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Business EconomyPosted at: Jan 16 2017 6:16PM


Urgent policy measures needed for economic growth: Kamal Nandi

Hyderabad, Jan 16 (UNI) Kamal Nandi, Business Head and Executive Vice-president of Godrej Appliances, a Rs 2750-crore flagship division of Godrej and Boyce Mfg.Co.Limited, said that the recent demonetisation move and resultant cash crunch has dampened customer’s buying sentiment.
There should be urgent policy measures to spur consumption for economic growth, Mr Kamal said in a statement here today.
Consumer appliances help to enhance people’s quality of lives through various household products and hence are a crucial sign of India’s rapid economic growth. These products are not luxury items but vital tools towards making people’s lives easier and more productive, Mr Kamal, who is the chairman of Home Appliance Industry Council of CEAMA, said.
The consumer appliances segment keenly awaits the forthcoming budget, he said there are huge expectations in terms of policies and incentives so that it could assist, during the initial phase of GST implementation, which will entail some amount of uncertainty and hence anxiety on the part of the business fraternity.
Additionally, the forthcoming budget needs to spell out policies to ensure that maximum domestic manufacturing can be achieved across the segment, he said.
There should further be incentives and tax concessions for manufacturing energy efficient products, which are the need of the hour and in keeping with the government's focus in this area, he added.
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