India's consumer durables market to reach 3-3.25L cr by 2030
Business
India's consumer durables market (think TVs, fridges, and gadgets) is expected to grow by 8% to 10% each year and could hit ₹3 to 3.25 lakh crore by 2030, according to a fresh report from BCG and CII.
This boom is being driven by more people buying appliances as incomes rise across the country.
Report calls for clusters and R&D
By 2030, more parts for these products will be made in India (up to 80%), especially key stuff like TV panels and AC compressors.
But right now, India's share in global trade is still under 1%.
The report suggests building manufacturing clusters and better R and D investment (since India's top listed consumer durables companies currently spend less than 1% of their revenue on research and development) to really compete worldwide.