As we all know the new Annual Budget has been enacted, Finance Minister Nirmala Sitharaman made some changes in customs and excise duties in Budget 2023-24, making some products cheaper while others costlier. Among the items that will be costlier are gold, cigarettes and so forth. Mobile phones, electric vehicles, and TV will be less expensive as the taxes has been sliced in the Union Budget 2023.
As stated by our Founder HAMMER Lifestyle, Mr. Rohit Nandwani in Mobility India Magazine under Economic Survey 2023- “As per Union Budget 2023, Custom duty on mobile phone parts has been reduced to boost local manufacturing. This is a great step keeping in mind that the mobile industry has already seen a spike in its production in the last financial year.
This in turn will reflect in the mass production of mobile phones in India and hence will reach more corners of the country. There's no denying the fact that the growth of the mobile industry is directly proportional to the growth of its accessory market. We look forward to going with the flow of this positive change by building an electronic ecosystem in India.”
With this, one can’t deny the fact that with the growth in the mobile industry, there will be tremendous growth in the accessory market as well. India's mobile phone accessory market has been growing steadily over the past few years, driven by factors such as increasing smartphone penetration, rising disposable incomes, and the growing trend of using mobile devices for various purposes. According to reports, Indian mobile phone accessories market is assessed to earn vigorous income toward the finish of 2031 by growing at a CAGR of ~10% over the estimated period, i.e., 2022 – 2031. Likewise, the sales of truly wireless stereos devices were valued at around 20 million (2021) in India.
Overall, the Union Budget has provided a much-needed boost to the economy and has enabled companies like HAMMER to expand their product range and cater to the growing demand. By launching affordable SKUs and leveraging various marketing channels, the company is well-positioned to capitalize on the opportunity and grow its market share in the coming months.
HAMMER LIFESTYLE is set to launch its new SKUs (Stock Keeping Units) in the coming months following the path of affordability and comfort for its customers. Our vision aims at thriving each day in order to provide a fast paced lifestyle that matches that of a developed country and to provide uncompromising quality and smart design in our products, we are overhauling every day!
We are widening up our product portfolio to smart wireless and IOT devices and introducing a wide number of SKUs with prime objective to offer affordability and exceptional service to our customers. Our vision goes in line with country’s budget and development initiatives and strive towards Make in India perspective. With our new products in line, we promise to assure commitment to our customers towards affordability, comfort and remarkable customer services.
We are evolving each day, competing against ourselves to bring you new technology every time. We combine solace, performance and durability at the most reasonable price.
JOIN US AND REMAGINE YOUR LIFESTYLE WITH HAMMER!!