Finance Minister declared that the open cells used in manufacturing TVs will now have no import duty. These cells had a previous import duty of 10%, which was later reduced to 5%. And now, it has been reduced to a full 0%!
For those who don’t know, these open cells make up for as much as 65% cost of an LED or LCD TV. Now that these panels are duty-free, they will cost less for the manufacturers and in turn result in cheaper costs for us consumers. Government has removed the import duty on the cells in order to breathe new life into the Make In India movement which lost its hype due to the same. The Government is now trying to promote in-house manufacturing of television sets.
Kamal Nandi, President – Consumer Electronics and Appliances Manufacturers Association (CEAMA) said, “The reduction in open cells duty will help in arresting this and thereby safeguard investments made in India by providing a level playing field for domestic manufacturers.” ….Read more>>