India has scrapped import duties on some parts used to make mobile phones and other electronic devices, removing the current 7.5% and 5% levies, which will help companies like Apple, reports Reuters.
Here are details from the report:
- Items include key parts for producing wireless charging modules for mobile phones, displays for medical devices and automobiles, and lithium-ion cells.
- The exemption will be valid until March 31, 2029.
- “This should boost cost competitiveness, domestic value addition and localization of high-value smartphone and electronics manufacturing,” said Manoj Mishra, a partner at business consultancy Grant Thornton Bharat.
- Exemption for lithium-ion cell manufacturing may spur investment in domestic battery production for electronics and electric mobility, Mishra said.
- India aims to expand electronics manufacturing to $500 billion by fiscal year 2030.
- Smartphone production in India rose 28-fold over the last decade to 5.45 trillion rupees ($57 billion) in 2024/25.
I hope you’ll help support Apple World Today by becoming a patron. Almost all our income is from Patreon support and sponsored posts. Patreon pricing ranges from $2 to $10 a month. Thanks in advance for your support.
Article provided with permission from AppleWorld.Today