“It is a proud moment for the country to cross this landmark, in which the contribution of electrical equipment and allied industry is approximately 3 per cent, which is up by 1 per cent from the last year. If the naturally available resources or grown products are deducted from total exports of India, then the share of this industry is approximately 4 per cent.
“The industry suffered the pandemic and its subsequent impacts that included unprecedented price rise of basic commodities, like steel, aluminium, copper, zinc etc. IEEMA is grateful to the Hon’ble Power Minister, Shri R K Singh, for all his support to the domestic electrical industry in beating all odds, which is remarkable.
IEEMA feels that this marks the beginning of an era of booming growth and leading the world trade. What is more important is to sustain this growth and also to build on it. With the support of new free trade agreements and the PLI schemes backing the manufacturers IEEMA believes that from here the growth rates are going to be exponential. The trade of electrical equipment globally is among the top with approximately 27 per cent of its share in total trade amongst all the countries.
The Indian electrical industry will be registering around $12 billion of exports in this fiscal year (FY22), recording a CAGR of 11 per cent in last 10 years. The industry has targeted to achieve $25 billion of exports by 2030.”
Also read: Vipul Ray Named New President Of IEEMA For 2021-22
Vipul Ray, President, IEEMA, expressed this view on India achieving $400 billion worth of exports in FY22. IEEMA has congratulated Prime Minister of India, Narendra Modi, under whose leadership India achieved the vision of $400 billion worth of exports in FY22. IEEMA has also appreciated the encouragement provided to exporters by Commerce and Industry Minister, Piyush Goyal, which was instrumental in achievement of this target ahead of schedule.
