The parameter of success for the consumer durables industry would be its success in exporting to countries with which it has collaborations, like Japan and other developed nations, though it already has a strong footprint in Africa and the Middle-East, Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), has said.
“To achieve that industry must ensure quality, stay ahead in terms of technology and increase spend on R&D,” Bhatia said in his address at the Consumer Electronics & Durables Summit organised by industry body CII.
The industry should focus on exports and future demand while planning investments or joint ventures for expanding production, the Secretary said. He cited the examples of other countries like Thailand and China where the focus was largely on exports.
The consumer durables industry is projected to reach the size of approximately ₹5-lakh crore and will create around 5 lakh skilled jobs across the value chain by 2030, according to a CII report.
“India’s consumer durables sector is on a strong growth path, supported by liberalised investments, a thriving start-up 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,” Bhatia said.
On PLI scheme
Stressing on the importance of the government’s Production Linked Incentive (PLI) scheme for the industry, B Thiagarajan, Chairman, CII National Committee on Consumer Electronics and Durables, stated that extension of the scheme from end products to components was helping in 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 said.