Asia Tech Wire (July 24) -- The Indian government announced on Tuesday that it has cut import tariffs on mobile phones and some key components from 20% to 15%.

The move will directly benefit some tech companies, especially Apple, which is expected to save $35 million to $50 million a year in import costs.

Neil Shah, co-founder of market research firm Counterpoint Research, said that India imports nearly 10-12% of Apple's iPhones every year, and the duty cut will bring in $35 million to $50 million annually.

In contrast, Samsung Electronics will benefit to a lesser extent as most of its models are manufactured locally in India.