INDIA
2018-05-29
Despite market turmoil from the effects of the demonetization of high-value notes in November 2016, as well as the introduction of the Goods and Services Tax (GST) in July 2017, India’s VRF market grew 11.8% year on year to 38,000 units. VRF took a large share of commercial projects in India. With India’s ongoing economic growth, large project constructions such as shopping malls are likely to continue, generating demand for hundreds of VRF units in the future.
