If you are planning to buy a new smartphone, then be ready for a possible 1.5-5% price hike. The sudden increase in smartphone prices may occur due to the recently imposed 10% import duty on display and touch panels for smartphone makers.
This decision announced to promote the government’s “Atma Nirbhar Bharat” campaign to boost the local manufacturing of smartphones and other technology products. This new step also suggests that prices of the smartphones of the leading brands including Samsung, Apple, Xiaomi, Oppo, and Realme likely to increase soon.
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The import duty on display and touch panel was proposed to take effect from October 1 under a phased manufacturing program (PMP) announced in 2016 in agreement with the industry.
“There will be an impact on mobile phone prices between 1.5 and 3%,” – said ICEA National Chairman Pankaj Mohindroo.
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A report also reveals that Apple, Samsung and local smartphone makers such as Lava and Dixon had offered to manufacture mobile devices and parts of over INR 11 lakh crore in the next five years under the Make in India initiative to increase electronics production in the country.
