The Growth Story of India

Most of the developed world thinks that India is a backward country and you can find comments to such effect spread all over the internet.  But the fact is India is one of the largest markets of consumer products in the world especially in electronics field. Indian growth rate in consumer electronic is constantly growing at a brisk pace and will remain so until next decade or so.

I will use financial terms in American dollars for the benefit of readers that India is all set to reach $20 billion target annually within a very short time in consumer electronic consumer sector. According to Consumer Electronic & Appliances Market Association (CEAMA) the apex Industry Chamber for the Consumer Electronics and Home Appliances Industry of India, consumer electronics sector in India is growing at a rapid rate and it will remain the same during next decade. 

There is no denying the fact that India did not do well in the first 2 decades after independence especially in electronics sector but its entire information source was limited to radio transmission but the story today is altogether different especially after liberalization of Indian economy in eighties. The Indian market today is full of consumer electronic items including costly mobile phones, cameras, television sets, refrigerators, air conditioners, computers etc. 

The turning point

Actually the entire revolution in electronics sector in India had started in 1965 itself but it was in initial stage. India did not start its television until 1959 that was limited to few cities but it spread considerably in seventies when it spread in several metro cities. The Asian games held in 1982 changed the entire scenario of TV viewing in India although we were still dependent on imported TV sets. Same was the story in refrigerator industry as we did not have a refrigerator manufacturing unit until Kelvinator came to India in 1960. Today we have all the popular brands manufacturing their products in India and exporting to other countries.

Today, the Indians are the largest buyers of mobile phones, refrigerators, cameras, TV sets, air conditioners, cars, washing machines and computers. India is attracting investment in manufacturing sector from all over the world. In fact super powers are trying their best for entering into Indian markets. India imports millions of mobile handsets today but the recently introduced program “Make in India” by our Prime Minister is gaining momentum and we shall soon be self sufficient in hardware sector and you all know it well that we are already undisputed kings of software sector.

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