Bosch, Siemens cut washing machine, fridge prices by 7-8%

European company BSH Household Appliances, which operates in the country under two brands, Bosch and Siemens, today said it will reduce prices of its refrigerators, washing machines and mixer grinders by 7-8 per cent to pass on the benefits of GST rate cut to consumer.

The reduction will be valid with immediate effect.

The government recently had decreased the GST rates from from 28 per cent to 18 per cent on 15 items, including washing machine, fridge, laundry machines and food grinders.

"Further to this reduction on essential home appliances, we're happy to announce that BSH Household Appliances will be passing on the full benefit to the end consumer under its brands Bosch and Siemens Home Appliances," said Gunjan Srivastava, managing director and chief executive officer, BSH Household Appliances.

"There has been a substantial drop in prices of about 7-8 per cent, well ahead of the festive season, which is expected to spur growth and boost demand," he added.

Srivastava said the company experienced a healthy growth rate of about 30-35 per cent in FY18 and it is looking to maintain the same growth rate this year as well.

Other consumer durable firms like Samsung, Panasonic, Godrej Appliances have already announced reduction in the prices in similar range after the GST rate cut.