The government has grant TV makers the licence to import finished TV sets into the country ahead of the festive season. This comes as a breather for the leading TV Makers like Samsung, LG and Sony as they look forward to gaining momentum this festive season after a standstill caused by the lack of cash flow in the market as a result of the pandemic.
The leading TV manufacturers rely on imports for high-end premium televisions. And, several firms also import TVs of 55-inch and above screen sizes.
The centre’s decision to re-introduce the import curbs on TV sets in July for the first time after 20 years resulted in more than 21000 large TV sets being stuck at India’s ports. The move which aimed at promoting local manufacturing as a part of Atmanirbhar Bharat and cut inbound shipments of non-essential items from countries like China left the leading manufacturers struggling to get the import licence.
“Our super large screen televisions were stuck at the port but we have now received the licence from the government,” Sunil Nayyar, managing director, Sony India told PTI.
After this, availability of such premium TV sets would go up and help meet demand during the festive season, he added.
“We had a substantial demand for such super large screen TVs and we are happy to meet our customers’ expectations and provide them with cutting edge products, like our first 8K television Z8H in 216 cm (85-inch) announced just yesterday, so that they can enjoy 8K brilliance with immersive sound and ultimate cinematic experience,” Nayyar said.
South Korean manufacturer LG Electronics also confirmed that it has got the licence for the same. A company official said, “We have got the license from the government and our consignment has been released.”
As per sources, Samsung another homely name in India has also got an import licence for a part of its TV shipment that was stuck at ports. Now, Samsung is sending these TVs to the market to meet festive season demand.
The firm has applied for a licence for the next batch of TVs, which is expected to be received soon, a source said.
As per a report by Counterpoint Research, shipments of TVs in the Indian market grew by 15 per cent to 15 million units in 2019.
The research firm informed that while Samsung remains as a leader in the overall TV market, newer players such as Xiaomi and TCL are cornering the emerging smart TV segment
Presently, India only assembles the TV sets while the crucial components are imported in the country.
According to a joint report by industry body CEAMA and Frost & Sullivan, the TV market is expected to grow to 284 lakh units in 2024-25 from 175 lakh units in 2018-19.
Open cell panels and chips are predominantly imported from China, besides some other markets like Taiwan, Thailand and Vietnam, and only the last-mile assembly is done in India.
To boost domestic manufacturing, the government has from this month re-imposed customs duty of 5 per cent on open cells, a key component of TVs.