Union Textiles Minister Giriraj Singh on Monday, 25 May 2026 shared a projection that India's electrical equipment industry is set to become a $235 billion sector by 2035, citing a McKinsey forecast, via the NaMo App.

Context

The post, shared on X by the senior BJP leader and Lok Sabha MP from Begusarai, Bihar, highlighted the McKinsey projection with the caption: '2035 tak $235 arab ki hogi Bharat ki electrical equipment industry' — meaning 'India's electrical equipment industry will be worth $235 billion by 2035.' The projection signals a dramatic scale-up from the industry's current size, underscoring the long-term investment thesis for domestic capital-goods manufacturing.

Singh shared the forecast through the NaMo App, a platform routinely used by BJP leaders and Union Ministers to amplify policy-aligned economic narratives to a party-connected audience.

Policy Backdrop

India's electrical equipment sector sits at the crossroads of several flagship government programmes. The Make in India initiative, launched in September 2014, was designed to raise the share of manufacturing in GDP and reduce import dependence in strategic industries — electrical equipment being a core component.

From 2020 onwards, the government rolled out Production Linked Incentive (PLI) schemes covering electronics, white goods, and related capital-goods sectors. These schemes offer financial incentives to manufacturers who achieve incremental production targets, directly supporting the kind of capacity expansion that a $235 billion industry projection would require.

The broader Atmanirbhar Bharat framework has consistently positioned electrical equipment as a strategic priority — linking power-sector expansion, export diversification, and supply-chain resilience into a single industrial policy arc.

Stakeholders and Impact

The primary beneficiaries of a sector reaching this scale would be domestic electrical equipment manufacturers, power utilities, and engineering, procurement and construction (EPC) contractors who source switchgear, transformers, cables, and other components from the domestic supply chain.

A $235 billion industry by 2035 would also have significant employment and export implications, potentially positioning India as a major global supplier of electrical capital goods — reducing dependence on imports from China and other manufacturing hubs. For investors, such projections signal a long runway for capacity additions and greenfield plant investments across the value chain.

Government communications frequently cite third-party projections from firms such as McKinsey to build a credible, data-backed case for continued policy support and private-sector confidence in capital-intensive sectors.

What's Next

Analysts and industry bodies will watch closely for any revision or extension of PLI guidelines specifically targeting the electrical equipment segment, as well as the next round of power-sector capital-expenditure outlays in the Union Budget. Sustained infrastructure spending — particularly in grid modernisation, renewable energy integration, and urban electrification — will be the primary demand driver determining whether the $235 billion milestone is achievable within the projected timeline.

With the Union Budget cycle and energy-transition commitments converging, the electrical equipment sector is likely to remain a focal point for both policy announcements and private investment decisions through the remainder of the decade.