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Customs duty hikes: Companies to look at rejigging sourcing structures
February 03, 2021
Will need to increase local sourcing, say players
With the Central government continuing with its strategy to hike customs duties in the latest Budget in a bid to boost domestic manufacturing, consumer durables and footwear companies said they are re-looking at their supply chains to step up focus on sourcing of components or parts domestically.
Kamal Nandi, President CEAMA and Business Head & Executive Vice President,Godrej Appliances, said, “Consumer durable brands will need to increase local sourcing, which will, in turn, encourage the growth of the component ecosystem and this will enable them to attain scale. The hike in the basic customs duty on compressors, used to make refrigerators and air-conditioners, is a step in the right direction to encourage development of the component ecosystem in the country in the long term.”