As a key tech market and a hub for tech companies, India caters to both sales and production. The country is home to companies such as Apple and Xiaomi that manufacture their products. By offering a variety of incentive packages, the government is actively enhancing its attractiveness for investments. The import duty on smartphone components in India has been lowered from 15% to 10% as of January 31, 2024, demonstrating the country’s commitment to fostering a favorable business environment.
To boost smartphone production and reduce prices, India has decreased the import duty on smartphone components from 15% to 10%. Therefore, companies manufacturing in India will pay lower taxes on items such as camera lenses, back covers, plastic and metal mechanical parts, and GSM antennas.
Major manufacturers, including Apple, were delighted by this decision. The drop from 15% to 10% may not appear substantial at first, but it’s important to keep in mind that we’re talking about billion-dollar operations. Apple, Samsung, Xiaomi, Oppo, Vivo, Realme, and OnePlus could boost their investments in India as a result of the cost reduction.
“Cutting taxes on imported mobile phone components will help big global manufacturers establish large-scale mobile assembly lines in India, increasing exports of mobile phones significantly,” said Rajat Mohan, a director at MOORE Singhi.
