AC Market Special: Contributions-India

India’s gross domestic product (GDP) growth in fiscal year (FY) 2021–2022 is estimated at 8.6%. During the first half of calendar year 2022, the Indian rupee depreciated by 6.3% with respect to the U.S. dollar. The ongoing war in Ukraine, which has resulted in a sharp rise in oil, commodity, food, and fertilizer prices has led to imported inflation. Rising input costs forced air conditioner manufacturers to pass on a part of the cost increase to consumers, which had an adverse impact on sales temporarily.