Nikhil Mathur, Managing Director India & Head Data Partnership & Innovation-APAC, GfK
Sharing views on Union Budget 2022- 2023, Nikhil Mathur, Managing Director – India, GfK said, “Government’s growth-oriented goals led by the digital economy and tech-enabled developments will boost the consumer and electronics industry penetration across India. GfK insights indicate similar positive trends as the consumer landscape is evolving in lower-tier towns. The inclusion of 5G in the PLI scheme will boost the ‘Make in India’ vision and smartphone penetration in rural. We can expect a substantial surge in the contribution of 5G devices in 2022 which is currently 27% in terms of value & 12% in terms of volume as per GfK Market Intelligence 2021. This will also aid the growing demand for premium & smart appliances. The calibration in custom duties for “wearable and hearable” devices will provide an impetus for higher growth in 2022.
The underlying theme of ‘Atmanirbhar’ & ‘Make in India’ will undoubtedly create job opportunities, bringing a positive outlook towards domestic demand of consumer tech products in India. The industry was expecting rationalization of GST for appliances & electronics which would have enhanced the consumption. However, it is still a progressive budget paving a superhighway for sustained, structured, and long-term growth for the Technical Consumer Goods industry.”