The electrical equipment industry is looking up after four years of lull; however, sector finance needs to improve to sustain growth, says ELECRAMA Chairman Vijay Karia.
This week the electrical industry gathered in New Delhi at the 13th edition of the ELECRAMA exhibition, which hosted the World Utility Summit alongside this assembly of power transmission and distribution manufacturers.
With economic reforms underway and an annual GDP growth rate of about 7.2%, India is poised to become the world’s third largest economy in the next 15 years.
It is the electrical, industrial electronics and allied equipment industry that – through investment in research and development of storage systems – will support this growth trajectory, which includes government’s plan to introduce 6-7 million electric vehicles on India’s roads by 2020 to reduce carbon emissions.
ELECRAMA is about being relevant
During the opening address of ELECRAMA, organised by the Indian Electrical and Electronics Manufacturers Association (IEEMA), India’s Vice President M Venkaiah Naidu said that government should support manufacturers of electrical and electronics equipment and protect the industry from cheap imports.
However, he also stated that industry leaders must embrace digital technologies and come up with futuristic solutions to meet India’s growing need for sustainable power.
“The industry must align itself with the government’s vision of LPG, liberalisation, privatisation, globalisation and brace up for global markets,” he added.
The Ministers of State for Power, New and Renewable Energy, India was encouraged by the endeavour to enhance the industry’s competitiveness.
“I am happy to know that for this edition of ELECRAMA, the thrust is on renewable resources, power storage and smart technologies that will change the paradigm,” he said, adding that the expo is an opportunity for Indian manufacturers to witness state-of-the-art trends in various areas and forge valuable partnerships.
The energy equation of India has changed. The grand success of @ElecramaLive #ELECRAMA2018 has proved that Elecrama = Electricity and success. Thank you exhibitors and visitors and all distinguished guests @VPSecretariat @MVenkaiahNaidu @sureshpprabhu @CMOfficeUP @Satishmahanaup
— Vijay karia (@Karia06Vijay) March 13, 2018
Hosted every two years, the event showcases the latest offerings in equipment and technology across the entire ecosystem.
This edition of the IEEMA event is themed on being relevant in a dynamic market and being part of ELECRAMA implies being part of the new era of electricity.