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European company BSH Household Appliances, which operates in the country under two brands, Bosch and Siemens, today said it will reduce prices of its refrigerators, washing machines and mixer grinders by 7-8 per cent to pass on the benefit of the GST rate cut to the consumer. The reduction will be valid with immediate effect.
The government recently decreased the GST rates from 28 per cent to 18 per cent on 15 items, including washing machines, fridges, laundry machines and food grinders.
“Further to this reduction on essential home appliances, we’re happy to announce that BSH Household Appliances will be passing on the full benefit to the end consumer under its brands Bosch and Siemens Home Appliances,” said Gunjan Srivastava, Managing Director and Chief Executive Officer, BSH Household Appliances.
“There has been a substantial drop in prices of about 7-8 per cent, well ahead of the festive season, which is expected to spur growth and boost demand,” he added. Srivastava said the company experienced a healthy growth rate of 30-35 per cent in FY18 and it is looking to maintain the same growth rate this year as well.
Other consumer durable firms including Samsung, Panasonic and Godrej Appliances have already announced a reduction in prices in a similar range after the GST rate cut.
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