Month: September 2024

The report exhibits an analysis of trends in key parameters such as portfolio growth, originations, and delinquencies across lender types and ticket size ranges till Q4 FY24

CRIF High Mark, a leading Indian credit bureau, launched the fourth edition of itsflagship report, How India Lends, today. The report deep dives into Consumption Lending, MSME Lending, and Microfinance Lending for the last five years (FY20 to FY24) with an emphasis on key insights into the industry and consumer trends.

Consumption Lendingincludes Home Loans, Personal Loans, Two-Wheeler Loans, Auto Loans, Consumer Durable Loans and Credit Cards. MSME lending includes Entity and Individual loans. Entity MSME Loans are defined based on entity-level credit exposure of up to ₹50 Crore. Individual MSME Loans include Business Loans, Property Loans, Commercial Vehicle Loans and Construction Equipment Loans.Corporate Loans refer to loans given to Mid and Large-size entities with credit exposure of more than ₹50 Crore and are reported to the Commercial Bureau.

Insights into Trends and Patterns Shaping Major Lending Product Categories in India 

Consumption Loans: Portfolio outstanding of Consumption Loans increased by 15.2% YoY to ₹90.3 Lakh Cr as of Mar’24, however, portfolio growth has decelerated(from 17.4% as of Mar’23) primarily driven by the slowdown in the Home Loans segment (40.1% of consumption loans portfolio by value)

·         Home Loans: 

–          Portfolio growth slowed down to 7.9% YoY (vs. 23% YoY as of Mar’23) due to muted growth in originations (9.2% in FY24 vs 18.2% in FY23)

–          Shift in Originations (by value and volume) from ticket size ₹ 5L – ₹ 35L to ₹ 35L +

–          Growth of 32% in Average Ticket Size (ATS) from ₹20.1L in FY20 to ₹26.5L in FY24

·         Personal Loans:

–          Robust Portfolio growth (26% YoY as of Mar’24) despite recent regulatory reforms

–          ₹10L+ Ticket Size loans continue to increase their share in originations by value, while <₹1L Ticket Size loans continue to dominate by volume

–          Banks dominate Originations (by value) and NBFCs dominate Originations (by volume)

·         Two-wheeler loans: 

–          Growth accelerated to 34% YoY (from 30% as of Mar’23)primarily driven bythe shift in originations to Higher Ticket Size loans, despite lower origination volume growth YoY (13% in FY24 vs. 32% in FY23)

–          Shift in Originations (by value and volume) with a 4.6x growth can be seen for₹75K+ from FY20 to FY24

·         Auto Loans: 

–          Marginal slowdown in Portfolio growth to +20% YoY (vs. 22% as of Mar’23) buoyed by Shift in Originations to ₹10L+ Ticket Size loans but dampened by lower growth in overall origination volumes

–          5% growth in Originations Volume (vs. 21% in FY23) and 12.5% growth in Originations Value (vs. 37.3% in FY23)

·         Consumer Durable Loans:

–          Robust portfolio growth of 34% YoY (vs. 26% YoY as of Mar’23) driven by the shift in originations to ₹25K+ ticket size loans, which offset the muted growth in originations volumes (8.5% in FY24 vs 38.2% in FY23)

–          21% growth in Originations by value, and 8.5% growth by volume in FY24

–          Private banks gained origination share from FY20 to FY23, however NBFCs regained some of their lost share in FY24

·         Credit Cards:  

–          16.5% growth in Active cardsfrom Mar’23 to Mar’24

–          Credit card balances reached ₹3.0 lakh crore, with 999.1 lakh cards in circulationas of Mar’24

MSME Lending: Individual MSME segment growth outpaces that of Entity MSMEs, both in terms of portfolio growth (28.9% YoY vs 6.6% YoY) and originations growth (12.6% YoY vs 3.1%).

Individual MSME Loans

·         Portfolio outstanding of Individual MSME Loans stands at ₹35.7 Lakh Cr as of Mar’24 with growth accelerating to 29% YoY (vs. 15% YoY as of Mar’23)

·         Witnessed Y-o-Y growth in Originations by value at 12.6%and by volume at 19.4%in FY24

·         Individual MSMEs witnessed improvement in delinquency across all Ticket sizes and Lender types

 

Entity MSME Loans

·         The Portfolio outstanding of Entity MSME Loans stands at ₹28.4 Lakh Cr as of Mar’24 with growth decelerating to 6.6% YoY (vs. 17.2% as of Mar’23)

·         The sector witnessed Y-o-Y growth in Originations by volume at 18.9%, while 3.1% by value, with the Micro Segment being the largest contributor

 

Microfinance Lending:

·         Portfolio growth accelerated to 27% YoY (vs. 21% YoY as of Mar’23) with the Microfinance Loans portfolio outstanding of ₹442.7 K Cr as of Mar’24.

·         The average ticket size for MFIs increased by 11% from ₹40.9K to ₹45.4K between FY23 and FY24

·         PAR 31-90% and PAR 91-180% were stable as of Mar’24 compared to Mar’23

 

Commenting on the report Mr. Sanjeet Dawar, Managing Director, CRIF High Mark, said, “The fourth edition of the report ‘How India Lends – FY2024’ provides a comprehensive overview of the evolving lending landscape in India. This year’s report highlights the continued dominance of Home Loans and the notable growth in Personal Loans and Two-Wheeler Loans. We also observe a significant rebound in NBFCs' market share and a marked expansion in the Microfinance sector. The stability in delinquencies and the strong performance across various lending categories underscore the ongoing resilience and vitality of the Indian credit market.”

 

Data from field experiments by reputed agricultural research institutes demonstrated 2.4% to 27% rise in yield as a result of using Nano DAP

Data from the field experiments conducted by several reputed Indian Council of Agricultural Research (ICAR) institutes and state agricultural universities across the country’s diverse agro-climatic zones have demonstrated that Nano DAP can enhance the yield of crops to the tune of 2.4% to 27% when applied at a recommended dose. This data showcases the unique advantage of Nano DAP in comparison to conventional DAP.

The experiments were held in farmers’ fields across India over 3,000 locations, led by a team of Agronomists who have studied the response of Gromor Nano DAP in a spectrum of crops, including rice, wheat, maize, moong, chickpea, red gram, groundnut, cotton, potato, onion, bottle gourd and cabbage, covering the states of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Odisha, West Bengal, Gujarat, Uttar Pradesh, Madya Pradesh, Chhattisgarh and Punjab. The data depicted that farmers who have started using Nano DAP are convinced with the results and begin to benefit from the Nano fertilizers.

Gromor Nano DAP was tested across the country as part of the research, including several reputed Indian Council of Agricultural Research (ICAR) Institutes such as India Agricultural Research Institute (IARI) – New Delhi, Indian Institute of Rice Research (IIRR) – Hyderabad, Indian Institute of Millets Research (IIMR) – Hyderabad, Indian Institute of Pulses Research (IIPR) – Kanpur, Central Institute for Cotton Research (CICR) – Nagpur, Indian Institute of Horticultural Research (IIHR) – Bengaluru and Indian Institute of Vegetable Research (IIVR) –  Varanasi. It was also tested at various state agricultural universities such as Tamil Nadu Agricultural University – Coimbatore, Professor Jayashankar Telangana State Agricultural University (PJTSAU) – Hyderabad, Mahatma PhuleKrishiVidyapeeth (MPKV) – Rahuri, Dr. PanjabraoDeshmukhKrishiVidyapeeth (PDKV) – Akola and Punjab Agricultural University-  Ludhiana besides unequivocally demonstrated in farmers’ fields. 

The Indian agriculture faces a wide array of constraints such as decline in soil organic carbon, imbalanced fertilization, multi-nutrient deficiencies and less fertilizer response ratio besides impacts of climate change and huge sum of fertilizer subsidies. The scientists have started exploring cutting edge technologies like nanotechnology which enables atomic manipulation to achieve processes and products that are precise to deliver input without associated loss of nutrients synchronized with environmental issues. To resolve this, Coromandel International has been manufacturing Gromor Nano DAP since 2023.

In alignment with the national-level nanofertiliser recommendations, the recommended dose ofGromor Nano DAP at 500 ml per acre twice at 20-25 and 40-45 days after sowing or transplanting, along with 75% recommended dose of conventional phosphaticfertilisers for optimum output.

In order to gain insights, rapid absorption of Nano DAP in comparison to conventional DAP was assessed using high resolution electron microscopy, quick assimilation and turnover of amino acids using enzyme assays besides internalization in crops as stated by Dr K S Subramanian, Scientific Advisor, Coromandel International Limited and Former Director of Research, TNAU. Gromor Nano DAP was designed, developed and notified by Fertilizer Control Order (FCO) in 2023, at a time when the country is facing a phosphaticfertiliser availability crisis.

 

~ The centre in Delhi will enable the University to showcase its extensive educational offerings, cutting-edge research, and community engagement programs

 

The University of Melbourne opened its first Melbourne Global Centre in Delhi today, marking a significant expansion of its global presence. This milestone is part of a major delegation visiting India to enhance partnerships and engagement with local students, alumni, government officials, and educational partners.

 

The Melbourne Global Centre – Delhi is strategically located in the heart of India's central government district; close to businesses, international agencies, and the Australian High Commission.The Centre will facilitate collaboration and knowledge exchange across education, research, industry, and the community, serving as the University's central hub in India.

 

The Melbourne Global Centre – Delhi will enable the University to showcase its extensive educational offerings, cutting-edge research, and community engagement programs. The Centre will feature cultural performances, art exhibitions, and lecture series, serving as a platform to connect research with Indian corporations, industry partners and academic institutions.

 

The opening event brought together students, alumni, academics, and distinguished guests, including representatives from the Indian and Australian governments.

 

Professor Michael Wesley, Deputy Vice-Chancellor (Global, Culture and Engagement), University of Melbourne said, “Our Melbourne Global Centre in Delhi is a significant step in our longstanding commitment to fostering educational collaboration between India and our University. Building on institutional partnerships that span up to 16 years, we are dedicated to empowering and enhancing capacity within India, aligning with our mission to collaboratively benefit society through education and research”.

 

Professor Wesley added, “Our global strategy, which launched earlier this year, reinforces our commitment to become a knowledge hub for Asia and the Pacific, uniting educational excellence with international research collaboration. The Melbourne Global Centre – Delhi embodies our partnership model in India, fostering capacity building and collaboration through mutually beneficial relationships that address the educational needs of this region.”

 

 “The opening of the University of Melbourne’s Global Centre in Delhi marks a significant milestone that underscores the university’s long-term commitment to India. The centre will be a hub for strengthening educational and research ties and promoting collaboration. The centre is reflective of Australia and India’s shared vision for education and research as a key driver for economic growth and social impact. It will unlock new opportunities for students and researchers to come together to innovate and address shared challenges for the mutual benefit of both nations.”-  Philip Green, High Commissioner of Australia to India

 

The establishment of the Melbourne Global Centre – Delhi strengthens the University’s presence and engagement in India while supporting its broader global partnership model in key partner countries throughout Asia and the Pacific, the world’s most dynamic region.

 

The Melbourne Global Centre is not designed for teaching or as an offshore campus.Instead, it is focused on enriching current and future initiativeswithin India for greater sustainable impact, as determined by the University’s partnership model and informed byIndian governments and institutions.

As the University continues to deepen its ties within India, the Melbourne Global Centre in Delhi represents a firm commitment to supportIndia in its long-term academic and research aspirations. As a centralised hub for collaboration, the Centre will lay the foundations for future generations of scholars and researchers, forging new bilateral connections and facilitating meaningful educational and cultural exchanges well into the future.

 

~ Now comes in a stunning 55-inch variant for an immersive 4K experience

~Available across mi.com and Flipkart

Xiaomi India, a leading global technology brand, today announced the expansion of its popular Redmi Smart Fire TV 4K series with the introduction of two new models— a 55-inch and a 43-inch variant. This latest addition offers consumers a wider range of options to elevate their home entertainment experience setups with advanced and high-quality smart TVs.

Designed to deliver exceptional visual and audio quality, the Redmi Smart Fire TV 4K model features a large, high-resolution display that brings movies, TV shows, and games to life. The device also boasts advanced sound technology for immersive audio.

Anuj Sharma, Chief Marketing Officer, Xiaomi India said “As the festive season approaches, Xiaomi India is thrilled to enhance the home entertainment offerings with the latest additions of display sizes to our Redmi Smart Fire TV 4K series. With the growing demand for larger, more immersive displays, we're committed to bringing the cinematic quality of entertainment directly into your home set-ups. Our partnership with Amazon has been instrumental in crafting these exceptional TVs, combining Xiaomi's innovation in smart TVs with fast streaming experiences offered by Fire TV. The Redmi Smart Fire TV 4K delivers precisely that—offering stunning visuals, superior sound, and an easy-to-navigate interface designed to transform every viewing moment into a true spectacle.”

Parag Gupta, Director and Country Manager for Amazon Devices India adds,“We are delighted to expand the 4K Fire TV line-up with the introduction of two new Redmi Smart Fire TV 4K Series with Fire TV built in, in collaboration with leading TV manufacturer, Xiaomi. Our previous 32-inch and 43-inch models are loved by customers (rated 4+ stars) and were among the top-selling smart TVs during last year's festive season. I am excited that the new TVs, in 43-inch and 55-inch size, have come just in time for this year’s festive season. With this launch, Fire TV’s advanced TV streaming experience will be available across a range of Redmi smart TV display sizes that are designed to deliver zippy fast TV streaming performance catering to diverse viewing preferences. Fire TV offers consumers access to tens of thousands of movies and TV shows, personalized recommendations, and the convenience of Alexa voice search.”

Unleash the Powerhouse Within:

At the heart of the Redmi Smart Fire TV 4K lies a high-performance 64-bit quad-core processor. Paired with 2GB of RAM and 8GB of storage, this powerhouse delivers exceptionally smooth and responsive performance. Whether it's binge-watching shows, playing action-packed games, or streaming movies, the TV delivers a seamless and engaging experience.

A Feast for the Eyes and Ears:

Immerse in breathtaking visuals with the Redmi Smart Fire TV 4K’s stunning 4K HDR display. Its sleek, bezel-free design minimizes distractions, letting the picture take center stage. With MEMC technology, motion stays crystal clear, even during the fastest-paced scenes, ensuring flawless visuals throughout.

Accompanying the impressive visuals is a 30W speaker system on the 55-inch variant and 24W speakers on the 43-inch variant designed to deliver rich, powerful audio that enhances every scene. Whether watching a movie, listening to music, or playing games, the Redmi Smart Fire TV 4K provides a truly cinematic sound experience.

The Power of Fire TV

Fire TV built in offers a seamless, quick, and convenient access to entertainment and content on the home screens. Fire TV users can stream tens of thousands of films and TV show episodes through 12,000+ apps via the Appstore, including popular services like Prime Video, Netflix, Disney+ Hotstar, Zee5, JioCinema etc.

Users can also perform multiple other functions such as controlling Alexa-compatible smart appliances through voice and experience the joy of accessing multiple content sources simultaneously through the Picture-in-Picture technology.

Stay connected with other compatible devices 

With a wide range of connectivity options, the Redmi Smart Fire TV 4K makes it easy to link up with other devices. Bluetooth 5.0, dual-band Wi-Fi, AirPlay 2, and Miracast allow effortless streaming, photo sharing, and connecting to external speakers or headphones.

Availability and Pricing

Redmi Smart Fire TV 4K will be available in two models 43-inch and 55-inch starting 18th September 2024 at a special launch price of INR 23,499* and INR 34,499* respectively across mi.com, and Flipkart.

*Inclusive of INR 1500 bank offer on ICICI bank credit & debit card

Paras Buildtech, a prominent real estate developer, concluded a three-day Book Donation Drive at Paras One33 in Noida from September 12th to 14th, celebrating Hindi Diwas and reinforcing its commitment to community welfare. The drive was organised in partnership with two renowned NGOs, Aarambh and Udaar Foundation, who played a pivotal role in collecting and facilitating the future distribution of the donated books to needy children, ensuring the initiative's long-lasting impact.The initiative aimed at supporting the education of underprivileged children through a meaningful blend of corporate social responsibility and community engagement.

Speaking on the event’s success, Mr. Kunal Rishi, COO of Paras Buildtech, remarked, “At Paras, we believe it is both our privilege and responsibility to give back to society. This book donation drive is part of our continuous efforts to create access to education for children and inspire a brighter future for them. We are deeply moved by the overwhelming response from the community and the invaluable support from our retail partners in making this drive a resounding success.”

The NGO partners also expressed their appreciation for the initiative, with representatives from Aarambh and Udaar Foundation stating, “We are proud to collaborate with Paras Buildtech in this impactful initiative. Their commitment to education and community development is truly commendable. This book donation drive has brought smiles to many children and ignited hope for a brighter, more educated future.”

The event’s atmosphere was marked by generosity and enthusiasm, with visitors at Paras One33 actively participating in engaging activities. A special quiz on Hindi, organized to commemorate Hindi Diwas, added an educational and fun element to the event, allowing customers to join in the celebration of India’s linguistic heritage.

The initiative also witnessed active participation from various retail partners at Paras One33, including prominent brands like Barbeque Nation, FTV, Lenskart, and Barista, who demonstrated their commitment to social responsibility by encouraging donations and fostering community involvement.

Paras Buildtech’s Book Donation Drive stands as a testament to the power of collective efforts in uplifting society through education and celebrating culture. With the support of the community, NGOs, and retail partners, this drive is set to leave a lasting impact on the lives of underprivileged children

A first in India’s home furnishings industry, the policy allows to exchange and return of IKEA products for up to one year after purchase

 

One of the world's most loved and trusted home furnishings brand, has introduced a 365-days exchange and return policy to make the consumer shopping experience even more convenient and flexible. Products including home furniture and furnishingaccessories can be exchanged or returned to IKEA, either in their original packaging or assembled, allowing customers to test and try them at home for fit, comfort, and functionality. With the new ‘Change of Mind’ policy that cover exchange and returns, IKEA is set to take its customer satisfaction and trust a notch above.

 

Designed to be clear and simple, the exchange and return policy allows customers to exchange or return products either in-store or through convenient home collection services, regardless of where the purchase was made. This policy sets IKEA apart by offering an unparalleled level of flexibility that is uncommon in the industry.

 

By introducing this more flexible exchange and return policy, IKEA aims to retain itself as a top choice in life at home solutions in India, addressing customers’ needs for ease and contentment in an ever-evolving retail landscape.With collection conscious practise we also promote sustainable resolution for customers, For IKEA Family members, the policy goes even further, offering benefits such as free replacements for products damaged during self delivery or self assembly within 14 days of purchase.

 

Adosh Sharma, Country Commercial Manager, said“For over 80 years, IKEA has been synonymous with offering high-quality, durable products that create a better everyday life at home. Our new 365-days exchange and return policy is an extension of our efforts, designed to build trust and empower our customers in India. Whether shopping online or in-store, this initiative ensures that customers feel confident in their choices. By making it easier to find the right product the first time and enhancing our focus on 'Democratic Design,' we are elevating satisfaction levels. Our goal is to make exchange and returns as seamless and convenient as possible, so they can focus on what truly matters—building a home they love.”

 

The new policy offers customers the flexibility to exchange or return products within a full year from the purchase date or the delivery date, giving them ample time to make the right choices for their homes. With proof of purchase, customers can exchange and return items in saleable condition—whether unused, slightly used, or assembled. All IKEA products, including products purchased from the stores. Additionally, the company provides an extended 365-days exchange period for mattresses, As-Is section and meter fabrics allowing customers the time to try and test them at home.

 

Aleksandra Shestakova, Country Customer Manager, IKEA India, said, “Imagine you buy a couch or a mattress for your home, use it for a month or so, and do not enjoy the comfort it provided. In most cases, you’d be stuck with your choice until it lasts. However, we plan to change that for customers who shop from IKEA. By taking seamless shopping experience beyond our stores and all other offline and online channels, making returns and claims easier, we want to reassure customers of our quality and flexibility to choose what truly fits their homes and values. All our customers will now have 365 days to be able to doexchange or returns across all our shopping channels. This policy is not just IKEA India’s bold take on quality assurance but also our way of creating shared trust with our customers.”

 

IKEA India continues its journey to become the preferred omnichannelhome furnishings retailer, delivering a convenient and enjoyable customer experience.

 

Study on Indians' Preparedness for Future Savings and Insurance Plans

 

Imagine yourself navigating the demands of daily life—balancing your career goals, family obligations, and the constant pursuit of a secure future. But, like many Indians have discovered, the journey to financial stability is often marked by overlooked opportunities and postponed decisions. This insight forms the core of Canara HSBC Life Insurance’s “Perfect Plan Ka Partner” survey—a comprehensive study that explores how well-prepared Indians are for the future and how they manage their savings and insurance.

 

In partnership with an independent survey agency, Canara HSBC Life Insurance embarked on a journey to understand how individuals across various age groups and cities in India prioritize their financial future. The survey, encompassing 800 participants aged 20 to 50 from eight Tier 1 and Tier 2 cities, unveils a compelling narrative: a story of aspirations, regrets, and the quest for security.

 

The findings reveal a striking reality.Approximately 70% of Indians are setting aside immediate desires, like purchasing a home or taking a much-needed vacation, to prioritize their family's financial security. Saving and securing their loved ones' future emerge as the primary reasons for opting for life insurance policies. However, this focus on family often comes at the expense of other financial goals, with 60% of individuals zeroing in on just one priority—family financial security—while overlooking the importance of savings.

 

Delving deeper, the survey reveals that 64% of individuals wished they had begun their term insurance journey sooner. Despite 83% acknowledging the importance of term plans, a mere 11% take the time to review their coverage annually. This lack of regular assessment leaves only 25% of Indians feeling confident that their policy will sufficiently cover unexpected expenses.

 

The story continues with retirement planning. While 66% of Indians start planning for retirement in their 30s, a staggering 74% regret not starting earlier. This delay has left only 27% feeling prepared for retirement, and just 24% believe their maturity amount will fully meet their financial needs.

 

The narrative takes a moving turn when it comes to planning for their children's future. Only 18% of Indian parents feel fully prepared, and an equal percentage believe their policy's maturity amount will be enough to secure their child's future. The regret is palpable, with 71% wishing they had started the policy sooner and 82% of parents feeling unprepared for their child's financial needs.

 

Commenting in the survey findings, Mr. Rishi Mathur, Chief Distribution Officer – Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance said, “These findings emphasize the need for early and regular financial planning. At Canara HSBC Life Insurance, we are committed to helping our customers build a secure future through well-thought-out insurance plans that cater to their unique needs and dreams.  We believe that with the right guidance and timely decisions, every individual can achieve their financial aspirations and secure a better future for themselves and their loved ones.”

In essence, the “Perfect Plan Ka Partner” survey serves as a reminder of the importance of timely financial planning and the necessity of regularly reviewing insurance coverage. It’s a call to action for individuals to ensure that their future, and that of their families, is safeguarded with comprehensive protection and security.           

Business Wire India

• ABB-free@home® expands smart home capabilities increasing comfort and convenience with effortless interoperability
• Integrating with Samsung SmartThings and major brands like Philips Hue, Miele, and Sonos, allowing comprehensive control and automation
• By optimising energy consumption homeowners and occupants can help reduce their carbon footprint

ABB India, a global leader in electrification and automation, has announced the launch of ABB-free@home® in India, a Smart Home automation system with enhanced interoperability. This cutting-edge and comprehensive wireless home automation solution is designed to enhance comfort, security, and energy efficiency for the residential segment. It allows users to integrate and control additional elements such as white good appliances, third party devices as well as EV chargers, through a single interface.

The ABB-free@home® system includes a Matter Bridge Add-on. Matter is an emerging, open-source connectivity standard for smart homes, allowing for seamless cross-functionality with a wide variety of smart devices. This allows users to expand and customize their smart home setups by integrating various devices and appliances as part of a unique ecosystem.

ABB-free@home® can be integrated with platforms like Apple HomeKit, Google Home, Amazon Alexa, and Samsung SmartThings. Designed to be user-friendly, this intuitive system is also compatible with household appliances and sound systems from brands like Philips Hue, LEDVANCE, Sonoro, Miele, HomeConnect, Faber, CoolAutomation, Sonos, making it even more versatile and convenient for users.

“As Indian infrastructure continues to grow with an increasing focus on townships and the residential space, the smart home market is booming with opportunities for innovation and enhanced living. ABB-free@home helps contribute to the creation of green buildings and sustainable cities as through the optimization of energy consumption homeowners and occupants can help reduce their carbon footprint, of residential buildings. This aligns with India's sustainability goals and can play a vital role in the nation's journey transition towards achieving net-zero goals,” said Kiran Dutt, President – Electrification Business, ABB India.

ABB-free@home® is an ideal solution for real estate developers and infrastructure planners, enhancing the appeal and value of their projects in a market demanding smart, connected, and energy-efficient homes. The system is suitable for new constructions and retrofit projects due to its compatibility with a wide range of devices, easy installation, and adaptability.

Collaborations with trusted third-party systems and ABB-free@home® enable residents to be able to use their personal devices to monitor and manage a full spectrum of Lighting, Shading, HVAC (Heating, Ventilation and Air Conditioning), monitor Indoor Air Quality (IAQ), Door communication, smart home appliances, energy, security systems from a single application. Proactively managing appliances such as dishwashers and washing machines to operate off-peak, for example, assures lower energy costs, making it future proof. Along with this, the ABB-free@home® Next app further enhances this automation by enabling remote home control from anywhere, accessible via smartphone or tablet. The system also ensures robust security thanks to encrypted communications, making it an ideal choice for a safe, secure, and smart living environment.

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on over 140 years of excellence, ABB’s more than 105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com

ABB Electrification is a global technology leader making efficient and reliable use of electricity from source to socket possible. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. We help businesses, industry, and consumers run their facilities and homes efficiently and reliably. As the energy transition accelerates, we are electrifying the world in a safe, smart and sustainable way. go.abb/electrification