iPhone Price Cut: Good News For iPhone users! Apple has reduced the prices of its premium iPhone models in India. The California-based tech giant announced this after Finance Minister Nirmala Sitharaman presented the Union Budget 2024. The budget includes a reduction in basic customs duty on smartphones from 20 per cent to 15 per cent. It is important to note that the price cut also comes at a time when demand for iPhones seems to be slowing down in China.
Notably, this is the first time that Apple has reduced prices for its Pro models. However, the company usually discontinues Pro models after the new generation of Pro models are launched.
According to the Economic Times, despite these price cuts, the maximum retail price (MRP) of Pro models has stayed the same. However, dealers and resellers are offering selective discounts to clear out older inventory.
Furthermore, iPhone shipments in India climbed 39 per cent to 9.2 million units in 2023, making it the company’s fifth-largest market for its phones. India’s market for iPhones is larger than any single country in the European Union, as Morgan Stanley reported.
In India, imported smartphones are subject to an 18 per cent GST, a 22 per cent customs duty, and a 10 per cent surcharge on the basic customs duty. Let’s take a quick look at the new smartphone prices in India-
– iPhone 15 Pro has been reduced by Rs 5,100 and is now priced at Rs 1,29,800.
– iPhone 15 Pro Max has been slashed by Rs 5,900 and is now selling for Rs 1,54,000.
– iPhone 15 Plus has also been reduced by Rs 300 and is now priced at Rs 89,600.
– iPhone 14 has been lowered by Rs 300 and is now selling at Rs 69,600.
– iPhone 13 has similarly been reduced by Rs 300 and is now available for Rs 59,600.
– iPhone SE has received a more substantial price cut of Rs 2,300 and is now priced at Rs 47,600.
In the case of Apple, 99 per cent of the mobile phones sold in India are currently manufactured locally, with only a few high-end models being imported.