India's consumer durables market is projected to reach US$ 59.96 billion (Rs. 5 lakh crore) by FY30, positioning it as the fourth largest globally by 2027, according to a report by the Confederation of Indian Industry (CII). Speaking at the CII Consumer Electronics & Durables Summit 2024, Mr. B. Thiagarajan, Chairman of the CII National Committee on Consumer Electronics and Durables and Managing Director of Blue Star Ltd, emphasized the importance of establishing a robust quality ecosystem and adopting standardization within the sector. He advocated for exporting Indian standards worldwide to enhance the global perception of Indian products.

Mr. Thiagarajan highlighted the upcoming decade's potential, noting that it presents numerous opportunities across the entire value chain in the consumer durables sector. He stated that Indian products are increasingly recognized for their global reliability. He emphasized, "Strengthening the quality ecosystem fosters consumer trust, making it imperative to build a robust quality framework and promote Indian standards globally, as envisioned by Prime Minister Mr. Narendra Modi and the Government of India."

However, he also acknowledged that while significant progress has been made, further efforts are required to advance research and development (R&D) and innovation within the sector. He pointed out that technological advancements, particularly in artificial intelligence, are transforming the industry and providing new market opportunities and innovative applications. "To harness the potential of these technologies, it is crucial for the industry to proactively invest in R&D aimed at integrating artificial intelligence into consumer electronics and durables to foster innovation," he asserted.

In addition, Mr. Thiagarajan stressed the need to leverage economies of scale and develop a robust domestic ecosystem that includes both finished goods and indigenous component manufacturing. This is essential for enhancing the sector's global competitiveness. He concluded by noting that India is already the fastest-growing major market for consumer durables and is expected to become the fourth largest by 2027. This growth is supported by government initiatives like the Production-Linked Incentive (PLI) scheme, which aims to boost competitiveness and establish India as a self-reliant and technologically advanced global player.

The CII's report underscores the transformative potential of the consumer durables market in India, paving the way for increased investment, innovation, and global market integration. As the industry gears up for this significant growth trajectory, it remains crucial for stakeholders to focus on quality, standardization, and technological advancements to seize the opportunities that lie ahead.

For more insights into the world of finance and investment, visit our page on Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi and catch the latest updates on Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.