Consumer Durables manufacturing is expected to fuel India’s USD 5 trillion economic growth. With a vision to build the country into a global sourcing hub.
The pandemic has drastically altered consumer habits. How do you see the prospects for the consumer durable goods sector?
The Consumer Durable Goods industry proves an interesting study in the context of the pandemic. While in the first wave, demand had contracted considerably, in the second wave, it was a different story. Demand for consumer durable goods went up. One explanation is that lockdowns and social distancing shifted consumer demand away from services toward durable goods, particularly among the urban upper middle class in India. Consumers have also moved from price consciousness to quality and safety as a value proposition, particularly for home automation products.
So much so, the `75,000 crore appliances and consumer electronics industry are expected to double-digit growth in 2022. According to a report by India Brand Equity Foundation, the Indian consumer durable goods industry was valued at USD 10.93 billion in 2019 and is poised to reach USD 21.18 billion by 2025. Metros such as Mumbai and Delhi are emerging as consumption hubs of consumer durables products. As the nation marches towards becoming a USD 5 trillion economy by 2025, this sector will play a significant role in achieving the target. India’s liberal and investor-friendly Foreign Direct Investment (FDI) policy is a significant driver of the growth of the consumer durable goods market. In today’s new normal age, this industry is expected to grow due to increased digital influence, leading to improved product awareness and a rise in demand from the tier-II and tier-III cities.
How is government policy tuned to cater to this growth? What more support is needed to ensure growth?
The consumer durables industry is going through an exciting time. As leisure travel restrictions remain and the work from home continues for several industries, consumers are focusing on making their homes more utilitarian. This is giving momentum to the demand for durable goods.
The government’s 100% FDI Policy for consumer electronics hardware manufacturing has helped the manufacturing industry to amplify its production to support a significant boost. The recently announced Production Lined Incentive (PLI) scheme for white goods, with an assured investment of Rs 4,614 crore, is an excellent opportunity for manufacturers to ramp up their production, reduce import dependency and make products more affordable.
With increased consumer awareness about technological advancements and their applications across sectors, artificial intelligence and automation in production will be vital upcoming trends. Industry 4.0 will also drive investments in R&D, technological infrastructure, and processes to improve production efficiencies
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