INSUBCONTINENT EXCLUSIVE:
India's consumer durables market is expected to touch a size of Rs 5 lakh crore by FY30.3 min read Last Updated : Sep 30 2024 | 11:18 AM
IST
India's consumer durables market is expected to touch a size of Rs 5 lakh crore by FY30 and will become the fourth largest in the
world by 2027, industry body CII said on Monday.
While the country's products are inching towards global reliability, it is imperative to
build a robust quality ecosystem and adopt standardisation in the sector and also export Indian standards globally, said B Thiagarajan,
Chairman, CII National Committee on Consumer Electronics and Durables.Click here to connect with us on WhatsApp
Speaking at the CII
Consumer Electronics - Durables Summit 2024, Thiagarajan, who is also the Chairman and Managing Director, Blue Star Ltd, further said the
development of an indigenous component ecosystem, with the right focus on domestic scale, India's prospects of becoming a global
manufacturing powerhouse holds great promise," he asserted.
Thiagarajan said, "India is already the fastest growing major market for
consumer durables in the world and is expected to become the fourth largest by 2027 with a projected market size to reach Rs 5 lakh crore by
fiscal year 2030."He acknowledged the government's support to the sector through various initiatives, including the PLI scheme to boost
competitiveness and make India a self-reliant and technologically advanced global player.
"The momentum we are witnessing is a clear sign
that India is emerging as a key player of the global manufacturing stage and we are well on track to meet the goal of manufacturing to
contribute 25 per cent of the GDP to the country
With over USD500 billion in FDI and the creation of over 8.5 lakh jobs, the progress is undeniable
The air conditioning sector, for instance, is expected to become the largest in the world by 2040," Thiagarajan said.
On the quality
front, he said Indian products are inching towards global reliability.
"As strengthening the quality ecosystem fosters consumer trust in
the products offered, it is imperative to build a robust quality ecosystem and adopt standardisation in the sector and export Indian
standards also globally as envisioned by the Prime Minister and the government of India," he added.
By adopting and promoting Indian
standards on a global scale, Thiagarajan said, "We can enhance our reputation in the international markets and ensure that our products meet
the expectations of the consumers worldwide."However, he said, "While we have made significant strikes, there is still more work to be done
to drive growth in sector R-D and innovation is of paramount importance."He said advancement in technology, particularly, artificial
intelligence, has revolutionised the sector, presenting it with new market opportunities and innovative applications.
"To harness the
potential of these technologies, it is crucial for the industry to proactively invest in R-D aimed at integrating artificial intelligence
into consumer electronics and durables to bring innovation to the sector," Thiagarajan asserted.
To further boost the sector's
competitiveness on the global stage, he said, "We must harness economies of scale and build a strong domestic ecosystem.(Only the headline
and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a
syndicated feed.)First Published: Sep 30 2024 | 11:18 AMIST
