The country under dynamic leadership of PM Shri Narendra Modi has seen number of reforms with high focus on transparency, ease of doing business, tax compliance, financial inclusion etc. Many small steps but some big efforts are being made particularly in area of macro economic management of inflation and reduction of Government deficits. Major reform of ONE NATION-ONE TAX, i.e., GST implementation will usher in level playing field without distortion in indirect taxation. Under GST businesses will pay only on value addition at every stage while end user bears full tax burden. Informal sectors of economy will also be covered under GST bringing more and more enterprises under tax net. The country will see sustained growth over next couple of years due to stable and predictable policy regime having taken shape with very high integrity at top level of Government. Demonetization of high value currency has brought in huge amounts of money in banks which can be deployed for productive use. There is overall improvement in federal regulations and number of initiatives and reforms are underway. The entrepreneurs can expect to deal with less Government as tax compliance has moved over to internet.
Indian market is poised for tremendous growth as almost 25% households (about 30 crores people) need basic electricity connection which can be achieved only upto year 2030 with sustained growth opportunity in expanding generating, transmission and distribution sector with tremendous push expected upto 2022 and beyond. Once this goal is achieved, plants and industries that reached their end of life will need replacement hence our product solution will always be required even if growth stabilized and households are provided with adequate electricity.
Indian Electrical & Electronics Manufacturers Association (IEEMA) estimates market size for LV Switchboard and MCC etc. in fiscal 2017 for about 12000 crores INR (USD 18.5 billion) including boughtout switchgear components and other materials, steel, aluminium & copper etc.. Entire busduct market including sandwich busbar trunking (BBT) is expected to be of the order of INR 600 crores (USD 92.5 million) equally divided between air insulated and compact design.
Hence total opportunity for our customised product is about INR 12600 crores (USD 19.425 billion).