IEEMA releases Q1 FY13 performances

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

IEEMA releases Q1 FY13 performances 
The Indian Electrical and Electronics Manufacturers Association (IEEMA) has released the Q1 FY13 performance of the US$25 billion Indian electrical equipment industry. For the first time in 10 years, the Indian electrical equipment industry has seen a negative growth of 2.4% in the first quarter (Q1) of the current fiscal (2012-13) compared to the corresponding period of Q1 FY12 (13.82 %) and sequential quarter Q4 FY12 (14.10%).
Ramesh Chandak, President, IEEMA said, “Ironically in Q1 of FY13, there was over-achievement of the country’s power generation and transmission &sub-stations capacity addition targets. So, under ideal conditions, domestic manufacturers of power equipment should have correspondingly gained business, but reality is otherwise. 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.....

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