TVs to become cheaper as government reduces customs duty, industry hails decision – Times of India

Finance minister Nirmala Sitharaman announced that the government will reduce customs duty on import of some parts for mobile phone manufacturing and on open cells used in the manufacturing of television sets. The customs duty on parts for manufacture of open cells of TV panels has been reduced to 2.5% from 5%. This change will essentially roll down to customers in the form of more affordable TVs in the coming financial year. Industry players have welcomed the announcement and hailed the decision terming it as a big boost for the television industry.
Here’s what industry leaders have to say:
Sunil Nayyar, Sony India managing director, said that the budget is quite progressive and growth-oriented which is in-line with the government’s long term vision for India’s path to becoming a major global economy.
“Measures taken for significant job growth opportunities, especially in infrastructure, agriculture and rural sector is very encouraging. This will in turn give a major boost to rural economy, thereby increasing business potential in tier II and tier III towns in India which is a positive step in the right direction. This budget should propel more demand and consumer spending across various sectors especially with more disposable income in hand of consumers owing to significant tax benefits. The newly announced reduction in Basic Customs Duty for several television component imports is a big boost for the television industry. We welcome this budget in its entirety and we are optimistic of our future business plans in India,” Nayyar said in a statement

Avneet Singh Marwah, who is the director and CEO of Super Plastronics Pvt Ltd, a Kodak brand licensee, said that the company welcomes the move of the government to reduce the custom duty on open cell to 2.5%.
“This will really help the domestic TV manufacturing industry to scale up and compete with the global brands. This decision was awaited for a long time and this time, I am happy that the government has really considered our recommendations. Additionally, the idea of presumptive taxation for MSMEs and professions will really help is encouraging the sentiment of the market in the country,” Marwah highlighted
He also said that revisions in the income tax slabs will “help the middle class and develop their living standards which is obviously going to benefit the market because we will witness growing sales of televisions and other products in the upcoming months.”
Marwah said television prices can come down up to Rs 3,000 on larger screens.

Atul Jasra, country head, TPV Technology, a leading LCD TV manufacturer, said that a reduction in custom duty will help the companies to provide products at a more affordable price.
“Major companies are putting more emphasis on domestic production. With the budget 2023 announcement, the plan to lower the basic customs duty on the imports of open cell TV panels from 5% to 2.5% will aid in fostering value addition in the production of televisions. Further, this will help the companies to provide products at a more affordable price, thereby leading to reduced prices for consumers. Overall, we feel that the budget will help us and other brands to grow their businesses successfully in India and offer the best of products at affordable price points resulting in benefits for consumers,” Jasra noted.