The ministry of finance has scrapped the import duty on open cell LED TV panel from 5% to zero in a late night notification issued on Tuesday. This is the most critical component used in LED TV manufacturing accounting for 65-70% of the total production cost. This is going to reduce television prices considering around 60-65% of TV sets sold in the country are locally produced where the TV panel is procured after paying 5% import duty and also going to give a boost to the Make in India initiative. The government notification issued said “open cell (15.6 inch and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels” has been made nil with immediate effect.