New Delhi: India's electrical equipment industry could witness transformational growth over the next decade, driven by rapid expansion in high-growth segments, increasing domestic manufacturing capacity, and a sharp reduction in import dependence, according to a report by McKinsey & Company.
The report, titled 'Wired for Growth: India's Electrical Equipment Opportunity', said the country's domestic electrical equipment production could potentially rise to USD 195-235 billion by 2035 from around USD 50 billion in 2025.
