May 6, 2022
2 mins read

Indian consumer brands brace for price hike

According to Anand Dubey, CEO, Indkal Technologies Pvt Ltd, since the pandemic started, the industry has been experiencing issues in the supply chain…reports Asian Lite News

Consumer electronics manufacturers on Thursday said that owing to hike in raw material costs and shipment delays amid lockdowns in China, they have no option but to increase prices of consumer goods by 5-7 per cent soon for the Indian consumers.

The electronics industry worldwide continues to face raw material shortage given the ongoing Covid situation in China.

“In the near future, we do see a grim scenario in India if the current, 4-5 weeks delay in shipments continues,” Avneet Singh Marwah, CEO of Super Plastronics Pvt. Ltd (SPPL), told.

“The shortage of raw materials has caused major instability in prices and as a company, we will also have to hike our prices by 5-7 per cent,” he added.

Smartphones, laptops, TVs, ACs as well as imported watches are set to get costlier. Industry experts said prices of these consumer goods could even go up to 10 per cent.

According to Anand Dubey, CEO, Indkal Technologies Pvt Ltd, since the pandemic started, the industry has been experiencing issues in the supply chain.

“The Russia-Ukraine war has only aggravated the problem as these countries are two of the largest producers of key minerals used in the manufacturing of chips,” Dubey told IANS.

“In fact, a prolonged period of war could result in further distress and complexities. While we have been taking many tactical measures to keep a check on the price impact of all these issues, it remains a challenge to sustain current prices,” Dubey added.

The electronics sector has already been raising prices by 2-3 per cent every quarter owing to the Covid-19 pandemic.

With supply chain disruptions, fast-moving consumer goods (FMCG) companies have also been forced to increase the prices of daily-use products.

Lockdowns in China have delayed shipments across industries and consumer electronics has taken the maximum hit.

In June and July, India will see major annual sales being held by e-commerce platforms.

Experts are worried that the ongoing crisis can even spill over to the festive sales season.

“This will definitely hit the overall demand for the sector as India is a price-sensitive market. Until stability is brought about, the end consumer will continue to see a rise in price of most products,” said Marwah of SPPL, an exclusive brand licensee of THOMSON in the country.

ALSO READ-Indian semiconductor sector target $110 billion by 2030

Previous Story

Indian semiconductor sector target $110 billion by 2030

Next Story

Ukraine sets up global fundraising platform

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Brittas urges to withdraw essential drugs price hike

He mentioned that last year’s increase was just 0.53 per

Huawei’s consumer business grows 2% amidst challenges

In the first half of the year, the Chinese market