Apple iPhone will likely get cheaper in India as Finance Minister Nirmala Sitharaman has announced relief in customs duty on import of certain parts and inputs of smartphones. “To further deepen domestic value addition in manufacture of mobile phones, I propose to provide relief in customs duty on import of certain parts and inputs like camera lens and continue the concessional duty on lithium-ion cells for batteries for another year.” Sitharaman said in her speech while presenting the Union Budget 2023-24
This means that Apple iPhones that are manufactured in India may get cheaper in the coming financial year. Until now, the custom duty on camera lens and its inputs/parts for use in the manufacture of camera modules of cellular mobile phones was 2.5% and in the coming year there will be custom duty on the same.
Apple is rapidly increasing the iPhone production in India and if reports are to be believed, India may soon overtake China as the biggest Apple iPhone manufacturer in the world. A couple of months ago, Apple also started manufacturing the flagship Apple iPhone 14 models in India.
Apple iPhone production in India started in 2017 with Apple iPhone SE 2. Currently, the tech giant manufactures iPhone SE, iPhone 12, iPhone 13, iPhone 14 in India.