of Bloomberg accordingChinese smartphones priced below Rs 12,000 can be banned in India. By boycotting India’s entry level market Xiaomi and its peers, who have rapidly scaled business on India to monetise in recent years, especially as their home market went through a series of COVID-19 lockdowns. According to market tracker Counterpoint, smartphones under 12,000 for the quarter till June 2022 contributed to a third of India’s total sales, with Chinese companies accounting for 80 per cent.
In Hong Kong, shares of Xiaomi were down in the last minute of trading on Monday. It fell 3.6 percent, making its decline more than 35 percent this year. People say it is unclear whether Prime Minister Narendra Modi’s government will announce a policy on the matter or will use informal channels to convey its priority to Chinese companies.
Chinese firms already operating in the country, such as Xiaomi, Oppo, Vivo Adi under investigation of their finances, due to which these companies have been accused of tax evasion or money laundering. The government had previously used unofficial means to ban Huawei and ZTE telecom equipment. While there is no official policy prohibiting Chinese networking gear, wireless carriers are still being encouraged to turn to other options.
by this step Apple either Samsung Should not be affected, those who price their phones high. Brands like Xiaomi, Realme and Transsion have not yet responded to some of the questions asked by Bloomberg. Spokespersons for India’s Ministry of Technology also did not respond to inquiries from Bloomberg News.
Domestic companies like Lava and Micromax accounted for less than half of India’s smartphone sales. At the same time, new entrants from the neighboring country had already captured a large part of the market with cheap and feature-laden devices.<!–