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.
"Indiaâ€™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.
â€œThe 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 FYâ€™13-14 as compared to H1 of FYâ€™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-sectorsâ€Â, the IEEMA president said.