Lower GST on appliances, stimulus to middle-class will address low penetration: Kamal Nandi, Business Head Godrej Appliances
MumbaiIBNS: A lower GST on appliances will help improve the penetration levels in India which remains low despite the positive impact on the quality of life and productivity, according to Kamal Nandi, Business Head and Executive Vice President of Godrej Appliances.
Speaking on his expectation from FY24 Union Budget to be tabled by Finance Minister Nirmala Sitharaman on Wednesday, Nandi said, 2022 witnessed stagnation in the high-volume mass segments due to prevailing economic conditions and low consumer sentiment among the middle class apart from continued cost impact to the industry due to commodity, currency, and regulatory norms.
Government should also consider larger stimulus to the middle class to induce spending and lift the overall economy which will benefit multiple sectors he said.
“A strong component ecosystem will help the industry. We have proposed changes in basic customs duty for different components. We also recommend zero duty under IGCR for all inputs (components and commodities) used in the manufacture of parts such as motors, compressors, timers etc.
"Additionally, for refrigerators, imposing non-tariff barriers on FG imports is recommended, like in AC,” Nandi said mentioning a string of Budget inclusions suggested to the Centre.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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