Purchasing a smartphone or television would now be a little less expensive, as the Union Finance Minister Nirmala Sitharaman announced a reduction in the custom duty regime for a few products and services. This will now be a boon for electronic traders, who are hoping for an increase in the sale of their products in the coming days as consumers will now have better 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. However, the reduction in customs duty on a few products will lead to a buzz in electronic stores.
Reduced smartphone and television prices will benefit not only customers, but also electronic traders, who will now be able to make a 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”, Vindo Kumar, a member of Telangana Cellular Mobile Retailers Association, was quoted as saying.
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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, the various appealing strategies adopted by online electronic sites have affected business, as well as the cost of raw materials exported from other countries, 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 about Rs 15,000 for smaller screens. However, only Rs 400 to 500 will be reduced for smartphones.
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