McKinsey projects India's electrical equipment production at $235B by 2035
Business
Big things are happening in India's electrical equipment sector: production is set to reach up to $235 billion by 2035, says a new McKinsey report.
Domestic demand could hit $205 billion, and exports are expected to cross $60 billion.
The industry is growing fast, thanks to better tech and India's competitive costs.
India's electrical equipment import dependence rising
The report highlights that focusing on making more power electronics, batteries, and solar PV cells locally is key for future success.
Right now, the market's worth $59 billion (as of FY2025), but import dependence has jumped from 22% in 2020 to 33% in 2025 and could go over 70% by 2035 if things don't change.
With the right moves, India could snag over 7.5% of global exports in areas like solar PV and transformers.