Electrical equipment manufacturers' apex body today said increasing the focus on domestically made products can help double exports in the next three years.
"The prospects of exports of 'made-in-India' look good for domestic players and can help double exports in the three years," Indian Electrical & Electronics Manufacturers Association ( Ieema) Chairman Sanjeev Sardana said in a statement.
The Rs 1.30-lakh crore electrical equipment industry has, after four consecutive quarters of negative growth, shown a 2 per cent positive growth in the first quarter of FY14. This has been largely attributed to increase in exports of electrical equipment, he said.
Currently, Chinese products enjoy a market share of 45 per cent in the country's electrical equipment imports.
"The quality of domestically manufactured products has improved in the recent times. These products have seen a wider acceptance in international markets, especially in Africa and West Asian countries. We are working towards making India an export hub for electrical equipment," Sardana said.
Exports growth is also visible in developed countries like the US, Germany, Britain, Australia and Canada, apart from the UAE, Saudi Arab, Nigeria and Kenya.
"This clearly shows the increasing acceptability of 'made-in-India' brand with desired quality and competitive cost in both developed and developing countries," he added.
Source:- economictimes.indiatimes.com
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