India’s consumer durables market will rank fourth in the world by 2027. Also, industry body CII said this on Monday. CII said India’s consumer durables market is expected to touch a size of Rs 5 lakh crore by FY 2030. According to PTI news, B Thiagarajan, chairman of CII’s National Consumer Electronics and Durable Goods Committee, said the country’s products are moving towards global credibility, but building a strong quality ecosystem and adopting standardization in the sector and achieving global standards is crucial. It is also necessary to export Indian standards at the national level.
Expected to create many opportunities in the value chain
Speaking at the CII Consumer Electronics and Durable Goods Summit 2024, Thiagarajan, who is also Chairman and Managing Director of Blue Star Ltd, further said that the sector is expected to create many opportunities across the value chain in the next decade, according to the news. . He stressed that with the right focus on domestic scale from finished goods as well as development of indigenous component ecosystem, India’s chances of becoming a global manufacturing superpower are very good. Thiagarajan said India is already the fastest growing major market for consumer durables in the world and is expected to become the fourth largest market by 2027.
Appreciation of government support
CII appreciated the government’s support to the sector through various initiatives including the PLI scheme to boost competition and make India a self-reliant and technologically advanced global player. He also says that the momentum we are seeing is a clear indication that India is emerging as a major player on the global manufacturing stage and we are on track to achieve the goal of manufacturing contributing 25 per cent to the country’s GDP. Well on track to complete. With over USD 500 billion FDI and creation of over 8.5 lakh jobs, there is no dispute on development.
India will become the largest in the world in air conditioning sector
For example, the air conditioning sector is expected to become the largest in the world by 2040, CII said. Thiagarajan said that by adopting and promoting Indian standards globally, we can enhance our reputation in international markets and ensure that our products meet the expectations of consumers around the world. However, he said that while we have achieved significant successes, there is still more work to be done to boost R&D in the sector and innovation is of paramount importance.
