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Below the Quote on Pre - Budget 2025 by Mr. Pradeep Bakshi, MD&CEO, Voltas Ltd

“India’s consumer durables market is on the verge of becoming a global powerhouse, with projections indicating it will become the fourth largest in the world by 2027. This growth, driven by rising affluence and government initiatives, presents a tremendous opportunity to bolster India’s economy and create substantial employment. As consumption patterns shift towards premium, energy-efficient products, the sector is poised to expand, offering a clear path for innovation, localized production, and global market leadership. However, to fully realize this potential, the industry would require greater intervention from both industry players and governing bodies.

While government's “Make in India” initiative has already made significant strides in reducing import dependency and generation of employment, there is scope for further support in form of subsidies and grants, particularly for MSMEs and smaller manufacturers, to foster local innovation and mass production. This would reduce the increasing costs of imports and local production while inducing global competitiveness for OEMs and large component manufacturers. Further, the industry’s growth trajectory can be sustained by policies that encourage investment in new skill development workshops that enable seamless integration of digital and physical operations crucial in reaching the tech-savvy, Gen Z consumers and investor base. As the industry moves towards smart, IoT-powered appliances, incentives to drive innovation in energy-efficient technologies and green manufacturing are essential. Energy efficient star rated products should be given more impetus with the expansion of replacement AC market along with the growing primary demand in the wake of the climatic shift to warmer temperatures throughout the year. The growing strain on the energy sector creates a pressing need for support through subsidies to promote energy saving solutions which not only protect the environment but are also well aligned with the growing consumer demand for eco-friendly products.

With the consumer durables sector (not including mobile handsets) expected to cross ?3 lakh crores by 2029 and becoming the fourth-largest global market by FY27, Voltas is well-positioned to leverage emerging trends, advance energy-efficient product offerings, and strengthen its supply chain in alignment with India’s vision to become a global leader. The upcoming Union Budget presents a critical opportunity to accelerate growth, foster innovation, and ensure long-term sustainability for India’s consumer durables sector, all while supporting the government’s goal of creating a competitive, self-reliant economy.”

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