Consumer Electronics and Appliances Manufacturers Association (CEAMA), the apex industry body for the Appliances and Consumer Electronics (ACE) industry concluded their 38th annual function focussed on ‘The Champions of Change – Moving Towards a Dollar Positive' Industry'.
The event witness the participation of Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation, Amitabh Kant, CEO, NITI Aayog, Ajay Prakash Sawhney, Secretary, MEITY, Rituparno Mukhopadhyay, Partner PwC, Somick Goswami, Partner PwC along with Manish Sharma, President, CEAMA, Sunil Vachani, Vice President, North CEAMA, Kamal Nandi and other CEAMA dignitaries.
Additionally, in association with PwC, CEAMA unveiled a detailed report on ‘Future of consumer durable and electronics in India – the changing landscape'. Besides leaping over 23 ranks in the 2018 ease of doing business index, the ACE industry still continues to grow in single digits. The root cause of this has been the continual depreciation of the exchange rate, cost of compliance and the frequent changes in policy and regulations. Our large and young urbanized population, alongside the growth and proliferation of connected devices and other emerging technologies will become one of the key drivers for the ACE industry' as it move ahead.
The report further highlights the need to leverage customer services to drive revenue growth and how automation and technology can help fuel the segments growth even further.
Suresh Prabhu Minister of Commerce & Industry and Civil Aviation said, “The last few months have been bad for world trade owing to turbulence in the global geopolitical scenario. However, India's trade has grown significantly during this time period while exports have risen by 17-18% overall due to the various strategies the government has put in place. In order expand our export potential as an industry, we have to robustly support the notion of entrepreneurship and manufacture goods for Indian market in line with the global standards. Only then will we able to achieve our vision and become a $5 Trillion economy.”
Sharing his views, Amitabh Kant, CEO, NITI Aayog said, “The appliance and consumer electronics (ACE) sector offers immense growth opportunities, not only in terms of consumption with its export capabilities as well. India's economy cannot sustain without exports, and while they have grown tremendously lately there is still ample room for growth. With the continual expansion of consumer's aspirations and buying propensities, the durable industry potentially can contribute significantly to India's aspirations of enhancing its export propensity by significant proportions. We must ensure that the policy led initiatives proposed by the government of India are consistent in nature and reduce informational barriers.”
Sharing his views on this occasion Manish Sharma – President of CEAMA, said, “As representatives of the industry, it is our responsibility to collectively voice our opinions on matters that we believe will have a transcending impact on the sectors future. Our core focus this time around was to put the industry right in the centre of dialogue that explores its export potential, and puts into context the varied impacts it can have collectively on the Indian commerce industry. This will help spur the policy ecosystem for the segment and support the continually evolving business dynamics, especially regulatory reforms.”
Additionally a panel discussion was held to discuss the importance of divulging into expanding the export framework for the ACE industry, and how right policy structure can help create economies of scale and the right FTA's. The panel comprised of industry stalwarts, Ajay Prakash Sawhney, Secretary Meity, Kamal Nandi, Business Head and Executive Vice President, Appliances, Godrej and Boyce, Ashok Taneja, MD Shriram Pistons and Rings, Vinod Sharma, MD, Deki Electronics, Shahshi Arora, CEO Havells India, Llyod Division. The session was moderated by Rituparno Mukhopadhyay, Partner PwC.
Commemorating 39 years of the ACE industry, CEAMA also felicitated its industry members for their contribution to the durable industry in India. It bestowed upon the ‘Man of Electronics Award' A.D.A. RATNAM, President, Personal Health, Philips India Subcontinent and the ‘Man of Appliances Award' to Jasbir Singh Chairman and CEO of Amber Enterprises India Ltd.