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Appliances industry seeks second round of PLI, tax rationalisation

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 ...

Appliances industry seeks 2nd round of PLI, rationalisation of taxes

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 ...

Appliances industry expects 15% growth in 2025 on back of premiumisation

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,

LG Electronics' FY24 revenue rises 7.5% to Rs 21,352 cr, profit grows 12.3%

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

Strong India biz growth to drive gains for Godrej Consumer Products

India revenue grew 6 per cent Y-o-Y with 7 per cent volume growth. Home Care had 12 per cent growth

Daewoo forays into home appliances segment to expand share in Indian market

Korean brand Daewoo on Monday announced its foray into the kitchen and home appliances segment in India as it looks to capture a larger share of the growing Indian market. The company, which entered the domestic market last year, offers a range of LED TVs, IFP LEDTVs, Alkaline and battery inverters. It said that the company's entry into India has been met with overwhelming success, prompting the brand to accelerate journey in the domestic market and expand its product portfolio with smart kitchen and home appliances. Building on its initial success with handpicked products, the brand is now venturing into the smart kitchen and home appliances segment, aiming to capture a larger share of the growing Indian market, it said. These products are set to hit retail stores soon, Daewoo said, adding that it will launch a wide array of products including induction plates, mixers and grinders, blenders, toasters, sandwich makers, and steam irons, among others. "The small home appliance marke

Promoters of Electronics Mart India divest 7.8% stake for Rs 689 cr

Pavan Kumar Bajaj and Karan Bajaj, the promoters of Electronics Mart India, on Friday, divested a 7.8 per cent stake for Rs 689 crore via open market transactions, while Norway's Government Pension Fund Global and SBI MF picked up the stake. According to the bulk deal data on the National Stock Exchange (NSE), Pavan Bajaj and Karan Bajaj sold 1.50 crore shares each, representing a 7.8 per cent stake in Electronics Mart India Ltd (EMIL). The shares were offloaded in the price range of Rs 229.75-229.77 apiece, taking the transaction value to Rs 689.28 crore. After the latest transaction, the combined shareholding of promoter and promoter group entities' in EMIL has declined to 65.17 per cent from 72.97 per cent. Meanwhile, SBI Mutual Fund (MF) purchased 1.51 crore scrips, amounting to a 3.92 per cent stake in EMIL and Norges Bank - Government Pension Fund Global and Franklin Templeton MF acquired 99.41 lakh shares of Electronics Mart India. Shares were bought by these entities in th

Modular kitchens that are a statement of style, make cooking convenient

Solutions make optimum use of space and save effort and time in cooking

Why are India's consumer durable makers locked in intense warranty war?

Brands are offering warranties on washing machines and dishwasher motors for up to 20 years, which are being marketed as 'lifetime' guarantees

Bosch's potential Whirlpool buy could boost firm's presence in India

German multinational firm Bosch is considering a multi-billion-dollar acquisition of American white goods manufacturer Whirlpool

Quick commerce expands to electronics: Smartphones to be delivered in mins

Swiggy Instamart, Zomato's Blinkit, BigBasket's BBNow, and Zepto may begin delivering smartphones and kitchen appliances by November this year

RIL to boost homegrown Wyzr brand in Indian consumer electronics market

Mukesh Ambani's company aims to open its own manufacturing plants, expanding Wyzr's product range to include TVs, washing machines, refrigerators

UC Native M2 review: Not perfect, yet a better water purifier than others

As Urban Company's inaugural branded product, the Native M2 meets expectations, albeit with room for improvement, especially concerning water wastage and noise issues

Haier aims to become 2nd largest appliance maker in India: NS Satish

The company expects the AC, TV, and washing machine categories to grow ahead of the refrigerator segment

China's Xi Jinping seeks to boost auto, appliance sales in consumer push

Xi Jinping called logistics the "veins" of the real economy connecting production and consumption as well as internal and external trade

Wedding season: Durable makers witness pickup in sales of products

Leading home appliance and consumer electronics makers witnessed pickup in sales in the wedding season, mostly on demand for entry-level mass products from non-metro cities of the hinterland. The industry, which concluded the festive sales with a growth of 15-20 per cent mainly driven by premium products, got a further boost during the wedding season. In November, after getting some initial responses, companies including LG, Godrej Appliances, and Panasonic extended their festive offers along with financing schemes on products ranging from washing machines, refrigerators, TVs, micro ovens to small kitchen appliances. Consumer Electronics and Appliances Manufacturers Association (CEAMA) President Sunil Vachani said the ongoing wedding season is anticipated to boost the demand for mass and entry-level segments of the industry. Many companies experienced a positive trend in November, thanks to the festive spirit of Diwali and the ongoing wedding season, he said. A survey by industry

Versuni witnesses great festival season with premium products driving sales

Taurani added that the festival season also reversed the post-Covid slowdown that the small appliances market was witnessing

Tata considering sale of Voltas home appliance business, say reports

Considerations are at an early stage and Tata Group may decide to keep the asset for longer, the people said. A representative for Tata Group declined to comment

Blue Star Q2 results: Profit jumps 66% to Rs 70.67 cr on strong demand

The company posted a consolidated net profit of Rs 70.67 crore for the quarter ended Sept. 30, up over 66% from last year. Revenue from operations rose 19.5%

Daewoo enters Indian consumer electronics market via Kelwon Electronics

South Korean brand Daewoo has entered into fast-growing Indian consumer electronics and appliances market through its licensee partner Kelwon Electronics & Appliances, which has plans to invest around Rs 300 crore in the next three years. Kelwon, which sells products, including Lithium Hybrid Inverters and LED TVs, will introduce products in sectors such as energy and power, and consumer electronics, under brand Daewoo - now owned by South Korean conglomerate POSCO DAEWOO. As per its marketing strategy, Kelwon would adopt a twin brand strategy, where it will place the products under Daewoo in the premium and mid-premium segment, while mass to mid-premium would be catered through its own brand, its Managing Director H S Bhatia said. Kelwon will initially get the Daewoo products manufactured locally here through OEM (Original Equipment Manufacturer), under the R&D and technical support from the South Korean brand. However, when the volume picks up substantially in the coming ...