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Union Budget 2025: India axes import tax on some smartphone parts in boost to Apple, Xiaomi

Economic Times

Economic Times · 6m ago

Union Budget 2025: India axes import tax on some smartphone parts in boost to Apple, Xiaomi

India has removed import duties on certain mobile phone components, boosting local production and benefiting companies like Apple and Xiaomi. Electronics production in India has more than doubled in six years, making it the world’s second-largest mobile phone manufacturer. The budget announcement includes removing the 2.5% tax on items like printed circuit board assemblies and camera parts. These changes aim to enhance India’s position in global supply chains amid U.S.-China trade tensions.

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Battery prices should come down by 10% after Budget 2025: Attero Recycling CEO | Company Business News

Livemint

Livemint · 6m ago

Battery prices should come down by 10% after Budget 2025: Attero Recycling CEO | Company Business News

The Union Budget 2025 introduces a policy waiving the Basic Customs Duty on critical mineral scrappage to boost electric vehicle (EV) battery manufacturing in India. Attero Recycling CEO Nitin Gupta supports this policy, highlighting that it will reduce import costs and enhance domestic refining capabilities. This initiative, along with the Clean Tech mission, is expected to accelerate EV battery manufacturing, potentially reducing battery prices by 10% and impacting overall vehicle costs positively by at least 5%.

Xiaomi surpasses Apple in global smartphone sales for August 2024

Livemint

Livemint · 10m ago

Xiaomi surpasses Apple in global smartphone sales for August 2024

Chinese smartphone manufacturer Xiaomi has surpassed Apple in global smartphone sales for August 2024, marking the first time Xiaomi has held the second spot since August 2021. Counterpoint Research's Smartphone 360 Monthly Tracker highlighted Xiaomi as one of the fastest-growing smartphone brands this year, driven by successful promotions in Latin America. Xiaomi's focus on simplifying its product lineup and its expansion into new territories have contributed to its recent success. Meanwhile, Apple saw a decline in sales, which resulted in its fall to third place.

Xiaomi Says Phone Component Firms Wary Of Setting Up India Ops

Inc42 · 1y ago

Xiaomi Says Phone Component Firms Wary Of Setting Up India Ops

Chinese smartphone company Xiaomi is reportedly facing challenges in India due to the heightened scrutiny of Chinese businesses by Indian authorities. Xiaomi has urged the Indian government to offer manufacturing incentives and lower import tariffs for smartphone components. The company has also highlighted concerns among component suppliers regarding setting up operations in India, citing challenges faced by Chinese companies in the country. Xiaomi is also battling against the seizure of INR 5,551 crore ($676 million) from its accounts by Indian authorities for violating FEMA guidelines.

Budget 2024 personal taxation and capital gains proposals decoded

Money Control

Money Control · 1y ago

Budget 2024 personal taxation and capital gains proposals decoded

Finance Minister Nirmala Sitharaman presented the Union Budget 2024, introducing changes to personal taxation. Under the new tax regime, tax rates have been revised and the standard deduction for salaried employees has increased. The Budget also provides a boost to the National Pension System (NPS), allowing all employees a deduction for NPS expenditure. Changes have been proposed in capital gains taxation and an ease in claiming credit for tax collected or deducted by salaried employees. Additionally, the Budget lowers penalties under the Black Money Act for failure to disclose foreign assets worth up to Rs 20 lakh in the income tax return.

Xiaomi says India's scrutiny of Chinese firms unnerves suppliers: Report

Livemint

Livemint · 1y ago

Xiaomi says India's scrutiny of Chinese firms unnerves suppliers: Report

Chinese smartphone giant Xiaomi has informed the Indian government that suppliers are hesitant to establish operations in India due to the increased scrutiny faced by Chinese companies. Xiaomi, which holds the largest market share of smartphones in India, has requested manufacturing incentives and reduced import tariffs for certain smartphone components. The company's letter highlights concerns among suppliers related to compliance, visa issues, and overall confidence in establishing operations in India. The ongoing scrutiny is causing difficulties for Chinese smartphone manufacturers and hindering investment plans.

Xiaomi aims to double export of devices from India to 700 mn by 2034 | Mint

Livemint

Livemint · 1y ago

Xiaomi aims to double export of devices from India to 700 mn by 2034 | Mint

Chinese smartphone maker Xiaomi plans to double its device shipments from India by the next decade, aiming to ship an incremental 700 million devices in the country. The company, which completed a decade in India, is increasing smartphone production in the country and aims to source 55% of non-semiconductor parts locally within the next two years. Xiaomi ended 2023 as the fourth top-selling brand in the India smartphone rankings, with its shipments down 29% last year. The company's India head also emphasized the importance of artificial intelligence and localizing the smartphone supply chain.

Quick commerce sector to benefit most from tax rebates as higher disposable income kicks in from May 2025: ICICI report

Economic Times

Economic Times · 5m ago

Quick commerce sector to benefit most from tax rebates as higher disposable income kicks in from May 2025: ICICI report

The quick commerce sector is poised to benefit significantly from the income tax cuts announced in the Union Budget 2025, as projected by an ICICI Securities report. These tax rebates are expected to enhance disposable income from May 2025, driving consumption growth among middle-class consumers. Quick commerce, including on-demand food delivery, thrives on such consumption boosts. The new tax regime provides notable relief to middle-class taxpayers by increasing income thresholds for tax exemptions and reductions.

Experts for budget boost to guard digital space from threats

Economic Times

Economic Times · 6m ago

Experts for budget boost to guard digital space from threats

Industry experts urge the Indian government to allocate a dedicated budget for cybersecurity in the 2025 Union Budget to address increasing cyber threats. Emphasizing the need for support, especially for vulnerable sectors and small businesses, experts advocate for incentives to boost cybersecurity investments. They highlight the importance of a focused budget to enhance national resilience, foster innovation, and prioritise cybersecurity as a strategic sector crucial for India's security and economic prosperity.

Budget 2024-25: FM Nirmala Sitharaman Abolishes Angel Tax

Inc42 · 1y ago

Budget 2024-25: FM Nirmala Sitharaman Abolishes Angel Tax

The Indian government has announced the abolition of the angel tax, providing relief to the startup ecosystem and investors. In a budget speech, Union finance minister Nirmala Sitharaman stated that the move aims to support innovation, boost the entrepreneurial spirit, and strengthen the Indian startup ecosystem. The decision to scrap the angel tax is expected to provide a favorable environment for startups and encourage more investments in the country.

Apple iPhones, Google Pixels to get cheaper, thanks to Sitharaman's budget

Economic Times

Economic Times · 1y ago

Apple iPhones, Google Pixels to get cheaper, thanks to Sitharaman's budget

The Indian government has reduced the basic customs duty on mobile phones and key parts from 20% to 15%. This move aims to benefit consumers and support India's position as a smartphone manufacturing hub. Apple is expected to benefit from this tax reduction, as it still imports a percentage of its high-end smartphones into India. The reduction could provide an estimated annual benefit of $35-50 million to Apple. Other manufacturers like Samsung, who already produce the majority of their smartphones locally, will also benefit. This move aligns with India's goal of becoming a major smartphone export hub.

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