LCD/LED TV sets will become costlier as the government today proposed to double the customs duty on imported panels to 15 percent from existing 7.5 percent to encourage local manufacturing. The government has increased the customs duty on parts of LCD/LED/OLED TVs to 15 percent to boost domestic manufacturing. "I propose to increase customs duty on mobile phones from 15 percent to 20 percent, on some of their parts and accessories to 15 percent, and on certain parts of TVs to 15 percent," Finance Minister Arun Jaitley said in his budget speech. There is substantial potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture, he added. "This measure will promote creation of more jobs in the country," Jaitley said. – Money Control