India’s ministry of finance announced on the evening of September 17 that the abolition of the import tariff of 5% on open-cell LCD TV panels, which are needed to make LED TVS, will help revive the domestic TV manufacturing industry and reduce the price of TV panels by about 3%.
The government imposed a 5 percent tariff on LCD TV panels in June 2017, but The Consumer Electronics and Appliances Manufacturers Association (CEAMA), The country’s leading TV Manufacturer, has been demanding its abolition.
The finance ministry said imports of LCD panels for LCD and LED TVs (15.6 inches or more) would be exempt from tariffs, which affect TV makers because TFT LCD panels are an essential component for making TVs and account for more than half of the cost of making a complete TV. The government also scrapped import duties on components used in making TFT LCD TV panels, such as Chip on Film, PCBA, and Cell.
The decision by the Indian government ahead of the upcoming Diwali festival will help stimulate demand for LED TVs at the festival, and TV manufacturers are all for that. Manish Sharma, President, and chief executive of Panasonic in India and South Asia, said cost pressures on manufacturers would ease and the benefits would help stimulate demand once they were passed on to consumers. Sunil Nayyar, general manager of Japan’s Sony in India, said the panel exemption would help the company expand its TV production in India, where it supports the government’s “Make in India” policy.
Indian television market size estimates that about 220 billion rupees, but the industry is struggling due to slowing demand, due to the panel is Samsung (Samsung) company to impose tariffs, Indian television production line already moved to Vietnam, through the FTA between India and ASEAN imports in India, to reduce the cost.
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