Budget: Focus on housing to boost sales of consumer durables in rural markets, say industry players

PTI | New Delhi | Updated: 01-02-2024 21:43 IST | Created: 01-02-2024 21:18 IST
Budget: Focus on housing to boost sales of consumer durables in rural markets, say industry players
Representative Image Image Credit: ANI
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The consumer durables and home appliances industry is expecting a boost in rural demand with the government's push for infrastructure and plan to build 2 crore homes in rural areas in the next five years.

Industry leaders said that schemes announced in the FY25 budget will shape the future landscape for the consumer durables industry as it is focused on digitalization, 'Make in India' initiatives, and a growth-oriented tax environment to drive employment and economic productivity.

''The new housing scheme for the middle class and initiatives to help slum dwellers as well as those living on rent is a welcomed move along with the 2 crore additional houses under the Pradhan Mantri Awas Yojna - Gramin in 5 years,'' said Haier Appliances President N S Satish.

This budget's focus on people, research & development, innovation, and corporate taxation bodes well for the consumer durables sector, he added.

Voltas Managing Director Pradeep Bakshi said the interim budget reflects a strong commitment to a positive future.

''The interim budget's emphasis on infrastructure projects like railways, roads, urban infrastructure, power, and the green growth agenda will contribute to a greener and a better tomorrow. The consumer durables industry is hopeful that these policies would help the industry to grow substantially in 2024-25,'' he said.

Super Plastronics Pvt Ltd (SPPL), a TV manufacturing company having licenses of several global brands, said the housing initiative, in particular, is anticipated to boost the sales of consumer durables in the rural sector, so it's a good move by the government.

''We are now waiting to see what will happen after the election and how the administration presents new policies,'' said SPPL CEO Avneet Singh Marwah.

Finance Minister Nirmala Sitharaman while presenting the interim budget announced building 2 crore more houses for the rural poor in the next five years under the PM Awas Yojana (Grameen).

Daikin India CMD Kanwal Jeet Jawa appreciated the government's recognition of the HVAC (Heating, Ventilation, and Air Conditioning) industry's pivotal role in fostering sustainable infrastructure and environmental efficiency.

''The acknowledgment of our sector's unique challenges is a positive step towards addressing key issues. Daikin India remains steadfast in its commitment to providing innovative solutions that contribute to energy efficiency and environmental conservation,'' he said.

The incentives for sustainable practices, streamlined regulatory processes, and support for research and development align with Daikin's vision for a greener and technologically advanced future.

Mahesh Gupta, CMD of KENT RO, said the success of the Skill India Mission, training over 1.1 crore youth and resulting in a 50 per cent increase in average ''directly impacts our consumer base, suggesting a more prosperous and capable populace''.

Finolex Cables CFO Mahesh Viswanathan also lauded government's announcement for construction of more number of affordable houses.

''The budget's acknowledgment of the housing sector, exemplified by initiatives such as the Pradhan Mantri Awas Yojana and the Housing for Middle-Class scheme, sets the stage for Finolex Cables to make substantial contributions to the nation's infrastructure landscape,'' he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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