iPhone earnings to take a knock in India

File: Indian President Narendra Modi says the move of raising customs duties on imported cellphones from 15 to 20 percent will promote domestic production. Photo: GETTY IMAGES / JUSTIN SULLIVAN

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.

READ: Apple challenged to show iPhone star shines

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.

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