India is on track to become a major global player in the consumer durables market, with projections indicating that it will rank fourth globally by 2027. According to the Confederation of Indian Industry (CII), the country’s consumer durables market is expected to grow significantly, reaching a value of Rs 5 lakh crore by FY 2030.
India’s Growing Global Credibility in Manufacturing
B Thiagarajan, Chairman of CII’s National Consumer Electronics and Durable Goods Committee and Managing Director of Blue Star Ltd, highlighted India’s progress in manufacturing during the CII Consumer Electronics and Durable Goods Summit 2024. He emphasized that Indian-made products are gaining global credibility, but stressed the need for a strong quality ecosystem and standardized practices across the sector to meet global benchmarks.
India’s position as a global manufacturing hub is strengthening, and with the right focus on developing a domestic component ecosystem, the country could soon become a superpower in this space. Currently, India is the fastest-growing major market for consumer durables, and it is well on its way to becoming the fourth-largest by 2027.
Significant Opportunities in the Value Chain
The consumer durables sector in India is expected to create numerous opportunities across the value chain over the next decade. This includes the development of indigenous components, which will play a key role in reducing reliance on imports and boosting local manufacturing. The industry is poised to see robust growth, supported by both government initiatives and increasing domestic demand.
Government Support and Initiatives
CII praised the Indian government for its efforts to boost the sector through various schemes, particularly the Production Linked Incentive (PLI) program. This initiative aims to make India a self-reliant and technologically advanced player on the global stage. By focusing on innovation, R&D, and scaling up manufacturing capabilities, the country is on track to achieve its goal of increasing manufacturing’s contribution to 25% of India’s GDP.
The flow of Foreign Direct Investment (FDI) into the sector has also been significant, with over USD 500 billion already invested and the creation of more than 8.5 lakh jobs. The sector’s expansion is a clear sign that India is emerging as a strong player in global manufacturing.
India Set to Lead in Air Conditioning Sector by 2040
CII also projected that India’s air conditioning sector will become the largest in the world by 2040. By adopting and promoting Indian standards internationally, the country can enhance its reputation in global markets. Thiagarajan noted that while India has made substantial progress, there is still room for growth, especially in R&D and innovation.
As India continues to scale up, it will be crucial for the country to not only maintain its momentum but also focus on improving its products to meet global standards.
