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Electrical equipment industry clocks 9.8% growth in Q2

December 17: After witnessing a weak growth in the first quarter (Q1) of the current fiscal, the Indian electrical equipment industry has registered a 9.8% growth in production in the second quarter (Q2) of 2013-14, according to data released by the Indian Electrical and Electronics Manufacturers’ Association (IEEMA).

Unlike Q1 when the growth (2%) was driven by exports, the Q2 saw a revival in domestic demand for electrical equipment, the IEEMA said in a statement. Overall, the industry recorded a 6% growth during the first six months of 2013-14.

“The Indian electrical equipment industry has shown some revival in the first half of the current fiscal, after a negative growth of 7.8% in production in 2012-13. Domestic demand, coupled with increase in exports, has managed to keep the industry afloat. 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-sectors,” Raj Eswaran, President, IEEMA, said.