India Reduces Import Duty On Key Parts Used In Smartphone Production By 5%: All You Need To Know

The motive behind this reduction of import duty is to strategically boost export activities originating from India, a key player in the Asian economic landscape.

Industry experts anticipate that this reduction will have a positive impact on the mobile phone sector. ( Image Source :Getty )

India has implemented a significant reduction in import duties on essential components essential for mobile phone production. The finance ministry officially disclosed this adjustment through a notification released late Tuesday, signalling a drop in the import duty rate from 15 per cent to 10 per cent.

The motive behind this decision is to strategically boost export activities originating from India, a key player in the Asian economic landscape. The revised import duty rate of 10 per cent is specifically targeted at a range of critical components crucial for mobile phone assembly, including battery covers, main lenses, back covers, and various mechanical items made from plastic and metal.

Government of India slashes import duty on key components used in the production of mobile phones. The import duty has been reduced from 15 per cent to 10 per cent. pic.twitter.com/22CIz9Qoch

— ANI (@ANI) January 31, 2024

This move aligns with prior reports circulating earlier this month, which hinted at India contemplating a reduction in import duties, specifically focusing on components integral to the manufacturing of high-end mobile phones.

Industry experts anticipate that this reduction will have a positive impact on the mobile phone sector, fostering growth and enhancing competitiveness in the global market.