Panasonic Appliances India Company has reportedly hiked prices of their products by 3-5% after excise duty was raised by 2% from 1 January. On 31 December, the government said it was not continuing with the excise duty rebate of 2%. This meant that excise duty on manufactured goods that stood at 10% till then, moved up to 12% effective 1 January.
The consumer durable/electronics market has been tepid post Diwali as purchases remain few and far between. The Index of Industrial Production for the month of October 2014, which is the latest period available as far as IIP data goes, shows that consumer durable production contracted 35.2% for the month, a sharp decline compared to the previous period.
Panasonic Appliances India, a Panasonic Group company is engaged in the manufacture, import, marketing and sales of kitchen appliances and small domestic appliances.