Summary:

According to McKinsey & Company's "Wired for Growth" report, India's electrical equipment business is expected to grow quickly over the next ten years due to increased domestic demand, electrification, the deployment of renewable energy, and export prospects. Exports could surpass Rs. 5.52 lakh crore (US$60 billion), while domestic output could increase from Rs. 4.42 lakh crore (US$50 billion) in 2025 to Rs. 17.94-21.62 lakh crore (US$195-235 billion) by 2035. Investments in batteries, power infrastructure, and industrial modernisation are predicted to propel the industry's 11–13% annual growth. Growing reliance on imports is still a problem, though. In order to boost competitiveness and lessen dependency on imports across important electrical equipment manufacturing areas, McKinsey suggested increasing domestic production capacity and localisation.

Source: IBEF

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