Indian Electrical Equipment Industry records a highest growth of 12.8% in seven years: IEEMA
The electrical and industrial electronics industry has witnessed a record double-digit growth of 12.8% in 2017-18.
The electrical and industrial electronics industry has witnessed a record double-digit growth of 12.8% in 2017-18. Although higher imports still plague the industry but policy changes and various initiatives undertaken by the Government and industry are eventually showing signs of revival for the sector. The data is compiled by the Indian Electrical and Electronics Manufacturers’ Association (IEEMA), the apex Indian industry association of manufacturers of electrical, industrial electronics and allied equipment. The production and sales data are collected from its member organisations, which represent 90 percent of the entire sector.
Shreegopal Kabra, President, IEEMA said, “A substantial improvement in growth was experienced in the 3rd and 4th quarter of 2017-18 which resulted in a sharp rise in the performance. During this period, the industry grew by 25% in Q3 and 14% in Q4. The astonishing growth of 12.8% is propelled by growth in segments like rotating machines by 12%, HT Motors 18%, cables 20% and Meters 28%”.
The government is procuring smart and prepaid meters to be deployed across the country. It has urged electricity meter manufacturers to scale up production in India, as it plans to shift all connections to smart prepaid meters over the next three years. Energy Efficiency Services Limited (EESL) has floated two global tenders for procuring a total of 10 million smart meters.”
“Growth is also seen in transmission mission line towers due to increase in demand in the domestic market. The Installed Generation Capacity as on 31st March 2018 is 3,44,002 MW. Almost all sectors are in green after two years of dull period; mainly due to domestic demand. The high growth in Q3 & Q4 is also due to stabilized GST,” he further added.