Smartphone Prices in India set to Go Up 10% coming days because of Import Duty on Display Panels. According to the mobile industry body ICEA, The vender will raise the price of products between 1.5% and 5% following the development. The new tax regime which is introduced on October 1st is now will apply under a phased manufacturing program (PMP) which is announced in 2016 in consensus with the industry.
According to ICEA National chairman, the Pankaj Mohindroo said that the industry was unable to ramp up its display panel production this year because of the pandemic-related lockdowns.“In a rare miss, the industry could not ramp up display assembly production adequately because of Covid and NGT embargo. We continue to be fully committed to domestic manufacturing of sub-assemblies and components. However, now, the focus is to take a lion’s share of global markets and not just import substitution”, This is said by the Pankaj Mohindroo.
Ther are no smartphone vendors in India who have commented on the subject and the ToI report that most of the smartphone company including Samsung, Apple, Vivo, Xiaomi, Oppo, and RealMe will raise their prices at some stage going forward. However, so many companies are planning to increase their prices so much fast other companies could not be due before the festive season because they are might worried about the impact on demand during this period.
The import duty on display panels is comes under the part of the government
The import duty on display panels is coming under the part of the government ‘Made in India’ initiative or you can say the scheme that is originated to grow the country’s manufacturing sector by incentivizing local production. AS the full plan of government think this is the right time to move ahead with the proposed tax as part of its PMP initiative announced four years ago.