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Detailed explanation-1: -The reduction of customs duty on parts of open cells will help to effectively reduce the price of TVs by around 5 per cent, according to some industry players. Open cell panels account for over 60-70 per cent of the cost of manufacturing LED TV sets. Most TV makers import these panels.

Detailed explanation-2: -Locally manufactured television sets will become cheaper by up to Rs 3, 000 with finance minister Nirmala Sitharaman on Wednesday announcing reduction in basic customs duty (BCD) on imported parts to 2.5 per cent from 5 per cent.

Detailed explanation-3: -This move by government of India to reduce customs duty on open cell to 2.5% from the existing 5% will bring down the television prices by up to Rs 3, 000 for larger screens and between Rs 300-Rs 500 for smaller screens.

Detailed explanation-4: -“The rise in the price is due to the import cost of the materials required to assemble a TV. Panel production is also a reason, ‘’ said Mike Chen, General Manager, TCL India. It’s not just the young brands, that operate on razor thin margins that are passing on increased cost to the customer though.

Detailed explanation-5: -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.