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White Goods, Durables' Budget 2023 Expectations: ICICI Securities' View

Increase In Customs Duty (If Any) To Drive Domestic Manufacturing, Benefit EMS Companies

<div class="paragraphs"><p>Refrigerators on display inside Vijay Sales. (Photo: Usha Kunji /BQ Prime) (2)</p></div>
Refrigerators on display inside Vijay Sales. (Photo: Usha Kunji /BQ Prime) (2)

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ICICI Securities Report

Post speaking with white goods and durable companies, we note the key budget expectations are:

  1. increase in customs duty to likely to benefit electrical manufacturing services companies such as Amber Enterprises India Pvt. Ltd., Dixon Technologies Ltd. and Syrma SGS Technology Ltd.,

  2. reduction in customs duty for key components under the IGCR route for motor and compressors will likely result in higher domestic manufacturing,

  3. the prices of white goods and durables are up 20-22% over past two years led by high inflation and costs to comply with BEE norms. Hence, industry expects some correction in indirect taxes and

  4. initiatives to increase disposable incomes resulting in higher consumption of durables.

Click on the attachment to read the full report:

ICICI Securities White Goods Budget Expectations.pdf
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