Terming India as a market of multitudes, Muralikrishnan asserted that there’s a chance to have compelling 5G providing at each value level.
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“We enter 2024 with the larger macro context looking a lot more brighter and positive. The Indian economy is among fastest growing large economies in the world. The consumer sentiment is up. And if one were to look at projections for 2024-2025 and beyond, things are looking very positive,” Muralikrishnan mentioned at a briefing.
For shopper corporations these components are more likely to translate to rising shopper spends.
“The middle class, which has a huge spending potential, will continue to increase in India and this will be led, to a large extent, by productivity improvement that technology brings. And of course this has a lot of implication for consumer tech companies and smartphone companies like Xiaomi,” he mentioned.
While 2022 was a “challenging” 12 months for the general market, in 2023 too the market didn’t see quantity progress.
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“…in 2024 almost every analyst is putting out a fairly positive projection…it could be a single digit percentage growth in volume but average price points are also going to go up…so overall, the market will grow in 2024,” he mentioned. This can be fuelled by 5G units, he mentioned noting that the 5G choices have gotten inexpensive.
“This shapes up really well when people want to upgarde to their subsequent 5G devices. So, by all indications, 2024 promises to be a very good year so far as the smartphone industry goes,” Muralikrishnan mentioned.
Source: economictimes.indiatimes.com