Budget 2025 Expectations | TV sector seeks PLI schemes, local ecosystem for critical components, says Videotex director Arjun Bajaj

The television manufacturing sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping its fingers crossed regarding their expectations from the government's most important financial document of the year.

Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.

Various experts from different sectors have put forth their expectations from the Budget for their industry.

Speaking on behalf of the television manufacturing sector, Arjun Bajaj, Director of Videotex, said, "The television manufacturing industry has long advocated for the implementation of the PLI scheme and the development of a local ecosystem for critical components such as displays and semiconductors."

"Additionally, the current 28 per cent GST on 40 inch and larger TVs, which are classified as luxury goods, should be re-evaluated, as these products have become essential. Removing this tax could stimulate sales and benefit the industry. Support for export promotion would unlock new business opportunities," he added.

"Moreover, the focus should shift from solely expanding manufacturing capabilities to fostering R&D, product innovation, and enhancing operational and production efficiencies," he said.

"It is also crucial that the government refrains from increasing the import duty on open cell components to help maintain the cost of the final product," he added.

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.