Fast Tech, July 24 news, according to foreign media reports, Apple recently received another big gift from India, saving them up to USD 50 million annually locally.

India announced that it would reduce the Basic Customs Duty (BCD) on mobile phones, printed circuit boards (PCB) for mobile phones, and chargers from 20% to 15%, effective from July 24. Analysts and industry executives said this would help Apple save USD 35 million to 50 million annually in tariffs.

According to the 2023-2024 Economic Survey, Apple assembled 14% of global iPhones in India during fiscal year 2024, which directly elevated India's ranking in global electronics exports by four positions.

Apple has been vigorously increasing the local production of its flagship iPhone devices in India through Foxconn and Tata Electronics. Tata has acquired the business of Wistron and is in the process of acquiring Pegatron's operations in India, including an iPhone manufacturing plant near Chennai and another plant under construction.

Apple plans to increase its production capacity in India to 25% of all iPhones within the next 3-4 years, up from the current 14%, as part of its efforts to establish a local supplier network.