The government is planning to give a big gift to smartphone users. They might reduce the import duty on parts of mobile phones by 10 to 15 percent.
This means the cost of a Rs 50,000 smartphone could go down by Rs 7,500, and a Rs 1 lakh smartphone could be Rs 15,000 cheaper.
Why is it good? The Finance Ministry has shared that import duty on mobile phone parts like batteries, lenses, plastic, and metal items could be reduced by 10 percent.
How does this help the Indian economy? Well, if smartphone prices go down, more phones will be made in India,
leading to increased exports and more jobs. It’s a positive move for the Indian economy.
Made in India smartphones:
Most smartphones in India are already made in the country. Removing import duties on mobile phones and their parts could speed up the manufacturing of high-end phones.
This might also lead to a decrease in prices for Apple, Samsung, Vivo, and Oppo smartphones.
Reports suggest that 99.2 percent of mobile phones sold in India are made in the country.
India’s smartphone exports are expected to grow by 100 percent to $11.1 billion in the fiscal year 2022-23. The Indian government is optimistic about increasing this number even further.
