IMPORT DUTIES TO PUSH TV PRICES UP BY 7%

New Delhi, Feb. 25: Leading TV manufacturers like Sony, LG, Panasonic and Samsung are set to increase prices of their LED/ OLED sets by up to 7 per cent to offset impact of increase in customs duty.

Some of them are also expecting a short- term impact on sales and the Consumer Electronics and Appliances Manufacturers Association ( CEAMA) has already initiated a dialogue with the government to roll back the duty hike.

Panasonic is going for a hike of 2- 7 per cent on its range of LED/ OLED TVs. “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 per cent to 7 per cent,” Panasonic India business head consumer electronics division sales Neeraj Bahl told PTI.

According to industry sources, Samsung is also planning for a hike of around 5- 6 per cent.

When asked about the hike, LG Electronics India MD Ki Wan Kim said there is “no way to avoid it.”

However, on being asked about the price increase, he said LG is still working on it.

“Internally we would try our best to absorb some of the additional cost through R& D innovation and manufacturing innovations by improving the productivity,” said Kim.

Sony India said although prices have not increased and it is currently evaluating the mid and long term impact of the duty.