Consumer Durables Market: India’s consumer durable market is growing rapidly. It is expected to touch the figure of Rs 5 lakh crore by the financial year 2030. Besides, India will also become the world’s fourth largest consumer durable market by the year 2037. Indian products are now competing with global standards in terms of quality. Customers’ trust in them has strengthened. This sector has the potential to generate about 8.5 lakh jobs.
Products will have to be made considering customer demand.
Industry body CII said on Monday that we should promote this sector. Products will have to be made considering customer demand. B Thiagarajan, Chairman of CII’s National Committee on Consumer Electronics and Durables, said that we will have to keep in mind the global standards to increase exports. We have to make our products keeping in mind the demand of global consumers. By doing this we can take this sector forward rapidly. He was addressing the Consumer Electronics and Durables Summit 2024.
Along with the product, attention will also have to be paid to making its parts.
B Thiagarajan is also the Chairman and MD of Blue Star India. He said that the next decade is very important for India. We have to create a value chain in our sector. Through this we will be able to take advantage of maximum opportunities. We have to focus on making products as well as their parts. India is moving towards becoming a global manufacturing powerhouse. We have to become partners in this journey. India’s own consumer durables market is very huge. The government is also giving full cooperation to increase manufacturing in the country.
Target to increase the share of manufacturing in GDP to 25 percent
He said that India is going to become a big player in global manufacturing. Besides, we will soon achieve the target of increasing the share of manufacturing in the country’s GDP to 25 percent. This can generate FDI worth about 500 billion dollars and 8.5 lakh jobs. India’s AC sector will become the largest in the world by 2040. B Thiagarajan also stressed on promoting research in the sector.
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