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Highlights
- Electronic items in the market are getting more and more expensive day by day.
- This is because of the rising coomponent costs in globally.
- The government wants the market to continue with the rising consumption trend.
Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Electronic items in the market are getting more and more expensive day by day. This is because of the rising coomponent costs in globally. The government wants the market to continue with the rising consumption trend. Thus, it has removed import duty on select electronics and their components. This will save costs for the companies engaged in making and selling these products. That will further reduce the burden on the ends of the customers. The current levies of about 7.5% and 5% have now been removed and this could benefit companies such as Apple and Xiaomi.
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According to developments shared by Reuters, key parts for wireless charging modules for mobile phones, displays for automobiles and medical devices along with lithium-ion cells have become more affordable. The exemption will be valid till March 31, 2029. This exemption could result in a boost for the lithium-ion cell manufacturing in India. These batteries go in almost all the essential electronics and goods we purchase such as smartphones, laptops, and more.
The Indian government wants to boost electronics manufacturing locally by offering such exemptions. By fiscal year 2030, the target of the government is to reach a figure of $500 billion USD. In the last decade, India witnessed local smartphone manufacturing going up by 28 times to Rs 5.45 trillion. This could also result in international companies and organisations setting up shop in India for manufacturing along with the existing players increasing their capacity to benefit from the exemption.
Many of the major tech companies such as Samsung, Apple, Vivo, OPPO, Xiaomi and more are now making their products in India. This boost in local production will benefit the tech brands in getting more incentives as well as the country’s GDP (Gross Domestic Product) as manufacturing will result in more jobs creation. To stay updated with more such developments, keep reading TelecomTalk.
