The electrical and industrial electronics industry witnessed a growth of 11.47 per cent during October-December 2014 although the sector continued to be plagued by high imports, according to IEEMA.
´Although high imports, which was nearly over Rs 2,000 crore in 2014, still plague the industry, policy changes and various initiatives by the industry are eventually showing signs of evolution for the sector,´ said Vishnu Agarwal, President, IEEMA. Cable, low voltage and high voltage switchgears were the major drivers of the sector, but power transformers and low-tension motors continue to show declining trend, according to IEEMA.
Conductors and energy meters have registered a tremendous growth in their turnover at 44.9 per cent and 28.2 per cent, respectively. IEEMA believes that the reason for this growth is the procurement of these products by major PSUs and utilities.
Growth was also observed in transformer operational meter and single phase multifunctional meters (smart meters), as the power industry is opting for smart and energy efficient products.