India's Consumer Durables Industry Set for Massive Growth by 2030

A report by the Confederation of Indian Industry (CII) projects that India's consumer durables industry will reach Rs 5 lakh crore and create 5 lakh skilled jobs by 2030. The report emphasizes the importance of innovation, exports, and sustainable growth for capturing domestic and global markets.

The consumer durable industry in India is anticipated to hit approximately Rs 5 lakh crore and generate around 5 lakh skilled jobs across its value chain by 2030, according to a report by the Confederation of Indian Industry (CII). The report, titled 'Vision 2030: India's rise as a global force in Consumer Electronics and Durables,' was unveiled during an industry summit.

The report explores the current landscape of the Consumer Electronics and Durables sector. 'India's consumer durables sector is experiencing strong growth, supported by liberalized investments, a thriving startup ecosystem, and significant innovation in R&D. With streamlined land availability and clearances through industry corridors and industrial parks, the sector has immense potential to capture both domestic and global markets,' said Amardeep Singh Bhatia, Secretary of DPIIT.

Highlighting sustainable growth, Bhatia urged the industry to adhere to principles of circularity. Speaking at the Consumer Electronics and Durables Summit organized by CII, he emphasized the need for focusing on exports and future demands when planning investments or joint ventures. He cited the success of export-driven strategies in countries like Thailand and China.

Although the consumer durable industry has a strong presence in Africa and the Middle-East, Bhatia mentioned that the true measure of success would be exporting to developed nations like Japan. To achieve this, he stressed on ensuring quality, technological advancement, and increased spending on R&D.

During the summit, B. Thiagarajan, Chairman of CII National Committee on Consumer Electronics and Durables, and Managing Director of Blue Star Ltd., highlighted that extending the PLI scheme to components would foster a competitive manufacturing ecosystem in India. This shift is attracting global investments and positioning India as a global manufacturing hub.

He stressed the importance of building a strong quality ecosystem to enhance consumer trust. Establishing a robust quality framework and promoting standardization are crucial for exporting Indian standards globally, according to Thiagarajan. EY-Parthenon's Angshuman Bhattacharya noted that expanding the domestic market provides substantial opportunities for boosting production. Government initiatives like Atmanirbhar Bharat and Make in India are creating a favorable environment for sectoral growth.

'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,' Bhattacharya added.

(With inputs from agencies.)