Inflation: Smartphones may become costlier by up to seven percent after Diwali, and import duty on palm oil may increase

Posted on 19th Oct 2022 03:32 pm by rohit kumar

Smartphone prices in the country may increase by 5-7 percent by October-December. The continuous depreciation of the rupee against the dollar is affecting the demand. Due to this, the shipment of smartphones this year may also decrease.

 

According to industry executives, smartphone brands are largely bearing the increased cost of imported components to fuel the festive season demand. Now they want to pass on this cost to the customers. With this, the average price of the smartphone can go up to Rs 20,000 in the fourth quarter of the current financial year, which was Rs 17,000 in April-June. Officials of the mobile phone company say that the depreciation of the rupee will have an impact on the cost.

 

The budget smartphone will have the biggest impact

An official said fluctuations in the rupee have a major impact on the bill of materials. Smartphones made in the country are still dependent on components coming from abroad. This will affect most budget smartphones. After the festive season, this will directly affect the customers. The increase in prices may also affect sales every year. The rupee had weakened to 82.86 against the dollar on October 9.

 

Palm oil: Government may increase import duty

The central government may increase the duty on the import of palm oil. According to information received from government sources and businessmen, India, the world's largest importer of vegetable oil, may take this step as part of efforts to help farmers struggling with low oilseed prices.

 

"We are looking at bringing back duty on crude palm oil and increasing duty on RBD," a government source said. Earlier this year, India abolished the basic import duty on crude palm oil (CPO) to control prices. BV Mehta, executive director of the Solvent Extractors Association, said duty on the import of CPOs and RBDs should be increased by at least 10 percent. The difference in fee between RBD and CPO should be 12-13 percent.

 

Also Read: Why is the rupee falling so much?: SBI chairman told the reason, said - the currency of only two countries better than us

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