New Delhi, August 28: The toilet soap industry in India has been affected by the latest slowdown, as a result of which, companies in this category have reduced the prices to boost demand. Hindustan Unilever (HUL) has reduced prices by 4-6 percent in the Lux and Lifebuoy portfolio. In order to fight competition, Wipro Consumer Care, which makes Santoor soap, has also reduced prices, according to an Economic Times report. Indian Economic Crisis: From Parle to Maruti, Iconic Indian Companies Hit By Slowdown And Dwindling Sales Stare at Job Cuts.

Anil Chugh from Wipro as quoted in the report said, "Yes, we have also cut prices in soaps, passing on the benefit of lower raw material prices to the consumer. We believe this will help increase consumption." Experts believe that the decision to slash prices may lead to a rise in consumption of toilet soaps, which belongs to a highly penetrated category. Economic Slowdown Not as Bad as Depicted, Just Consumers' Preferences Changed: SBI Study.

The scenario of muted demand affecting sales is seen across sectors. From biscuits to automobiles, Indian companies across industries are desperately fighting the weak economic situation in the country. A recent research note by State Bank of India shows that the slowdown in various sectors is mainly driven by the lack of demand in the rural heartland.

(The above story first appeared on LatestLY on Aug 28, 2019 10:04 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).