2021: The year that was
With the country’s increased focus on various sectors such as infrastructure, healthcare and affordable housing, the demand for wires and cables have increased significantly. The wire and cable industry in India witnessed a significant growth of 10 percent last year.
2022: The year that will be
Having always been an essential part of the manufacturing industry and with the added impetus provided by the recently introduced government initiatives, the wire and cable industry is now set to record a growth of 10-15 percent in 2022.
Key Trends Driving the Growth
A recent report by KPMG highlights that India’s manufacturing GVA grew to Rs. 16.9 lakh crore in FY20 at an average growth rate of 9.7 percent since FY12. The industry is further backed by strong government-led initiatives such as the PLI scheme, Atmanirbhar Bharat, 100 Smart Cities etc. which is paving way for the industry to grow and create more job opportunities for this sector as well. Furthermore, according to a recent report, the real estate industry is all set to reach a market size of USD 1 trillion by 2030 and will contribute 13 percent to the GDP by 2025. This indicates a larger growth potential for the wire and cable industry and the ability to cement its name in the global manufacturing industry.