TV brands set to increase prices of LED/OLED sets
Leading TV manufacturers like Sony, LG, Panasonic and Samsung are set to increase prices of their LED/OLED sets by upto 7% to offset the impact of increase in customs duty. Some of them are also expecting a short-term impact on sales; the Consumer Electronics and Appliances Manufacturers Association has already initiated a dialogue with the government to roll back the duty hike. Here's more.
What do manufacturers have to say?
"The increase in the prices of LED/OLED TVs and thereby, an impact on the consumer demand will be imminent with the proposed custom hike. In line, we will be increasing our prices by 2% to 7%," Panasonic India Business Head Consumer Electronics Division Sales Neeraj Bahl told PTI. When asked about the hike, LG-Electronics India MD Ki Wan Kim said there is "no way to avoid it."
Customs duty was raised in the budget 2018
Notably, the government raised customs duty on imported panels to 15% from existing the 7.5% in the budget for 2018. It also increased the customs duty on parts of LCD/LED/OLED TVs to 15% from existing 10% to boost domestic manufacturing.
