New Delhi, June 18 -- Global power consumption could double by 2050, creating a $2.5 trillion market for electrical equipment. India's own consumption could triple to nearly $200 billion in the next decade. While this industry has outperformed others, only 10 companies earn annual revenues above $1 billion; five surpass $2 billion.

In 2025, India produced $32 billion worth of electrical equipment for a domestic market estimated at $59 billion. Few players operate at a scale that is comparable to their global peers. At this pace, India's local production shortfall could exceed $130 billion, pushing our import dependence to around two-thirds in a decade, a level that would rival our energy imports.

Domestic manufacturing needs to expand t...