To electronic brands, Bosch and Siemens, which are operated and run by European company BSH Household Appliances have announced to reduce prices of its refrigerators, washing machines and mixer grinders by 7-8 percent after GST rate cut by the government recently.
The reduction orders are expected to be brought into the effect immediately.
Lately, Centre had cut the GST rates from 28 per cent to 18 per cent on 15 items, including washing machine, fridge, laundry machines and food grinders.
"Further to this reduction on essential home appliances, we're happy to announce that BSH Household Appliances will be passing on the full benefit to the end consumer under its brands Bosch and Siemens Home Appliances," said Gunjan Srivastava, managing director and chief executive officer, BSH Household Appliances.
"There has been a substantial drop in prices of about 7-8 per cent, well ahead of the festive season, which is expected to spur growth and boost demand," he added.
Srivastava said the company experienced a healthy growth rate of about 30-35 per cent in FY18 and it is looking to maintain the same growth rate this year as well.
Samsung, Panasonic, Godrej Appliances which also share a major portion of the consumer durable market have already reduced the prices in similar range after the GST rate deduction.