📱 The central government led by Narendra Modi has taken a key decision. The import duty on parts used in the manufacture of mobile phones has been reduced to 10% from 15% previously.
These parts include battery enclosures, primary lenses, back covers and various mechanical parts made of a combination of plastic and metal. The latest reduction is expected to have a beneficial impact on the mobile phone sector, enhancing market expansion and competitiveness across the globe. 🔄 Center has taken this decision to reduce the manufacturing cost of smartphones in India. 🇮🇳 Import duty has been reduced so that India is at the forefront of the market at par with regional competitors like China and Vietnam. 📈 However, the companies in this sector have always wanted to reduce the duty on about a dozen components related to mobile. 🌐 Mobile phone exports from India could triple from $11 billion to $39 billion in the next two years if the government reduces import duties on components and eliminates them in some categories, the Indian Cellular and Electronics Association (ICEA) said earlier. 💰 The Indian mobile industry is expected to manufacture mobile phones worth around $50 billion in FY 2024. 💲 This is likely to increase to $55-60 billion in the next financial year. Exports are likely to increase to around $15 billion in FY24 and then $27 billion in FY25. 📊
