Smartphone Phone prices are dropping after Union Budget 2024 Duty cut seems to be! Click here to know about the article:

 

The 2024 budget did not generate much enthusiasm for the Indian smartphone market, although it did offer some promising aspects that seem poised to aid in the industry's growth. Nonetheless, Indian consumers anticipating reduced prices for new models are likely to be disheartened.

Industry experts have indicated that the recent amendments to the basic customs duty on mobile phones and components are unlikely to enable manufacturers to extend the benefits of the reduction to the end consumer. Customs duties apply to imported phones, which is pertinent for brands like Apple and Google that import their fully-assembled devices from abroad.

Will the iPhone 15 Pro and Pixel 8 Pro models see a price reduction in the country following these changes? "The decrease in BCD on smartphones, chargers, and PCBAs will not significantly affect smartphone prices. An average price reduction of 1 to 2 percent might be expected from this action, but it ultimately depends on whether the OEMs decide to pass this on to the end consumer," noted Tarun Pathak, Research Director and Telecom Analyst at Counterpoint Research.

Premium phones have seen increased demand in the Indian market in recent years; however, the majority of consumers still opt for affordable and mid-range options. 

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Will these revisions lead to savings on their next phone purchase? "Since the introduction of 5G smartphones, there has been a growth favoring the premium segment. This opportunity is nearly depleted. We must now consider measures that could assist in creating affordable 5G smartphones," stated Mohammad Faisal Ali Kawoosa, Founder of Techarc, shedding light on the situation and the implications of the government's decisions.

NO SAVINGS FOR THE MASSES

The reduction in customs duty from 20 percent to 15 percent may seem significant but given the current inflation and the rising cost of raw materials, it is unlikely that these cuts will translate into savings for consumers.

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Experts had anticipated that the Centre would propose slab-wise revisions, potentially fostering growth and enhancing the availability of affordable 5G phones in the market. "In the lower price segments, we may not witness this, as the margins are quite slim," Tarun elaborated, tempering consumer enthusiasm following the sector's significant announcement yesterday.

The government has observed a significant number of phone manufacturers relocating their production bases to India. Consequently, it is now offering incentives to major companies such as Apple and Google to establish their operations and transform the country into a long-term export hub for their products.