“It’s great to witness how the TV industry in India is growing at such a rapid pace with 38% market share Y-O-Y (Q3 2022). Major companies are putting more emphasis on domestic production. With the budget 2023 announcement, the plan to lower the basic customs duty on the imports of open cell TV panels from 5% to 2.5% will aid in fostering value addition in the production of televisions. Further, this will help the companies to provide products at a more affordable price, thereby leading to reduced prices for consumers. Overall, we feel that the budget will help us and other brands to grow their businesses successfully in India and offer the best of products at affordable price points resulting in benefits for consumers.”
Muneer Ahmad, Vice President, Sales and Marketing, ViewSonic India
A newspaper report on the Indian government’s 2023-2024 budget got feedback from tech luminaries and it looks like the TV industry may have gotten a little boost, even as it enjoys already strong growth. Most of that is related to a reduction in duties on materials for electronics manufacturers. If trickle down economics works then prices should see a drop for consumers, that’s the theory, anyhow.
The Made in India push is part of the Modri government’s national agenda with the additional benefits that are arising from diversification in supply chains outside of China. The world’s most populous nation, at some point this year that will be a true statement, has years of technology capability built as an outsourcing destination for US and European companies. If the Indian government gets it right, we might be looking at many years to come of hype and growth.
