AKG develops and produces worldwide innovative coolers and cooling systems that are used in vehicles like trains, buses, cars and agricultural and construction machinery and als
Consumer Durable equipment are always on a high in India and there are three reasons ? one : increasing disposable income, two : advancement in technology with new feature keep coming up and the last banks pushing easier EMIs.
With technology, the prices are also becoming cheaper and the industry is growing at 15%. Various reports indicate the rising middle class of India which is expected to reach 13 trillion USD by 2030 which makes India matters in global consumer durable market. Around 65% of sales comes from urban market, while rural market is also fast expanding with basic products like refrigerators, TV etc.,
Also implementation of GST will create a single, unified Indian market and will diminish the multiple layers of indirect taxation.
Government of India has reduced the basic custom duty on open cell displays used in the manufacturing of LED television panels whereby leading television makers like Samsung, LG, Panasonic and Sony are now likely to roll back the price increase on television sets. The reduced duties on open cell displays of 15.6-inch and above are from 10% to 5%. The government had imposed 10% duty on open cell panels in the last Budget as compared to nil which was earlier. The industry was lobbying against the imposition of this duty and leading players like Samsung and Panasonic had earlier this month increased prices by up to 6% while others like Sony and LG had planned similar hikes for the new models which are rolled out in April.