The Centre’s move to halve the basic customs duty on specified parts of open cells of TV panels to 2.5 per cent will boost domestic manufacturing of televisions.

Finance Minister Nirmala Sitharaman in her Budget speech stated that this is being done to promote value addition in the manufacturing of television. Earlier, the basic customs duty on these specified parts was at 5 per cent.

Satish NS, President, Haier India said, “This move will benefit the industry and encourage early AI adoption in the country. In addition to that, we are also thankful to the government for reducing the custom duty on television panels to 2.5 per cent. This will not only benefit the manufacturers but will also be a lifestyle change for many consumers as they can buy televisions at an affordable rate.”

Sunil Vachani, Executive Chairman, Dixon Technologies said, “This move will deepen the manufacturing and the ‘Make-In-India’ programme.”

Vote now: Budget 2023: Will the new Income Tax rate slabs benefit the middle class?

Avneet Singh Marwah, Director and CEO, Super Plastronics Pvt Ltd, a Kodak and Thomson brand licensee said, “This will help the domestic TV manufacturing industry to scale up and compete with the global brands. This will reduce the price of TV by 5 per cent and , we will pass this benefit to customers.”

Paresh Parekh, EY, National Retail & Consumer Sector Leader, Tax & Regulatory said, “The continued ‘Make in India’ push including through reduced import duties for ‘parts/raw materials’ used for electronics, camera lens, TV panels should help increased direct and indirect employment generation.”

Related Topics
comment COMMENT NOW