Views of Mr. Parag Kulkarni, Managing Director, A. O. Smith India on upcoming Union Budget 2022

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New Delhi, January 19, 2022: The consumer durables industry has faced challenges with raw material costs for more than a year, and we are optimistic that the Union Budget will help reduce cost pressures for manufacturers and improve affordability for consumers. The budget may also look at reducing taxes on eco-friendly and energy-efficient products, which could help drive demand and increase consumer adoption of sustainable products.

Water purifiers and water heaters have become essential household items. We expect the budget to help rationalize tax rates on these consumer durable items, increasing the popularity and need for  these products in India. We hope that the residential real estate market will also be positively impacted by the budget. Real estate is the second largest market after agriculture, generating large scale employment and supporting multiple allied industries. We are hopeful that the upcoming Union Budget will help usher in a balanced combination of reforms and regulations, which will contribute positively to India’s growth.

Corporate Comm India (CCI Newswire)