Indian fan industry still reeling under slowdown

Kolkata, Sep 21 (IANS) The Rs.1,600-crore Indian electric fan industry, hit badly by the economic slowdown last year, does not see any respite in the coming six to nine months, an industry player said here Monday.

“Our domestic sales as well as exports suffered last year. This year it has improved slightly but we don’t see any ray of hope in the coming six to nine months time,” Manoj Verma, chairman of Indian Fan Manufacturers Association (IFMA), told reporters.

Various factors ranging from high input costs to high incidence of value-added tax (VAT) and excise duty are adding to the woes of the industry, he said.

“The issues that are main constraints to us are higher VAT and excise duty, low abatement rate of levying excise duty, lower export incentives and procedural problems for refund of 4 percent additional customs duty,” Verma said.