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Consumer durable firms hike prices by up to 5%

Consumer durable firms hike prices by up to 5%
New Delhi, January 8
Consumer durable firms, including Haier, Whirlpool, Panasonic, Godrej Appliances and Daikin, are increasing prices of their products by up to 5% following the withdrawal of excise duty sops, coupled with high input costs. “With excise duty concessions ending, price hike was inevitable. We will also increase our prices in the range of 3-5% depending on models,” Haier India president Eric Braganza said. The price hike is effective on new stocks, he said. Another major player in the consumer durables segment, Godrej Appliances is also mulling a similar step. “We are revising prices of our products by 3-5% depending on different models,” Godrej Appliances Business Head and executive vice-president Kamal Nandi said. Two major factors have led to price hike — 2% increase in excise duty and weakening of the rupee against the US dollar that had increased input costs, he added. The government decided against extending excise duty concessions given to the consumer durables industry from December 31. Excise duty on the sector is now at 12% up from 10%. —

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