“India has canceled import duties on some components that are key to making mobile phones by stimulating local production.”, – WRITE: epravda.com.ua
India has canceled import duties on some components that are key to making mobile phones by stimulating local production. This was announced by the Minister of Finance Nirmala Sitharaman in the annual budget, reports Reuters. The list of components that will cancel duties include the details for the preparation of mobile phones: printed boards, parts of camera modules and USB cable, which were previously taxed at a rate of 2.5%. Reporting will benefit from firms such as Apple and Xiaomi. Advertising: Over the past six years, electronics production in India has increased more than doubles, reaching $ 115 billion in 2024, and the country has become the second largest mobile phone manufacturer in the world. According to the research company CounterPoint, Apple was headed by the Indian smartphone market with a share of 23% in total income during 2024, followed by Samsung with 22%. The Ministry of Information Technology of India has warned that the country risks losing China and Vietnam in the race for smartphone exports, if it does not reduce tariffs to attract world companies.