August - 2016 - issue > CXO Insights
The Home Appliance Business in the Internet Era
Eric Braganza, President, Haier - India
"The Internet is so big, so powerful and pointless that for some people, it is a complete substitute for life" - Andrew Brown.
We can safely say that the entire Indian sub-continent is undergoing a mass transformation of sorts, and internet and technology is playing a huge role in defining what role the so-called 'transformation' will play in an average Indian's life. With a reported annual GDP growth rate of 7.5 percent (highest in the world), looking ahead, we are all set for a burgeoning, unprecedented expansion, given that the government policies and rules are implemented by all of us in both letter and spirit.
In a population of roughly 1.3 Billion, India is standing at the cusp of a huge growth and development story we are about to write. According to a study by IBEF, India is set to become the largest consumer durables market by 2015. This means that in less than 10 years, India will be eying a pie in the consumer durable market worth $12.5 Billion. So why are we eyeing optimism with so much positivity? The reasons would be:
- Higher levels of income in both urban and rural areas.
- Ease in paying taxes.
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