FMCG sector is the 4th largest sector of the Indian economy. The growth rate of consumer durables industry across India was estimated to be 15% from the fiscal year 2015 to 2020. The Government of India has allowed 100 per cent Foreign Direct Investment (FDI) under the automatic route in Electronics Systems Design & Manufacturing sector. Increasing electrification of rural areas and wide usability of online sales would also aid growth in demand.
Due to the COVID19 situation and dampened consumer sentiments, the industry has seen a drop of up to 55% in sales. Overall, the industry will lose out 25%-30% business for the whole year.
Indian appliance and consumer electronics (ACE) market are expected to increase at a 9% CAGR to reach Rs. 3.15 trillion (US$ 48.37 billion) in 2022. India is expected to have 829 million smartphone users by 2022.
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