A day before the budget, the government took a big decision and reduced the import duty of smartphones. After this decision, smart phones are expected to become cheaper. According to a notification of the Finance Ministry, the Central Import Duty for components used in the manufacturing of mobile phones has been reduced from 15 percent to 10 percent. Reports say that after the cut in import duty, foreign smartphones are going to become cheaper in the country. Reports say that import duty on mobile phone parts like back cover, battery cover, GSM antenna, main camera lens and other mechanical items made of plastic and metals has been reduced by 5 to 10 percent.
Reduction in these too: Along with this, it has also been said in the notification that the import duty on the inputs used in the manufacturing of these components has been reduced to zero. While giving information to the media, Rajat Mohan, Director of Tax Consultancy Firm Moore Singhi, said that the reduction in duty on import of mobile phone parts is going to help big global manufacturers to set up mobile assembly lines on a large scale in India and There is going to be a huge increase in the export of mobile phones. Earlier this month, the media had reported that India was considering cutting import duty on key components for the production of high-end mobile phones.
ICEA had estimated: India Cellular and Electronics Association (ICEA) has said in a statement that this step has made India's mobile phone manufacturing more competitive. Companies in this sector are talking about reducing the cost of making smartphones in India and focusing on reduction in about a dozen components to compete with countries like China and Vietnam. ICEA had earlier said that if the government reduces the import duty on components and completely eliminates them in some categories, then mobile phone exports from India can increase three times to $ 39 billion in the next two years, which is the financial year. It was 11 billion dollars in 2023.
How big will the industry be: Not only this, the Indian mobile industry is expected to make mobile phones worth about 50 billion dollars in the financial year 2024, which is estimated to increase to 55-60 billion dollars in the next financial year. Exports are expected to increase to approximately $15 billion in fiscal year 2024 and then to $27 billion in fiscal year 2025. Experts say that the country's mobile phone industry is going to move forward in the coming days. Apple's business is continuously growing. Foxconn is continuously working to invest in setting up its manufacturing units.
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