New Delhi [India], September 30 : The consumer durable industry is projected to reach approximately Rs 5 lakh crore and will create around 5 lakh skilled jobs across the value chain by 2030, as per a report put out by industry body Confederation of Indian Industry (CII).
The report titled "Vision 2030: India's rise as a global force in Consumer Electronics and Durables" was also released during the summit.
The report delves into the current landscape of the Consumer Electronics and Durables sector.
"India's consumer durables sector is on a strong growth path, supported by liberalized investments, a thriving startup ecosystem, innovation and R&D. With industry corridors and industrial parks streamlining land availability and clearances, there's immense potential for the industry to capture both domestic and global markets", said Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT).
Highlighting the importance of sustainable growth, he urged the industry to keep in mind the principles of circularity. He was addressing the Consumer Electronics and Durables Summit organised by the Confederation of Indian Industry (CII).
He also said that industry should focus on exports and future demand while planning investments or joint ventures for expanding production. He cited the examples of other countries like Thailand, China where the focus was largely on exports.
He said that though the consumer durable industry has a strong footprint in Africa and the Middel-East, the parameter of success for the industry would be if they are able export to countries with whom they have collaborations like Japan and other developed nations. To achieve that industry must ensure quality, stay ahead in terms of technology and increase spend on R&D.
Addressing the Summit, B Thiagarajan, Chairman, CII National Committee on Consumer Electronics and Durables, and Managing Director, Blue Star Ltd. said that "by extending the PLI from end products to components, we are fostering a competitive manufacturing ecosystem in India. This, in turn, is attracting global investments and positioning our nation as a global manufacturing hub. The opportunities created through the PLI scheme are tremendous, and I am confident they will play a vital role in shaping the future of our industry."
He mentioned that Indian products are becoming more globally reliable in terms of quality. As building a strong quality ecosystem enhances consumer trust in the products, it is crucial to establish a robust quality framework and promote standardization in the sector to export Indian standards worldwide.
Angshuman Bhattacharya, Partner and National Leader - Consumer Product and Retail Sector, EY-Parthenon said that "Expanding domestic market presents a substantial opportunity for the consumer durable sector to boost production. Progressive government initiatives like Atmanirbhar Bharat, Make in India are creating a favourable environment for the sector's growth.
"By capitalising on emerging opportunities, enhancing value chain integration and overcoming existing challenges, India can transform this sector into a cornerstone of economic growth and job creation," Bhattacharya added.
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