India aims to lower smartphone prices by 15% with a new tax reduction
The Made in India smartphones are about to get 15% cheaper for local customers after a new tax reduction was implemented by the Finance Minister of India.
The 2024 Union Budget will see the basic customs duty on smartphone components reduced by 15% in order to make devices more affordable and boost the mobile industry in India.
The reduction only applies to parts and not completely built units – this means only phones assembled in India will be affected by the change.
According to analysts, the move is anticipated to boost local assembly and attract global investments. It could strengthen India"s position as a global smartphone manufacturing hub and drastically improve smartphone sales, especially of those below INR25,000 (under $300).
The “Make in India” initiative was launched nearly 10 years ago by the Modi administration in an attempt to boost the digitalization and implementation of smart technology by the Indian population.
Some of the most popular phones built as part of this campaign are the OnePlus Nord 4, Samsung Galaxy M35, and Xiaomi Redmi 13 5G. Apple also builds some of its iPhone 15 units in India, although it is not part of the government campaign.
