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The government should not cut import duties on electronic components used in making smartphones in the forthcoming Budget as the current tariff structure has already proven successful and changing them could harm local manufacturing, a GTRI report said on Monday. The Global Trade Research Initiative (GTRI) said that maintaining the current rates would help balance industry growth and long-term development in India's growing smartphone market. "Currently, tariffs on imported parts for smartphones in India are between 7.5 per cent and 10 per cent. The Budget should maintain these taxes. The Budget should not cut the import tariffs on parts used to make smartphones," it said, adding that the current rate of levies supports duty-free imports for making products to exports. The Budget is scheduled to be presented on February 1. The suggestion is in contrast to the demand of industry body India Cellular and Electronics Association (ICEA) that import duty cuts on mobile phone components c
Smartphone maker vivo on Thursday said it plans to open 10 flagship stores in India by 2024. Leading mobile phone companies like Apple and Samsung have started focussing on premium stores to engage with customers. "vivo India now has four flagship stores in the country including Ahmedabad, Bengaluru and Coimbatore, with a plan to build a network of 10 large size experiential stores by 2024. Also, the brand has a robust network of 650 exclusive stores," vivo said. At the flagship store, vivo will conduct workshops for customers to enable them learn versatile ways of smartphone photography etc. "With consumer orientation as our key focus, we strive to create immersive and premium interactive experience at our exclusive stores for our consumers. Hence, our modern experiential flagship stores are designed in a way where consumers engage with the products in a meaningful way and get an integrated, hassle-free product experience under one roof," vivo India Head of Corporate Strategy Geet
Smartphone maker vivo on Thursday said it will invest Rs 1,100 crore more by the end of 2023 to scale up its manufacturing capacity in the country, and that production in its upcoming unit at Greater Noida is expected to commence by early 2024. vivo India also said it is "on track" to export more than one million 'Made in India' smartphones in 2023, having sent its first 'made in India' smartphone shipment to Thailand and Saudi Arabia during 2022. As part of its Rs 7,500-crore proposed investment plan it had outlined, vivo is on its way to complete the first phase investment of Rs 3,500 crore by the end of 2023. "vivo India has already invested Rs 2,400 crore, and a further Rs 1,100 crore is expected to be invested by the end of 2023 to increase its manufacturing capacity and support the government's vision of making India a global export hub," the company said in a release. The company released the second edition of its India impact report, as it pledged its "unwavering commitment