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Ahead of Budget 2024, Indian government slashes import duty on mobile phone parts to 10% from 15%

Forward of Union Price range 2024, the Indian authorities diminished the import obligation for elements used within the manufacture of cell phones from 15 per cent to 10 per cent.

In response to a report by Reuters, the announcement of discount within the import obligation for elements used within the manufacture of cell phones was made by the Authorities of India on Tuesday.

The choice goals at boosting exports from Asia’s third-largest financial system.

The transfer will profit corporations like Apple and different high-end Android telephones, in addition to bolster India’s export.

Elements on which import obligation has been lower

The elements on which the import obligation has been lower to 10 per cent consists of battery cowl, entrance cowl, center cowl, fundamental lens, again cowl, GSM Antenna/Antenna of any know-how, PU case/sealing gasket and different articles of polyurethane foam like sealing gaskets/case, sealing gaskets/circumstances from PE, PP, EPS, PC and all different particular person polymers or mixture/combos of polymers, SIM socket, screw, different mechanical gadgets of plastic and different mechanical gadgets of metallic.

Earlier this month, the information company quoted two authorities officers saying India is contemplating import obligation cuts on elements key to producing high-end cell phones.

Cell manufacturing corporations have been pushing for cuts on practically a dozen elements to scale back the price of making smartphones in India in addition to stage up the enjoying discipline with regional rivals together with China and Vietnam.

Until now, import duties on the cell phone elements, similar to digicam modules and chargers, the place the business was looking for cuts, ranged from 2.5 per cent to twenty per cent, the report had quoted India Mobile and Electronics Affiliation (ICEA) as saying.

Cell phone exporters in India, aside from Apple, embrace South Korea’s Samsung (005930.KS) and China-based Xiaomi (1810.HK).

Apple iPhones are presently assembled in India however the iPhone producer is seeking to increase into iPad and AirPods manufacturing too partially to diversify its manufacturing away from China.

In Price range 2023-24, Finance Minister Nirmala Sitharaman eradicated a 2.5 per cent customs obligation on choose elements of cellular digicam telephones to attempt to enhance the variety of high-end cell phones assembled in India.

With inputs from Reuters

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