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PLI Scheme Drives Indian AC Industry Growth, Localisation Rises to 55%
India: The government's two-year-old production-linked incentive (PLI) scheme for air conditioner (AC) components has significantly boosted domestic production, with localisation increasing from 25% to 55%, according to beneficiaries of the scheme. In 2023, 10 million ACs were manufactured and sold in India, with that number expected to rise to 14 million in 2024. Industry estimates predict domestic production will reach 30 million by 2030. Localisation has also contributed to an increase in AC penetration, rising from 8% in 2023 to a projected 12% this year.
Source: Business Standard