Import restrictions on colour television to give a boost to local manufacturing: Xiaomi | Economic Times

New Delhi: TV manufacturers like China's Xiaomi said the Indian government's decision to impose restrictions on the import of colour television (TV) sets will encourage and give a boost to local manufacturing."Currently, over 85% of our Mi TVs sold in India are manufactured in India. We believe that this decision will encourage and give a boost to local manufacturing," a Xiaomi India spokesperson said. Indian Cellular and Electronics Association (ICEA), which represents the likes of Xiaomi, Realme and OnePlus, welcomed the decision to restrict imports of colour TVs, saying India has enough manufacturing capacity and the much-needed move will boost local production. ICEA chairman Pankaj Mohindroo said India was losing jobs as imports continued unabated. “The industry was surprised by the government’s decision to restrict the import of colour TVs clocking up to Rs 600-700 crore per month, a substantial portion of which was coming from the zero-duty FTA Asean countries,” the body said in a statement on Friday. “Restrictions mandated through the import licensing regime, will stop the unrestricted inflow of finished goods/CBU’s. Imports of CBU’s in 2019-20 crossed Rs 5,000 crore,” it said. Open cells constitute nearly 70% of bill of material cost for TVs. At present, around 35% of TV sets sold in India are imported.