Economy

Panasonic eyes India’s growing home segment pie

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.

Also read: Indian techies to learn Japanese as Tokyo opens doors for jobs

IN Bureau

Recent Posts

‘Political space given to extremist forces’: EAM Jaishankar on attacks on Hindu temples in Canada

External Affairs Minister, S Jaishankar expressed concerns about the recent attacks on the Hindu temples…

26 mins ago

Coast Guard Chief S Paramesh calls on Navy Chief Admiral, deliberates on ICG’s operational readiness

Indian Coast Guard Chief Director General S Paramesh has called on Indian Navy Chief Admiral…

39 mins ago

North Korea launches short-range ballistic missiles ahead of US elections

Just a few hours ahead of the presidential polls in the United States, North Korea…

48 mins ago

Brampton: Thousands take out solidarity rally against attacks on Hindu temples in Canada

Over a thousand Canadian Hindus gathered outside the Hindu Sabha Mandir in Brampton, Canada on…

2 hours ago

Jaishankar meets Australian counterpart Penny Wong for Foreign Ministers’ Framework Dialogue in Canberra

External Affairs Minister S Jaishankar was welcomed by Australian Foreign Minister, Penny Wong, at the…

2 hours ago

Israel targets Hezbollah’s intelligence headquarters in Syria

Israel on Monday targeted Hezbollah's intelligence headquarters in Syria. Sharing a post on X, the…

2 hours ago