IndiaRetailBiz

Keeping in tune with the Finance Minister Pranab Mukherjee’s announcement of reductions in indirect duties of customs and excise in the annual budget, manufacturers of passenger vehicles (like, Ford, Toyota, General Motors, M&M, and Mitsubishi) and  LCD flat panels (like, Samsung and LG), have begun to pass on the benefit of cuts in the prices of these products.

While the passenger vehicle prices have come down by Rs 5,000 to Rs 6,000, LCD prices are witnessing reduction of Rs 1,500 to Rs. 3,500.

While, prices of Mitsubishi’s Outlander, Pajero and Montero, Ford’s Endeavour, and General Motors’ Tavera have come down by Rs 6,000 each, the prices of Toyota’s Camry and Innova have come down by Rs 5,000 each, though M&M is yet to announce the extent of reduction in prices of its vehicles.

Samsung Electronics, according to its spokesperson, will reduce prices of its flat display panels between Rs 1,200 and 3,500. “The Samsung 32-inch LFD monitors will get cheaper by Rs 1,200, the 40-inch LFD monitor by Rs 2,000 and the 46-inch LFD will cost about Rs 3,500 less,” said a spokesperson.

LG, according to its spokesperson, would rollback the prices of its panels to pre-1st July level. “We had raised the LCD panel pricing by 5 per cent on July 1, due to a steady rise in global LCD panel supply. But with the Budget reducing the customs duty by half, we intend to scale back the earlier price hike.” said the LG spokespersons. LG commands roughly one-fourth share of the LCD market.

It may be recalled that the Finance Minister in his budget speech has announced reduction in custom duties of 10 life saving drugs/ vaccines, heart devices, LCD panels, permanent magnets, bio-diesel, raw corals, cotton/wool waste, among others. He had also announced reduction in excise duty rates of large cars/ utility vehicles, branded jewellery, and packaged software, among others.