Hyderabad: Cut in customs duty leads to fall in prices of TV, smartphones

Hyderabad: Now buying a smartphone or a television would be a bit cheaper as the Union Finance Minister Nirmala Sitharaman announced a reduction in the custom duty regime for few products and services. This will now become a boon for electronic traders as they are hoping for an increase in the sale of their products in coming days, as consumers will now have greater deals.

According to electronic traders the electronics market has been hit badly from the past one month as the process of smartphones and TV skyrocketed. But now the reduction in customs duty on few products will lead to a buzz in electronic outlets.

Reduction in smartphone and TV prices will not only be a benefit for the customers but also the electronic traders as they now have a chance to make good profit.

For the past one month we were finding it very difficult to sell our products. Consumers used to buy these products through online as they gave better sale options and discounts due to which the electronic outlets were running in loss. But now after the announcement made by the FM on custom duty reduction has now given us a ray of hope in our business, said Vindo Kumar, a member of Telangana Cellular Mobile Retailers Association.

Syed Ibrahim, an electronic trader, said, "We welcome the move of reduction in custom duty as this will significantly boost the domestic electronic manufacturing industry and help compete with global brands."

Nowadays due to various attractive strategies adopted by online electronic sites have affected our business and also the cost of raw materials that is been exported from other countries are too expensive, but after the changes in custom duty, there can be a Rs 5,000 to Rs 10,000 reduction on TV sets (above 50-inch) and for smaller screens about Rs 15,000. But for smartphones only Rs 400 to 500 will be reduced.