In the electronics sector, steeper import duty rates are a precursor to upcoming schemes under the production-linked incentive plan
Sales of premium smartphones, TV, water purifiers and refrigerators did nine times better in value in 2022, reported the Economic Times (ET) citing data from consumer electronics industry.
The upper middle class and the rich continued buying premium electronic products despite a hike in prices. Lower-income consumers largely skipped such products due to inflationary pressures, ET quoted industry executives as saying.
Data from GFK, a market research company, show that smartphone sales increased 35 per cent by value, the growth in sales was 94 per cent for handsets priced above Rs 30,000.
First Published: Feb 15 2023 | 3:51 PM IST