Mumbai: Encouraged by rising demand for its products in the international market, India's electrical equipment industry expects exports to go up six-fold to touch USD 25 billion within a decade.
"With electricity sector being a sunrise sector across the entire developing world, there exists a significant export potential for the domestic industry," Indian Electrical and Electronics Manufacturers Association (IEEMA) President Ramesh Chandak has said.
Exports of electrical equipment stood at USD 4 billion in 2010-11, which is less than one per cent of the global trade in the segment.
"With demand from developed countries stagnating and developing nations seeing a significant growth, huge potential exists for India to tap the export markets."
He said the industry will have to formulate a strategy for market diversification and develop country-specific export strategies to achieve the USD 25 billion goal.
"To increase the share of exports, specific actions need to be taken both by the Government and electrical equipment manufacturers. Domestic manufacturers need to focus more on going global as the latent demand for electricity is present in virtually every developing country," Chandak said.
"A clear re-balancing of the global economic order is underway, and markets in Asia, Africa and Latin America will certainly have far greater potential in the future," he added.
Chandak maintained that Indian products were well-suited and cost-effective for African development and can effectively contribute to growth of power sector there, as well as enable the expansion of the equipment industry here.
Source : zeenews.india.com