TV companies to explore imports through FTA

After Nirmala Sitharaman presented her maiden Budget, the television companies seem to be unhappy with the government not reducing 5 per cent import duty on open cell television panels in the Budget.

In order to make a profit, more television makers will cut down local manufacturing and explore options to import TVs at zero duty through the countries with which India has a free trade agreement (FTA), which would lead to net savings of around 5 per cent, a report in Economic Times said.

Industry executives told ET that the government’s decision would push larger brands like LG and Panasonic too, to go shopping in abroad.