GREATER NOIDA: The electric appliance industry, which is the second largest consumer of electricity in India, posted a record growth of 7.6% in the April-June quarter, according to the latest data from the Indian Statistical Institute.
The country has seen a surge in demand for electricity after the state government has started a plan to increase electricity supply from 10,000 MW to 30,000MW from next year.
The government aims to generate an additional 2,500 MW from renewable sources in the next five years.
The sales increase in April-May was more than double the 7.4% growth recorded in March-April, said the report, released on Thursday.
The overall market for electric appliances in the country grew by 5.2%, according to data from market research firm Euromonitor International.
The market for appliances with a base price of Rs 10,999 was up 12.2% in May from a year earlier.
The growth in appliances was driven by a surge of the segment with a range of models, said R. Prasad, head of global research at Euromonitors.
“This was the fastest year-on-year growth in the segment in the past decade,” he said.
“The growth was driven mainly by electric appliances, which have become a major market for the government to diversify the supply chain.”
Electric appliance sales grew by 8.6%, or 2.9% in India’s largest state of Telangana.
This is the fastest growth in a decade for the market, with annual growth of over 30%.
This is largely because the sector is becoming more popular with consumers in the urban areas.
“Electric appliances are also being used in many other sectors, such as home automation, health care, food preparation, home decor and even food processing,” Prasac said.