Panasonic, LG reviewing prices after excise duty cut

Consumer durable firms Panasonic India and LG India today said they are assessing the impact of excise cut on capital goods and reviewing the situation before deciding on passing the benefits to the consumer.

"Post the budget announcement regarding excise cut, we are closely observing the market dynamics and reviewing various aspects regarding pricing," LG India Managing Director Soon Kwon said in a statement.

Terming the interim budget as a positive step, Kwon said it would help to improve the market conditions and will boost the manufacturing sector.

"This will generate a positive consumer sentiment and encourage new buyers in the consumer durable sector," he added.

Earlier in the day, Finance Minister P Chidambaram proposed reducing excise duty on capital goods from 12 per cent to 10 per cent.

"As far as prices are concerned, we are in the process of studying and assessing the impact. This two per cent cut in excise is a welcome change even though it is likely to have diminutive impact on prices," Panasonic India Managing Director Manish Sharma said.

The reduction in excise duty will help stabilise and provide growth opportunities to the industry which has been witnessing a slump for some time now, he added.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The survey paints an optimistic future, but sees little scope for a bang

    The Economic Survey, which comes out a day before the Union budget, is widely regarded as its forerunner, an indicator of things to come 24 hours late

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schoettli

The hidden attractions of Japan

We live in the Asian century. During the past two ...

Zehra Naqvi

Star power

Being a part of the generation that gorged on Shah ...

Bubbles Sabharwal

The waking moment decides the day

There was a little girl/ Who had a little curl/ ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture