- The government has recently slashed import duty on open cell LED TV panels in India
- Nirmala Sitharaman, Finance Minister, India has announced cuts in corporate taxes as well
The sales of big screen TVs was greater than those of small screen TVs this last Cricket World Cup Season. As a matter of fact, brands like Kodak and Daiwa had clearly said that they would be focusing on selling big screen TVs in the festive season as well.
Arjun Bajaj, director, Videotex International, on Govt of India slashing import duty on open cells said, “This is one of the major step for the TV industry. We had been eagerly waiting for this, as the earlier five per cent duty on open cell was not justified. This will drastically boost the sales of the TV’s in the coming months and will also allow brands to push sales for bigger TV’s.”
The government of India has recently slashed import duty on open cell LED TV Panels in India. Nirmala Sitharaman, Finance Minister, India has also announced cuts in corporate taxes as well.
Focus on festive season?
It seems that the companies will now indeed focus on big screen TVs in India. Some consumer electronics retailers that EFY Group spoke to in Delhi NCR were also positive that 40-inch screen TVs will sell more than 32-inch TVs in the region during this festive sales period.
Avneet Singh Marwah, had recently told EFY Group that his company was busy promoting big screen TVs in India. He said, “We have recently launched 43, 50 and 55-inch 4K TVs keeping upcoming Diwali season in mind. SPPL wants Indian consumers to experience big screen TVs in nominal prices. The demand for big screen TVs in India have already picked up and we are sure that with our range of economically priced 4K big screen Kodak TVs, this demand will get a major boost.”
Interestingly, Motorola has also entered the smart TV market in India this month. It is also rumored that Oneplus will also be launching smart TVs in India before Diwali. While Motorola has entered Indian TV market in collaboration with Flipkart, Oneplus might do the same in collaboration with Amazon. It is conformed that Oneplus’s first smart TV offering in India will be a 55-inch Qled one.
Arjun Bajaj added, “Government’s initiative from five per cent to zero shall bring back focus on Make in India and will in-turn help manufacturers to be more competitive in the cluttered TV market and benefit the end user to get best LED TV at the most affordable prices.This will further help India to become a export hub in future.”
According to 6Wresearch, India Smart TV market is projected to grow at a CAGR of 30.2 per cent by 2024. Surge in number of households with easy accessibility to internet, booming e-commerce industry and rise in purchasing power is driving the adoption of smart TVs in the country. In addition to government initiatives such as Digital India and Make in India, rapid urbanization and growing awareness of smart TVs in tier-II and tier-III cities in the country, has been encouraging the growth of smart TVs in near-future.