In order to raise the total sales of Indian electrical equipment industry, IEEMA suggested Indian firms to increase R&D spending, realign marketing efforts towards emerging markets.
It also suggested firms to reduce dependency on domestic markets and garner active support from Ministry of Heavy Industries and Public Enterprises and Ministry of Power.
IEEMA is collaborating with Exim Bank of India to provide loans for R&D operations and it is said to have received very positive response.
According to the target set by Mission Plan 2022, the sector must attain $100 billion sales by that year. World trade in electrical equipment aggregated to about $ 260 billion in 2010 .... India ranks 28th, registering a CAGR of 10 per cent exports over the last five years but still accounts for less than 1 per cent of global exports," newly-appointed IEEMA (Indian Electrical and Electronics Manufacturers Association) President JG Kulkarni said at the body's 65th Annual Convention.
Kulkarni, who is also the Executive Vice President of Crompton Greaves, has drawn up a four-point agenda to achieve the Mission Plan 2022.