iPhone earnings to take a knock in India


The new iPhone 5C is displayed during an Apple product announcement at the Apple campus on September 10, 2013 in Cupertino, California. The company launched the new iPhone 5C model is made from hard-coated polycarbonate and comes in various colours.

JOHANNESBURG – iPhone maker, Apple, may take a hit on its earnings in India.

The country is raising customs duties on imported cellphones from 15 to 20 percent.

Indian President Narendra Modi says the move will promote domestic production.

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The tech-giant has been looking at expanding its presence in the fastest growing smartphone market.

The government now also requires phonemakers to source 30 percent of components in India.