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Haier Appliances India, an appliance & Consumer electronics maker, expects around 25 to 30 per cent growth this festive season, helped by GST reduction on large screen TV sets and room-air conditioners, its President NS Satish has said. The company, which is investing Rs 1,500 crore in its Greater Noida-based plant and scouting land for a new factory in South India to cater to the domestic and export opportunities, said this GST reduction is expected to increase the localisation drive and 'make-in-India' project. "Definitely, the GST benefit will increase the consumption. So as the consumption increases, the scale of production also goes up. So, obviously, the investment, which we had already planned, will take it on a faster track," Satish told PTI. According to Satish, this GST reform is "one of the boldest moves" by the government of India to boost the economy. Earlier this month, the government, as part of its next-generation GST reforms, reduced the duty on TV screens above .
Voltbek Home Appliances, a joint venture between Voltas and Turkish firm Arelik, narrowed its losses to Rs 241.89 crore in FY25 while its revenue from operations rose 39.5 per cent to Rs 2,235.53 crore. According to the latest annual report of the Tata Group firm, Voltbek also achieved robust volume growth of 57 per cent on a year-on-year basis, outperforming the industry, which experienced single-digit growth in key categories. In the preceding financial year ended March 2024, the joint venture had recorded a revenue from operations at Rs 1,602.87 crore and a loss of Rs 267.09 crore. "Voltbek, the company's home appliances joint venture, recorded a 56 per cent year-on-year growth in volumes, with notable market share gains in refrigerators and washing machines," said Voltas. Moreover, in FY25, Voltas invested Rs 102.41 crore in the share capital of Voltbek Home Appliances Private which was established in 2017 by the Tata group firm and Arelik, a Turkish multinational household ...
The government has expanded quality compliance requirements by mandating Quality Control Orders (QCOs) for over 150 products, ranging from household appliances to industrial materials, in a move aimed at ensuring stricter safety and performance standards. The Bureau of Indian Standards (BIS) said it has listed out 150-odd products in advance for better awareness purpose. The scope of these mandatory standards is extended to various sectors with varied enforcement dates for different sectors. The BIS will oversee the implementation of these orders, and the list covers a diverse range of products including vacuum cleaners, stainless steel utensils, and massage appliances. For electrical appliances operating on 250V single-phase or 415V three-phase power, the compliance deadline is set for March 20. In the furniture industry, manufacturers must comply with quality norms for products such as block boards, plywood, and wooden flush doors. The steel sector faces regulations for items ..
The appliances and consumer electronics industry has urged the government to bring a second round of the Production-Linked Incentive (PLI) scheme for high-value components like compressors and motors and rationalise taxes. It has also asked for reductions in tariffs on imports, which will help to make the products competitive in the global market, said industry body Consumer Electronics & Appliances Manufacturers Association (CEAMA). "We, over a period of time, need to reduce the taxes. We need to reduce our tariffs so that our manufacturers can become competitive. We have a large base and we should be manufacturing for the world," said CEAMA President Sunil Vachani. Besides, he also suggested creating large centres of excellence along the coastal areas, "where we can offer plug and play facilities to our MSMEs and offer land at attractive rates to a large corporate". This will help build export competitiveness, Vachani added while speaking at the 45th annual functions of ...
The appliances and consumer electronics industry on Thursday urged the government to bring the second round of the production-linked incentive (PLI) scheme for products like compressors and motors and rationalise taxes and tariffs on imports. It has also asked for reductions in tariffs on imports, which will help to make the products competitive in the global market, said industry body Consumer Electronics & Appliances Manufacturers Association (CEAMA). "We, over a period of time, need to reduce the taxes. We need to reduce our tariffs so that really, our manufacturers can become competitive. We have a large base, and really we should be manufacturing for the world," said CEAMA President Sunil Vachani. Besides, he also suggested creating large centres of excellence along the coastal areas, "where we can offer plug and play facilities to our MSMEs and offer land at attractive rates to a large corporate". This will help in building export competitiveness, Vachani added while ...
The appliances and consumer electronics industry expects 10-15 per cent growth in 2025 on the back of premiumisation trend, which is driven by rising incomes, changing preferences towards energy-efficient, and connected products with innovative features such as AI and increasing desire for global quality products. The year 2024 was transformative for the industry, in which it bounced back despite challenges such as rising raw material costs, price hikes, and supply chain disruptions, and displayed resilience by embracing technology and innovation. The industry, which contributes 0.6 per cent of the GDP, is witnessing a transformative shift towards premiumisation, increasing the average sale price (ASP), driven by rising income, and young demography with changing preferences. Besides, factors such as a growing economy, urbanisation, real estate growth, and increasing penetration into smaller markets like tier-III cities and further, will also help the industry grow. "Looking ahead,
Leading appliance maker LG Electronics India reported a 12.35 per cent rise in profit to Rs 1,511.1 crore for FY24, and its revenue from operations grew 7.48 per cent to Rs 21,352 crore, according to financial data accessed by the business intelligence platform Tofler. The company, which is not publicly listed, had posted a profit after tax at Rs 1,344.9 crore and its revenue from operations stood at Rs 19,864.6 crore for the financial year that ended in March, 2023. LG Electronics India's total income for FY24 increased 7.2 per cent to Rs 21,557.1 crore, while its revenue from other income sources registered a 16 per cent decline at Rs 205.1 crore. The pre-tax profit of the company, a wholly-owned subsidiary of South Korea-based LG Electronics, increased by 11.9 per cent to Rs. 2,037.1 crore. The total tax expense of LG Electronics India in FY24 rose by 11.36 per cent to Rs 526 crore as against Rs 472.3 crore a year ago. LG Electronics India's total expenses increased 6.73 per