Leading Indian companies selling electronic products from air-conditioners to fans and refrigerators had expected a major boost from the GST cuts in September. While a shorter festival season and longer winter due to La Nina effects were known in advance, some policy and external factors came out of the blue to play spoilsport. According to Bluestar managing director B. Thiagarajan, the December quarter was a quarter to forget. Mint explains what unfolded in the consumer durables sector during the quarter.
As Indian consumer durables face a tough market, the much-anticipated GST cuts have failed to deliver the expected sales boost. Major companies like LG and Bluestar report significant profit declines, raising concerns about demand recovery.
Summary
As Indian consumer durables face a tough market, the much-anticipated GST cuts have failed to deliver the expected sales boost. Major companies like LG and Bluestar report significant profit declines, raising concerns about demand recovery.