India has announced it will cut import duty on mobile phones and some key parts to 15% from 20%, a move that will directly benefit Apple, which still imports its high-end smartphones into the country despite increasing local production, reports Reuters.
Presenting the annual budget for 2024/25 in parliament on Tuesday, India’s finance minister Nirmala Sitharaman said import tax on mobile phones, printed circuit board assembly (PCBA) and mobile chargers is in the “interest of consumers,” the article adds.
Almost 10-12% of the Apple iPhones are imported each year into India and a 5% reduction in tax on the devices will result in a $35-50 million annual benefit to Apple, said Neil Shah, a co-founder at Counterpoint Research.
