Realizing 'Atmanirbhar Bharat'
India a country with population, and growing household income and purchasing power, was the second largest market for major appliances, as a huge and the third largest market for small appliances in 2019, based on revenue. In urban India, refrigerators and mixer grinders were among the most popular home appliances. For instance, the air conditioner market has seen steady growth since 2009, with climate change induced heat waves in India as one of the driving forces behind its increased demand. For many durable goods, India is still a market with great growth potential. In the consumer electronics segment, televisions occupied the top with an estimated 200 million households in financial year 2020 with a projected market size of 13.66 billion U.S. dollars in 2021. However, with the impact of COVID-19 pandemic, the market growth might be interrupted for a few years.
Accordingy to few studies, Indian appliance and consumer electronics (ACE) market reached Rs. 76,400 crore (US$ 10.93 billion) in 2019. Appliances and consumer electronics industry is expected to double to reach Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025. Growing awareness, easier access, and changing lifestyle have been the key growth drivers for the consumer market. The Government of India's policies and regulatory frameworks, such as relaxation of license rules and approval of 51 percent Foreign Direct Investment (FDI) in multi-brand and 100 percent in single-brand retail, are some of the major growth drivers for the consumer market. According to the Department for Promotion of Industry and Internal Trade (DPIIT), between April 2000-December 2020, FDI inflow in the electronics sector stood at US$ 3.16 billion.
On November 11, 2020, Union Cabinet approved the Production Linked Incentive (PLI) scheme in 10 key sectors (including electronics and white goods) to boost India’s manufacturing capabilities, exports and promote the ‘Atmanirbhar Bharat’ initiative.
Looking at the promising future ahead, it gives us great enthusiasm to present to you the Indian brands that have emerged as a strong pillar for India’s Make in India’ initiative.
Accordingy to few studies, Indian appliance and consumer electronics (ACE) market reached Rs. 76,400 crore (US$ 10.93 billion) in 2019. Appliances and consumer electronics industry is expected to double to reach Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025. Growing awareness, easier access, and changing lifestyle have been the key growth drivers for the consumer market. The Government of India's policies and regulatory frameworks, such as relaxation of license rules and approval of 51 percent Foreign Direct Investment (FDI) in multi-brand and 100 percent in single-brand retail, are some of the major growth drivers for the consumer market. According to the Department for Promotion of Industry and Internal Trade (DPIIT), between April 2000-December 2020, FDI inflow in the electronics sector stood at US$ 3.16 billion.
On November 11, 2020, Union Cabinet approved the Production Linked Incentive (PLI) scheme in 10 key sectors (including electronics and white goods) to boost India’s manufacturing capabilities, exports and promote the ‘Atmanirbhar Bharat’ initiative.
Looking at the promising future ahead, it gives us great enthusiasm to present to you the Indian brands that have emerged as a strong pillar for India’s Make in India’ initiative.
