MD LG India expecting 10% growth, exploring LG Electronics India is optimistic about its growth prospects in the Indian market, expecting a 10% increase in the fiscal year 2024. The company recognizes India as an important market with significant potential due to its favorable economic situation and growing population, particularly among the youth. To capitalize on this potential, LG Electronics India aims to increase the domestic value addition of its products and is even considering inviting sister concerns from South Korea to set up component manufacturing plants in the country.
Furthermore, the company plans to enhance its cost competitiveness and expand its product offerings to increase exports to other countries from India, contributing to the Indian economy and supporting the government’s “Make in India” initiatives. Despite global disruptions and challenges faced by other markets, LG Electronics India commends India’s growth story and believes in the resilience of its economy.
With India being the second largest market for LG Electronics globally, the company is committed to retaining its growth momentum and gaining more market share across the categories it operates in. LG Electronics India is also investing in new manufacturing facilities and studying new business opportunities to meet future demands. By focusing on localization, cost competitiveness, and increasing exports, LG Electronics India aims to strengthen its presence in the Indian market and provide Indian consumers with affordable and high-quality products.