India’s Consumer Durable Industry to Reach Rs 5 Lakh Crore and Create 5 Lakh Jobs by 2030
New Delhi, India – The consumer durable industry in India is expected to grow significantly, reaching approximately Rs 5 lakh crore and creating around 5 lakh skilled jobs by 2030. This projection comes from a report by the Confederation of Indian Industry (CII) titled ‘Vision 2030: India’s rise as a global force in Consumer Electronics and Durables.’
Key Insights from the Report
The report explores the current state of the Consumer Electronics and Durables sector in India. Amardeep Singh Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), highlighted the sector’s growth, driven by liberalized investments, a thriving startup ecosystem, and innovation in research and development (R&D).
Bhatia emphasized the importance of sustainable growth and urged the industry to focus on circularity principles. He also stressed the need for the industry to concentrate on exports and future demand while planning investments or joint ventures. He cited examples of countries like Thailand and China, where the focus on exports has been significant.
Industry Leaders’ Perspectives
B Thiagarajan, Chairman of the CII National Committee on Consumer Electronics and Durables and Managing Director of Blue Star Ltd., discussed the impact of the Production Linked Incentive (PLI) scheme. He noted that extending the PLI from end products to components is fostering a competitive manufacturing ecosystem in India, attracting global investments, and positioning the nation as a global manufacturing hub.
Thiagarajan also mentioned that Indian products are becoming more globally reliable in terms of quality. He stressed the importance of establishing a robust quality framework and promoting standardization to enhance consumer trust and export Indian standards worldwide.
Angshuman Bhattacharya, Partner and National Leader for the Consumer Product and Retail Sector at EY-Parthenon, highlighted the substantial opportunities in the expanding domestic market. He noted that government initiatives like Atmanirbhar Bharat and Make in India are creating a favorable environment for the sector’s growth. Bhattacharya believes that by capitalizing 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.
Doubts Revealed
Consumer Durable Industry -: This refers to companies that make products like refrigerators, washing machines, and TVs that last for a long time.
Rs 5 Lakh Crore -: This is a big amount of money. ‘Rs’ stands for Indian Rupees, and ‘5 Lakh Crore’ means 5 trillion rupees.
5 Lakh Jobs -: This means 500,000 jobs. ‘Lakh’ is a term used in India to represent 100,000.
2030 -: This is a year in the future, 2030, which is 7 years from now.
Confederation of Indian Industry (CII) -: CII is a group of businesses in India that work together to help the economy grow.
Investments -: This means putting money into something to help it grow, like a business.
Innovation -: This means creating new ideas or products to make things better.
Startup Ecosystem -: This is a community of new businesses that are just starting out and trying to grow.
Exports -: This means selling goods to other countries.
Atmanirbhar Bharat -: This is a government initiative that means ‘Self-Reliant India,’ encouraging people to make and buy Indian products.
Make in India -: This is another government initiative to encourage companies to manufacture their products in India.
Global Manufacturing Hub -: This means a place where many products are made and sent to different parts of the world.
