“The wires and cables industry in India witnessed a significant growth of 10 per cent last year. Having always been an essential part of the manufacturing industry and with the added impetus provided by the recently introduced government initiatives, the wires and cables industry is now set to record a growth of 10-15 per cent in 2022. With the country’s increased focus on various sectors such as infrastructure, healthcare and affordable housing, the demand for wires and cables have increased significantly.
A recent report by KPMG highlights that India’s manufacturing GVA grew to Rs.16.9 lakh crore in FY20 at an average growth rate of 9.7 per cent since FY12. The industry is further backed by strong government-led initiatives such as the PLI scheme, Atmanirbhar Bharat, 100 Smart Cities etc. which is paving way for the industry to grow and create more job opportunities for this sector as well. Furthermore, according to a recent report, the real estate industry is all set to reach a market size of $1 trillion by 2030 and will contribute 13 per cent to the GDP by 2025. This indicates a larger growth potential for the wires and cables industry and the ability to cement its name in the global manufacturing industry.”
Shreegopal Kabra was expressing his views, in a company statement, on prospects for the wire and cable industry for 2022 and beyond.
