Spike in the import of consumer durables in FY’19
As per DIPP data, imports of consumer durables in FY’19 rose significantly and exceeded exports of consumer durables by India. For instance, the worth of imported refrigerators in FY’19 was Rs 3,919.71 crore, while that of exported refrigerators was Rs 1,568.47 crore. Thus, the findings suggest that imports of refrigerators are 150% higher than exports during this period.
Though the government has been ardently championing its flagship ‘Make in India’ campaign, foreign goods stemming from countries having FTAs with India have inundated the domestic market, thereby impacting sales of domestically produced goods. The findings suggest that increase in import duties on Chinese goods has not done much to help the consumer durables industry here. In order to tackle the situation, Kamal Nandi, President, Consumer Electronics and Appliances Manufacturers Association, stated, “We have asked the government to choose consumption-based countries and not manufacturing-based countries while signing FTA. FTA agreements with consumption-based countries will boost our manufacturing industry.”