India's consumer durables market will be the fourth largest in the world by 2027, industry body CII said on Monday. CII said that India's consumer durables market is expected to touch the size of Rs 5 lakh crore by FY 2030. According to PTI news, B Thiagarajan, chairman of CII's National Consumer Electronics and Durables Committee, said that the country's products are moving towards global reliability, but it is also important to create a strong quality ecosystem and adopt standardization in this sector and export Indian standards globally.

Many opportunities expected to arise across the value chain

According to the news, speaking at the CII Consumer Electronics and Durables Summit 2024, Thiagarajan, who is also the Chairman and Managing Director of Blue Star Limited, further said that the sector is expected to create many opportunities across the value chain in the next decade. He stressed that with the right focus on domestic scale-up from finished goods as well as indigenous component ecosystem development, India has great potential to become a global manufacturing superpower. Thiagarajan said that India is already the fastest growing major market for consumer durables in the world and is expected to become the fourth largest market by 2027.

Appreciate government's support

CII appreciated the Government's support to the sector through various initiatives including the PLI scheme to boost competition and make India a self-reliant and technologically advanced global player. He also said that the momentum we are seeing is a clear indication that India is emerging as a major player on the global manufacturing stage and we are well on track to meet the target of manufacturing contributing 25 per cent to the country's GDP. With over USD 500 billion FDI and creation of over 8.5 lakh jobs, there is no dispute over development.

India will become the largest in the world in air conditioning sector

For example, the air conditioning sector is expected to become the largest in the world by 2040, CII said. By adopting and promoting Indian standards globally, we can enhance our reputation in international markets and ensure that our products meet the expectations of consumers around the world, Thiagarajan said. However, he added that while we have achieved significant successes, there is still more work to be done to promote R&D in the sector. Innovation is key.