New Delhi: iPhone maker Apple is believed to be the biggest beneficiary of a 5 per cent reduction in import duty on mobile phones and the move could lead to savings of as much as USD 35 to 50 million for the tech titan, market experts said on Tuesday.

Industry watchers also believe that the latest proposals could result in Rs 2,000-4,000 reduction in prices of some of the premium handsets, including iPhone Pro and Google Pixel, if the companies indeed decide to pass on the benefit of cut in levy to customers.

An e-mail sent to Apple seeking comments did not elicit any response.

Finance Minister Nirmala Sitharaman, while presenting the Union Budget for fiscal year 2024-25 on Tuesday, proposed slashing import duty on mobile phones, chargers and some components that are used for manufacturing of handsets.

She said with a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.