: Govt's restrictions on TV imports will encourage domestic industry: ICEA #FinanceIndia #StockMarketNEWS Govt's restrictions on TV imports will encourage domestic industry: ICEA New Delhi, Aug 4

@StockMarketNEWS Mon 10 Aug, 2020

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Govt's restrictions on TV imports will encourage domestic industry: ICEA #FinanceIndia #StockMarketNEWS
Govt's restrictions on TV imports will encourage domestic industry: ICEA New Delhi, Aug 4 (KNN) The governments move to restrict imports of colour televisions will encourage the domestic industry, said the industry body India Cellular & Electronics Association (ICEA).

ICEA also said that the restrictions mandated through the import licensing regime as per the new GOI notification will stop the unrestricted inflow of finished goods/CBU’s.

CTVs up to Rs 600-700 crore were being imported from ASEAN countries, through zero-duty FTA, it said in a statement.

"Governments move to put restrictions on imports of colour televisions, which was reported at USD 780 million in 2019-20, has surprised the industry. This decision is clearly indicating that the government is relentlessly pursuing domestic manufacturing. It is time to herald a new journey in the Indian CTV manufacturing sector leading to acquiring global-scale manufacturing status for India," the statement quoted ICEA Chairman Pankaj Mohindroo as saying.

The government last Thursday imposed restrictions on TV imports, a move aimed at promoting domestic manufacturing and cut inbound shipments of non-essential items from countries like China.

The Directorate General of Foreign Trade (DGFT) in a notification has put imports of TV under a restricted category from free, which means importers of that commodity will have to seek licence from the commerce ministrys DGFT for the imports.

"ICEA first took this up with the government very vigorously. We have sufficient manufacturing capacity in India and therefore imports of CBUs are not necessary. We are losing precious jobs because of unabated imports. We should now as an industry and as a nation rapidly build huge capacities for exports and also build the component industry especially the open cell/display industry," said Mohindroo.

Mohindroo further said that ICEA is fully focussed and committed to establishing India as a leading manufacturing destination for each and every category of electronics products which includes CTVs.

"ICEA is duty-bound to replicate the mammoth success witnessed in the mobile handset and components manufacturing sector in various electronics hardware verticals including CTVs," Mohindroo added.

He also expressed hope that post COVID-19, India will be the preferred manufacturing destination.

ICEA fully understands and believes that in the post-COVID manufacturing reorientation, India can emerge to be the preferred manufacturing destination for CTVs and its major components including Open Cells which contribute nearly 70 per cent of the BOM (bill of material) cost, he asserted.