Industry Leaders Anticipate Major Advancements in Manufacturing and Global Competitiveness

India’s consumer durables market is on track to achieve remarkable growth, with projections estimating its size will reach Rs 5 lakh crore by fiscal year 2030. By 2027, the country is expected to become the fourth largest consumer durables market globally, as highlighted by the Confederation of Indian Industry (CII) on Monday.

The Path to Global Reliability

According to industry experts, while Indian products are advancing towards global reliability, there is a critical need to establish a robust quality ecosystem. Standardization across the sector is essential, alongside efforts to export Indian quality standards internationally. This emphasis on quality will bolster consumer trust and enhance India’s reputation in the global marketplace.

Opportunities on the Horizon

During the CII Consumer Electronics & Durables Summit 2024, it was noted that the next decade will present numerous opportunities throughout the value chain in consumer durables. With India already recognized as the fastest-growing major market for these products, the anticipated growth underscores the nation’s potential as a manufacturing powerhouse.

Government Initiatives Driving Progress

Support from the government has been pivotal in fostering sector growth. Initiatives like the Production-Linked Incentive (PLI) scheme aim to enhance competitiveness, positioning India as a self-reliant and technologically advanced player on the global stage. This momentum indicates a clear trajectory towards manufacturing contributing 25% of the country’s GDP.

Investment and Job Creation

The sector has witnessed significant foreign direct investment exceeding USD 500 billion, alongside the creation of over 850,000 jobs. Specific segments, such as air conditioning, are expected to dominate the global market by 2040, further highlighting the industry’s transformative potential.

A Vision for the Future

As experts assert, building a robust quality ecosystem is essential for meeting international consumer expectations. By enhancing standards and ensuring products are globally competitive, India can reinforce its position in international markets, aligning with the vision laid out by the government.

The future looks promising for India’s consumer durables market, with strong growth potential and a commitment to quality paving the way for sustained success on the world stage.