Summary:

According to the Confederation of Indian Industry (CII), India's consumer durables industry is expected to grow to $59.96 billion (Rs. 5 lakh crore) by FY30, making it the fourth largest internationally by 2027. Mr. B. Thiagarajan, Chairman of the CII National Committee on Consumer Electronics and Durables, emphasized the need for a robust quality environment and standardization when exporting Indian norms. He highlighted that improving the quality framework is critical to establishing customer confidence and achieving global reliability for Indian products.

While significant progress has been made in the consumer durables industry, more work is required to enhance R&D and innovation. Technological breakthroughs, especially in artificial intelligence, are transforming the sector and offering new market opportunities. Proactive investment in R&D to incorporate AI into consumer products is essential for driving innovation. Furthermore, leveraging economies of scale and creating a strong local ecosystem would boost global competitiveness. With government efforts such as the PLI scheme, India is on track to become the fourth largest market by 2027.

Source: IBEF 

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