What makes these figures stand out is that the first six months of any year are usually slow growth periods, with growth rates picking up only in the latter part of the year on account of various festivals that fall in the particular season.

The scene in the other consumer durable areas are also looking good. The refrigerators sector grew at 26 per cent, and washing machines clocked 14.1 per cent growth during this period. The air-conditioner sector too recorded growth rates of about 25 per cent. (Segments like the direct cool in the refrigerator sector grew atalmost 28.4 per cent, while the frost-free segment grew by 9.9 per cent).

Similarly, in the washing machine segment the fully automatic segment grew by 17.9 per cent, while the semi-automatic segment showed growth rates of 11.9 per cent).

Why has the sector shown such phenomenal growth? ``In addition to zero interest finance schemes and various exchange schemes, the growth in the consumer electronics market in the first half of 1998 has been driven by heavy advertising done by all the consumer electronics players. Further, World Cup advertising and promotions have have also given a tremendous boost to colour television sales this year,'' says Ravi Zutshi, vice president (marketing), Samsung India.

The view is also corroborated by financier Pankaj Vajpayee, vice president, Vishwapriya Financial Services (which largely finances retail investors to enable them to put their money in the stock market). His view is that, ``Nobody seems to be investing these days even in the stocks of blue chip companies asthey have no confidence in the stock market. But the money is of course there. And so where better to put it than to finance purchasers in order to assist them in making their purchases.''

While many financiers admit that these trends would have started in the country sooner or later, what is the interesting is that they come in during a recessionary phase of the economy. It appears that consumers are willing to spend a certain sum of money, provided it does not eat much into their personal savings.

Financiers attract consumers with many gizmos. While manufacturers are attracting consumers with various schemes (like exchange schemes and free gifts), the financiers' low interest rates are the bigger attraction for most consumers. Interest rates are low owing to the recessionary trends.Early this year Finance Minister Yeshwant Sinha had decided to crack down on most exchange schemes stating that manufacturers were hiking their maximum retail prices before launching exchange schemes. Following this, manymanufacturers had decided to stay away from launches of similar schemes. Yet, surprisingly, the market for exchange offers has shown an upward trend.

Projections for the future for this sector are bright. Most manufacturers contend that they expect the growth to be as high as 50 per cent during the next six months of 1998 as well, this despite the fact that sales have been advanced because of the football World Cup.

Moreover, with the help of low interest rates, financiers have been able to get the purchaser to do what is best expected of him -- make big purchases.