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Leading consumer electronics maker Sony India on Friday said it will pass on the 8-10 per cent benefit of the GST reduction on TV sets to consumers and expects up to 10 per cent pick up in the demand, its Managing Director Sunil Nayyar said. Sony India, a leading player in the rapidly evolving smart premium TV market in the country, expects a boost in consumption and is stepping up its marketing initiatives to capitalise on the momentum, he said. The company, with a significant price advantage after GST reduction, will capture the positive consumer sentiment in the festive season sales, which has already started from South with Onam. "With the GST reduction, we are hopeful that the entire benefit, ranging from 8 to 10 per cent, will be passed on to the consumers. This will definitely boost consumption, especially in the 55-inch and above TV segment, where customers stand to enjoy a significant price advantage," said Nayyar. The government on Wednesday announced next generation GST
India's smart TV shipments are expected to decline 7 per cent in 2023 on account of factors such as inflation and other macroeconomic headwinds in the country, said a Counterpoint Research report on Tuesday. In the first half of 2023, the India Smart TV Shipments have already declined 5 per cent, the report said. However, the report also added that TV manufacturing is increasing in India with new investments by OEMs in creating manufacturing capacity. Newer OEMs are also entering the market and partnering with leading brands to make their TVs, it said. "We estimate that India's smart TV market will see a decline of 7 per cent YoY in 2023. The second half of the year will see an increase in smart TV shipments compared to the first half due to the festive season," said the latest report from Counterpoint's IoT Service. The report also added despite a slowdown, the TV market continued to witness premiumisation as demand for bigger screen size smart TVs, which are 55 inches and above,