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Motilal Oswal Report
The Government of India released a notification dated October 15, 2020 to effectively ban the import of ready-to-install air conditioners.
Here are our thoughts on the development -
While some action on restrictions on AC imports was anticipated, the total ban appears to be a stricter step.
Import duty hikes were expected on components and finished goods, moving toward gradual import substitution.
We view this as a clear signal to the industry to scale up Make in India efforts. We expect more announcements to curb loopholes such as unbundling.
This may be a near-term disruption for the industry, but a very good move over the longer term from the industry evolution perspective.
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