Japanese electronic major Panasonic Group is expanding its housing utility business especially for modular kitchens in India which is witnessing a huge demand for new homes. The company has already set up a factory earlier this week.

“In India, the purchasing power of the middle-class has been increasing along with the country’s economic growth, and Panasonic aims to speed up efforts to take advantage of the demand in housing that is expected to further grow,” the Japan News said.

The company is now targeting the middle income customers as well.

The news organisation added that the number of new housing starts in India is about 7 million a year. The number is increasing with sales of houses and condominiums growing along with the increase of a middle-class.

For Japanese companies, India is becoming a lucrative market.

“Japan has an ageing population, we are looking for new markets..we are already present in several Southeastern nations but they are smaller in size. India with its size offers a huge opportunity to us,” a senior executive engaged with a Japanese multinational told India Narrative.

In March, Japanese Prime Minister Fumio Kishida announced an investment plan of Rs 3,20,000 crore (5 trillion yen) in India in the next five years. Subsequently, in May, Prime Minister Narendra Modi, who was in Japan to attend the QUAD summit, also held a meeting with top 30 CEOs of Japanese companies. “Make in India for the World” –was Modi’s message to the Japanese business community.

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