Trends in the purchase of expensive smartphones in 2019, despite the economic downturn

New delhi date. 30 December 2019, Monday

Due to the economic downturn, sales of cars and biscuits have declined, but there has been no such decline in smartphones and there has been no increase in the purchase of smartphones by urban and rural consumers. The trend is expected to increase in the coming New Year as well.

Considering the incentives given by global companies to the government to make India a smartphone manufacturing hub and increase its exports from here, there is no denying the possibility of increasing smartphone purchases by consumers in the country.

Experts believe that the phone's export growth is advocating for double digits. With a smartphone, its users can integrate all kinds of operations, from banking to shopping.

India's smartphone market is projected to grow at a rate of 5 percent in the second and a double digit growth of 2-5 percent next year, according to a research firm. By the end of 2013, 30 million people in the country are expected to own smartphones, and one billion smartphones are expected to be sold in the next four to five years.

In the first nine months of the first six months, India is estimated to have imported around 55 million smartphones. The fact is that the average selling price of smartphones, which used to be Rs 5 to Rs 5, has increased from Rs 5 to Rs 5.

To increase smartphone production in the country, the government has relaxed foreign direct investment standards for single brand retail. Apart from this, the corporate tax rate has also been reduced from 5% to 5% for new production units.

As the production and consumption of smartphones is increasing in the country, some challenges are also being raised against the industry. In a recent meeting with the Finance Minister, the industry wanted to clarify the recent reduction in export incentives besides making the tax structure including GST practical.