India is shining now for global consumer firms
Around a dozen global consumer-facing companies reported robust growth in India in the January to March quarter, surpassing even pre-Covid levels with a high double-digit rate for several. India is among the top-performing areas for several of these firms, including Unilever, Visa, Whirlpool, and Pernod.
Companies sold inventory amid increased Covid-19 instances and municipal restrictions, resulting in large discounts on some discretionary products such as apparel and shoes across platforms throughout the country. Several CEOs have also stated that they are increasing their investment in India.
Sales of everyday household products and basics grew mostly owing to price increases, as corporations raised prices to offset rising raw material, energy, packaging, and transportation costs. Crude and palm oil prices, which are major constituents in soaps, shampoos, and detergents, have increased by 60%, while packaging material costs have increased by 20% from a year ago.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.