The company explains this sudden hike is to cover the latest 10 per cent duty on Printed Circuit Boards (PCB) imports in the country.
Xiaomi India has announced the price increase of its latest Redmi Note 5 Pro and Mi 55-inch LED TV. The company which made its name by bringing the most affordable premium smartphones to its consumers past few years, explains this price hike stating this is to cover the latest 10 per cent duty on Printed Circuit Boards (PCB) imports in the country.
Xiaomi has announced this hike on its social media platform stating, “We have been seeing a huge demand for Redmi Note 5 Pro and Mi LED TV 4 55-inch. In order to ramp up supply for Redmi Note 5 Pro, we are importing a significant amount of PCBAs as our local PCBA production would only ramp up 100 per cent by CY Q3 2018. With the recent changes in tax structure on PCBA imports and the depreciation of the rupee (by ~5 per cent since the beginning of the year), this has resulted in a significant increase in costs for us.”
The company has increased the Redmi Note 5 Pro 4GB + 64GB variant by Rs 1,000, which results in the new price of Rs 14,999 starting from May 1, 2018. However, all the pre-orders made prior on its website (Mi.com) will remain intact at Rs 13,999.
Furthermore, Xiaomi has hiked its latest Mi 55-inch LED TV by Rs 5,000, which makes it Rs 44,999 starting May 1, 2018. As Xiaomi is planning to import significantly more TVs, the company explains this hike is due to the recent import tax structure change and the rupee depreciation this year.