Sale of ACs not hit by demonetisation: Sameer Bhargava

Amid reports of slump in sale of several items due to shortage of cash following demonetisation, a top official of air-conditioning compressor manufacturer Highly India asserted that there is no impact of demonetisation on the overall sale of ACs in India.
While talking to reporters at the AC compressor plant at Matoda village near here, set up by Chinese major Highly in 2013, Director and Vice President Sameer Bhargava asserted that people will forget about demonetisation and its impact after 4-5 months time.
"I agree that people have cut down their spendings to some extent. But there is absolutely no impact of demonetisation on the sale of ACs. No one goes to a shop with Rs 30,000 in cash to buy an AC. They all use plastic money, such as debit or credit cards," said Bhargava.

"I firmly believe that demonetisation will help the industry in longer run. The shortage of cash may cause some problems for people, but, things will be normal within 4-5 months and people will forget about demonetisation," he added.
Bhargava along with Li Haibin, president of Highly India and Shanghai Hitachi, today announced the company has completed phase-4 construction at the plant, enhancing its annual production capacity to 2 million compressor units.