduced its import duty on selected smartphone components, while new research says in 2023, Apple sold more iPhones in the country than ever. By @WGallagher https://t.co/6CEVRlv3b0
India is reducing import taxes on mobile-device components to boost production of iPhones and other handsets, a boon for companies like Apple that are increasingly considering the country as a global manufacturing base https://t.co/d5QkdHdWWt
Government cuts import duty on some smartphone parts, here’s why it may be good for 'Made in India' campaign https://t.co/PDyBz5Ycvm
Finance Ministry slashes import duty on mobile phone components https://t.co/CjJC9rquRe
India cuts import duty for some phone parts to 10% in boost for Apple, Xiaomi https://t.co/lCfwLH1d3i https://t.co/sF58kq4lxT
Government of India slashes import duty on key components used in the production of #mobilephones The import duty has been reduced from 15 per cent to 10 per cent. https://t.co/vpqwZ7B64A
🚨🚨 #BREAKING Just before Budget, govt issues notification on slashing import duty on mobile phone spare parts from 15% to 10%. This move is expected to make made in India mobile phones more competitive for exports. @chandrarsrikant https://t.co/gCpzf78S7z
Government of India slashes import duty on key components used in the production of mobile phones. The import duty has been reduced from 15 per cent to 10 per cent. https://t.co/22CIz9Qoch
It’s over folks, $AAPL won "Apple overtakes Samsung as top seller of smartphones”