Confederation of Indian Industry (CII) said Monday that 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.
B Thiagarajan, Chairman, CII National Committee on Consumer Electronics and Durables said, ”While India’sproducts 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.”
From finished goods as well as 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.
Speaking at the CII Consumer Electronics & Durables Summit 2024, Thiagarajan said the next decade is expected to create multiple opportunities across the value chain in the sector.
“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 USD 500 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.
He said 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 Prime Minister Narendra Modi and the government of India.
”We can enhance our reputation in the international markets and ensure that our products meet the expectations of the consumers worldwide,” he said.