Lowering GST to help boost television sales, bring back growth, says CEAMA
In India, television sales have declined by nearly 4 percent in 2019. This is the worst drop the country has seen.
Talking about the trends for 2020, Kamal Nandi, President of Consumer Electronics & Appliances Manufacturers Association (CEAMA) said a lot depends on how the overall economy pans out. If one were to dissect the television segments, then less than 30 inch segment is de-growing whereas more than 30 inch is still showing some growth.
So, the drop is seen in the upcountry markets, in small towns or lower segment of the consumption, he said in an interview with CNBC-TV18.
When asked if one should brace for another year of de-growth in sales, he said, “There are opportunities that we can see, where the consumption can go up which is the 32 inch plus which is more urban-led consumption and there if the goods and services tax (GST) rate is brought down from the current level of 28 percent to 18 percent, then we can see a boost in demand.”
Nandi said that some of the newer brands which are largely operating through online have seen a lot of growth. “We are seeing growth online because of price aggression shown by some of the new entrants that have come in. However, in general, I think the overall industry has not done well,” he said. “If GST rate is brought down in the 32 plus inch segment, there would be higher consumption, which would overall take the industry out of de-growth and move into growth in the year 2021,” said Nandi.
Source- CNBC-TV 18.
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