Power equipment post 6 percent half-year growth on domestic demand

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SME Times News Bureau | 18 Dec, 2013
India's electrical equipment industry recorded a six percent growth in the first six months of 2013-14, on the back of rising domestic demand.

"India’s Rs.130,000 crore electrical equipment industry has witnessed a six percent growth in the first six months (H1) of 2013-14, due to a rise in domestic demand," the Indian Electrical and Electronics Manufacturers' Association (IEEMA) said in a statement in Mumbai Tuesday.

“The Indian electrical equipment industry has shown some revival in the first half of the current fiscal, after a negative growth of 7.8 percent in production in 2012-13," said Raj Eswaran, president, IEEMA.

"Domestic demand, coupled with increase in exports, has managed to keep the industry afloat," he added.

After a weak growth in the first quarter of the current fiscal, thr electrical equipment industry registered 9.8 percent production growth in the second quarter ending September due to a rise in domestic demand, the statement said.

"This has led to a moderate growth in H1 of FY’13-14 as compared to H1 of FY’12-13," IEEMA said.

Some progress in power transmission and sub-station projects, power generating stations, and orders from select core sectors like construction and real estate have helped in the moderate growth, it added.

"The industry needs to build a robust export portfolio so that it can optimally utilise its built-up capacity which is currently under-utilised across all sub-sectors”, the IEEMA president said.