homebusiness Newscompanies NewsReal potential for 5G lies within Rs 10,000 to Rs 15,000 price range, says Xiaomi India President
Real potential for 5G lies within Rs 10,000 to Rs 15,000 price range, says Xiaomi India President
Despite geopolitical tensions between India and China, the President of Xiaomi India, Muralikrishnan B, mentions that Xiaomi's business in India remained unaffected, and the company continued its operations without any significant impact.
Xiaomi, the prominent Chinese smartphone manufacturer, is placing significant emphasis on India's affordable 5G market segment. In an interview with CNBC-TV18, Muralikrishnan B, President of the company's Indian subsidiary, pointed out that the real potential for 5G lies within the price range of Rs 10,000 to Rs 15,000.
“Majority of the devices sold in the high-end segment, which is the above Rs 30,000 segment have 5G. Then it diffused to the Rs 15,000 to Rs 20,000 bracket. However, the big opportunity lies in the Rs 10,000 to Rs 15,000 bucket where we have launched a few devices like Redmi Note 10T 5G, Redmi Note 11T 5G,” Muralikrishnan said.
Over the years, Xiaomi has been a leading player in India's smartphone market. However, the company faced challenges in recent times, with allegations of money laundering and increased state scrutiny impacting its shipments in the country.
According to research firm Counterpoint, Xiaomi experienced a decline of more than 20 percent in shipments last year, resulting in it ranking third in the smartphone market during the last quarter of 2022. The tough competition, component shortages, and an excessively wide product portfolio that led to customer and retailer confusion also played a role in this situation.
In the past, the Enforcement Directorate (ED) froze Xiaomi's assets worth Rs 5,551 crore on the grounds of alleged illegal money transfers disguised as royalties sent abroad by the company. However, Muralikrishnan stressed that Xiaomi's operations in India are fully compliant with all the applicable laws and regulations.
In addition to these challenges, geopolitical tensions between India and China emerged after a border clash in June 2020, leading India to ban over 100 Chinese-owned apps. Despite these tensions, Muralikrishnan mentioned that Xiaomi's business in India remained unaffected, and the company continued its operations without any significant impact.
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(Edited by : Sangam Singh)
First Published: Jul 21, 2023 10:21 PM IST
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