The government has imposed restrictions on imports on televisions (TVs) to promote domestic manufacturing and cut dependence on non-essential shipments. In a notification released late on Thursday, the Commerce Ministry mentioned 10 categories of TVs which will now be restricted from importing. The newly-imposed restrictions means traders will have to get a licence from the Directorate General of Foreign Trade (DGFT) to be able to import the specified types of TVs.
The government has imposed restrictions on imports on televisions (TVs) to promote domestic manufacturing and cut dependence on non-essential shipments. In a notification released late on Thursday, the Commerce Ministry mentioned 10 categories of TVs which will now be restricted from importing. The newly-imposed restrictions means traders will have to get a licence from the Directorate General of Foreign Trade (DGFT) to be able to import the specified types of TVs.
The restrictions will apply on regular TV sets of size of a variety of sizes, as well as LCD TVs of size up to 63 cm, and are in line with the government's push for making India a self-reliant nation.
TV Types Moved To "Restricted" Category Of Import
The Directorate General of Foreign Trade will issue details on the procedure for grant of import licences separately, the Commerce Ministry said.
India's Rs 15,000-crore TV industry meets more than 36 per cent of domestic demand primarily through imports from China and South East Asia. Currently, major exporters of TV sets to India include China, Vietnam, Malaysia, Hong Kong, South Korea, Indonesia, Thailand and Germany.
India imported colour TVs worth $781 million in financial year 2019-20. That included imports of $293 million from China.
In a separate development, the government has imposed restrictions on companies from neighbouring countries, forcing them to register with its industry department to bid for a contract for goods and services.
The move is expected to affect Chinese firms, and is in line with the economic retaliation following the June 15 clash with Chinese troops in Ladakh that ended in fatalities. Both sides are engaged in talks to defuse a border standoff.
Earlier, the government said foreign direct investments from countries with which it shares a land border would require prior approval to deter "opportunistic" takeovers and acquisitions during the coronavirus outbreak.
In May, the government announced fiscal and monetary support of Rs 21 lakh crore to revive an already-slowing economy from the impact of the coronavirus pandemic and the resultant lockdown.
Although the government has eased a slew of COVID-19-related restrictions, many economists expect India's gross domestic product (GDP) to contract in the coming quarters, and the entire financial year ending March 2021 with a prolonged period of reduced economic activity.
Sign Up with Google
RECOMMENDED FOR YOU
POPULAR