The wire and cable industry over the past 3-4 years has undergone some drastic changes which alters the entire landscape of how industry used to function. The entire focus on development plank, improving infrastructure, modernisation of existing infrastructure, sourcing new avenues of generation forced domestic industry to look at technological advancements and adopting global best practices to attain high competitiveness. Today, the domestic industry is successfully competing with players across the globe by incorporating requisite quality standards, protocols and safety regulations stringently and the manufacturers are investing heavily on research and development bringing out innovative products, keeping in mind the requirement of the customers alongside visualizing future requirements.
The next 5-7 years will be a game changer for the players in the wire and cable segment. The industry which today is more than Rs.36,000 crore, is expected will grow to Rs.64,000 crore by 2020. This is primarily because of huge government and private investment planned in segments such as smart cities, modernisation of railways, highways, Digital India campaign and power for all by 2022. The future looks bright and will provide immense opportunities for all the players and will benefit the industry as a whole especially for all the players in the power sector. There is expected to be frantic activity since the focus is on adding to capacities quickly due to the government commitment to provide quality, uninterrupted power to all on one side and in building New India with the best of the infrastructure on the other side.