For the first time in 10 years, the Indian electrical equipment has seen a negative growth in the quarter ended June 30, 2012, due to surge in Chinese import of equipments coupled with ongoing financial crunch.The industry, with an annual turnover of about $25 billion, has booked a sales drop of 2.4 per cent in first quarter of this fiscal, according to the Indian Electrical and Electronics Manufacturers Association (IEEMA), the apex Indian industry association of manufacturers of electrical, industrial electronics and allied equipments. The industry booked a sales growth of 13.82 per cent in the corresponding quarter last year.The transformers, rotating machines and capacitor industries has been decelerating every sequential quarter and has seen a negative growth in Q1 FY13, implying distinct slowdown in industrial capex activities and slowdown in off-take by users due to credit squeeze and high interest costs, IEEMA said in a statement.Commenting on the quarterly performance of the industry, IEEMA president Ramesh Chandak, said, “Under ideal conditions, domestic manufacturers of power equipment should have correspondingly gained business, but in reality they booked loss despite the quarter witnessed an over-achievement of the country’s power generation and transmission and sub-stations capacity addition targets.”In recent years, a surge in imports of cheap and inferior quality electrical equipment from abroad is significantly impacting the Indian electrical equipment industry with under-utilisation of recently enhanced capacities across several products.“The commercial viability of the industry is getting dented and can have severe long term consequences, leading to a situation of unnecessary dependence on imports at the cost of domestic manufacturing,’’ said Mr ChandakAccording to him, the double whammy is that while the Indian electrical equipment industry has recorded a negative growth, imports have increased by 100 per cent for insulators, motors and generators.
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