Panasonic targets 20% growth on good monsson,pay commission

Panasonic India today said it is expecting "tremendous" growth in the consumer businesses, on good monsoon this year and 7th Pay Commission giving boost to consumer confidence for spending.

"While we look forward, there is a tremendous growth which we are targeting from consumer businesses, we are targeting about 20 per cent compared to last year," Panasonic India President and CEO Manish Sharma told reporters here.

He said, "However, in the case of other product categories there will be significant growth, which is in line with the diversification to strategy and offering more solutions to the Indian environment. So this is the overall strategy which we are trying to execute for ourselves." Stating that the current year has been good not only for Panasonic, but for the entire industry, Sharma said, "It is fundamentally because of good monsoons and we expect agriculture output to be good this time. The 7th Pay Commission is a huge boost in terms of getting consumer confidence for spending." He is also hopeful that this kind of vibrantscenario will continue for the industry and brands will come up with better offerings to the end consumers.

Pointing out that most would understand Panasonic as a brand which sells consumer durable products, Sharma said, in India it is only close to 50 per cent of the total revenue that comes out of consumer products.