India’s mobile phone prices will drop as a result of the government reducing import taxes on essential parts used in the device’s manufacture. With the reduction in import duties, the rate would drop from 15% to 10%, as reported by the finance ministry in a statement.
A revised 10% import tax rate is applied to many key parts used in the production of mobile phones. These parts include rear covers, battery covers, main lenses, and various metal and plastic mechanical parts.
The reduced cost of sourcing these components for mobile phone producers thanks to the reduction in import duties will eventually result in a drop in the price of mobile phones. Customers would gain from this as they can get reasonably priced smartphones with cutting-edge features and technology.
The Indian government’s decision to lower import taxes on parts for mobile phones is in line with its goal of boosting domestic production and reducing dependency on imports. It’s a step toward building a highly advanced, independent country.
India’s goal is to become a worldwide centre for manufacturing with the introduction of the Make in India program in 2014. The government encourages businesses to set up manufacturing facilities in India and generate employment prospects by encouraging local production and lowering import expenses.
