(Photo: Reliance)

The price of television sets made in India is expected to drop after the government announced a reduction in customs duty on some imported parts.

The Finance Minister, Nirmala Sitharaman, announced on 1 February that the duty on parts of imported open cells – a major part of TV sets – would be cut from 5 percent to 2.5 percent.

The price of locally manufactured sets is likely to fall around 5 percent, Outlook magazine reports.

Open cell panels account for 60 to 70 percent of the cost of manufacturing LED TV sets. Most TV makers import these panels.

Sony India Managing Director Sunil Nayyar said: “The newly announced reduction in basic customs duty for several television component imports is a big boost for the television industry.

“We welcome this budget in its entirety and we are optimistic about our future business plans in India.”