Xiaomi Redmi Note 5 Pro and Mi TV 4 Get a Price Hike by Rs. 1000 and Rs. 5000 in India
Xiaomi has today announced a price hike on its two most popular products, Redmi Note 5 Pro (base variant) and Mi TV 4 in India. Xiaomi Redmi Note 5 Pro gets a price hike of Rs. 1000, which will now cost Rs. 14,999 and the Mi TV 4 55-inch 4K HDR TV is getting Rs. 5,000 price hike and will cost Rs. 44,999.
The new pricing will be effective from May 01, 2018. Both the devices with revised price will be available on Mi.com, Mi Home stores, Flipkart and other offline stores. However, the company has clarified that customers who have already pre-ordered Redmi Note 5 Pro will get it at the original price of Rs 13,999.
The reason for the price hike is due to the recently increased tax on PCBA (Printed Circuit Boards Assembly) imports in India. The Indian government recently imposed a 10% tax on imports of PCBAs. Xiaomi also blames depreciation of the rupee (by ~5% since the beginning of the year) for the significant increase. The government has also increased import duty on other components like camera modules too.
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— Manu Kumar Jain (@manukumarjain) April 30, 2018
“We have been seeing a huge demand for Redmi Note 5 Pro and Mi LED TV 4 55”. 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% by CY Q3 2018. With the recent changes in tax structure on PCBA imports and the depreciation of the rupee (by ~5% since the beginning of the year), this has resulted in a significant increase in costs for us,” the company said in a blog post.
Earlier this month Xiaomi announced local manufacturing of PCBA units and is expected to ramp up its production close to 100% within Q3 2018, so there are changes the price might come down later this year.
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