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Saturday, March 2, 2024

Indian Government Slashes Import Duty, Mobile Phones Set to Become Cheaper

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The cost of mobile phones in India is set to decrease, as the government has reduced the import duty on key components crucial for phone production. The finance ministry announced this reduction through a late Tuesday notification, bringing the import duty rate down from 15% to 10%.

The revised 10% import duty rate applies to essential components used in the assembly of mobile phones, such as battery covers, main lenses, back covers, and other mechanical items made of plastic and metal.

This reduction in import duty allows mobile phone manufacturers to procure these components at a lower cost, ultimately leading to a decrease in the overall price of mobile phones. This move is expected to benefit consumers by providing access to more affordable smartphones with advanced features and technologies.

The decision to slash import duty on mobile phone components aligns with the Indian government’s vision of promoting domestic manufacturing and reducing reliance on imports. It is a step toward building a self-reliant and technologically advanced nation. The Make in India initiative, launched in 2014, aims to turn India into a global manufacturing hub. By incentivizing local production and reducing import costs, the government is encouraging companies to establish manufacturing units in India, thereby creating job opportunities.

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