Apple to Save Millions with New Import Duty Reduction on Mobile Phones

With a proposed 5% reduction in import duty on mobile phones, Apple could save up to USD 50 million. This reduction may also result in lower prices for premium devices, benefiting consumers and boosting the Indian mobile phone industry.

iPhone maker Apple is poised to be the biggest beneficiary of a 5 per cent reduction in import duty on mobile phones, potentially leading to savings of USD 35 to 50 million, according to market experts.

The reduced duty could result in a price drop of Rs 2,000-4,000 for some premium handsets, including the iPhone Pro and Google Pixel, if manufacturers decide to pass on the benefits to customers.

Finance Minister Nirmala Sitharaman announced the duty cut as part of the Union Budget for fiscal year 2024-25. The move is expected to enhance domestic production and exports while making premium and mid-range 5G smartphones more affordable.