CONSUMER DURABLES

March 2021
For updated information, please visit www.ibef.org
Table of Contents

Executive Summary 3

Advantage India 4

Market Overview 6

Recent Trends and Strategies 15

Growth Drivers 19

Opportunities 24

Key Industry Contacts 28

Useful Information 31

2
Executive summary

% increase in % increase in
Appliance and Electronics
exports of sales of Television
consumer hardware
Electronic Goods consumer industry size by
electronics production in
in December electronics in FY22
market in 2019 FY20
2020* Oct 2020*

US$ 10.93 billion 16.51% 8% US$ 73.78 billion US$ 17.56 billion
*Compared with same months in the 2019

 Demand for electronics hardware in India is expected to reach US$ 400 billion by FY24.

 Electronics manufacturing is expected to increase at an annual rate of 30% between 2020-25 and clock Rs. 11.5 lakh crore (US$ 163.14 billion)
additional production during this period.

 Television industry in India is projected to reach Rs. 955 billion (US$ 13.66 billion) by the end of 2021. By FY22, television industry in India is
estimated to reach Rs. 1,227.34 billion (US$ 17.56 billion).
Indian Appliance and Consumer Electronics Hardware Production in India Television Market in India (US$ billion)
Electronics Industry (US$ billion) (US$ billion)
15 7.04%
11.7%
21.18 23.5%
100 10
10.93 13.66
50 89.38 5 10.19 11.26
72.38
31.13
0 0
2019 2025F FY15 FY19 FY20 CY2017 CY2019 CY2021E

Notes: F – Forecast; CY - Calendar Year, E – Estimate, F – forecast

Source: FICCI-EY Re-imagining India's M&E sector , PwC - Championing change in the Indian appliance and consumer electronics industry, National Policy on Electronics 2019

3
Advantage India

4
Advantage India

1. Growing demand 4. Increasing investment

► Rising disposable incomes ► The S&P BSE Consumer
and easy access to credit. Durables Index rose 6.58% in
February 2021 and stood at
► Increasing electrification of 25.05% higher over the last year.
rural areas and wide usability
► The government plans to
of online sales. significantly invest in rural
1 4 electrification and affordable
housing schemes.

2. Opportunities ADVANTAGE 3. Policy support

INDIA
► Huge untapped market. ► 100% FDI allowed in the
► Development of electronic 2 3 electronics
manufacturing.
hardware-
components manufacturing
base in India and encourage ► The ‘National Policy on
export. Electronics 2019’ is targeting
production of one billion mobile
handsets valued at US$ 190
billion by 2025, out of which 600
million handsets valued at US$
100 billion are likely to be
exported.
► The Indian government targeted
China with new restrictions on
colour televisions and mobile
phones.
Source: DPIIT, ICE 360 Survey 2016, Blue Star Investor Presentation August 2018, *BARC India Universe Update July 2018, Bombay Stock Exchange

5
 Market Overview

MARKET OVERVIEW

6
The consumer durables market is split into two key segments

Consumer Durables
Consumer Electronics Consumer Appliances
(Brown Goods) (White Goods)

Televisions CD and DVD players

Air conditioners Washing machines

Laptops Electronic accessories Electric fans Microwave ovens

Audio and video systems Personal computers

Refrigerators Sewing machines

Digital cameras Camcorders

Cleaning
equipment

7
Evolution of the Indian consumer durables sector

1980s and early

Mid and late 1990s Early 2000s Late 2000s 2017
1990s Pre
Liberalisation Growth Consolidation onwards
Liberalisation

 Closed market.  Liberalisation of markets.  Increasing availability and  Companies look to  Goods and Services Tax
 Increased product  Influx of global players affordability of consumer consolidate market share. introduced from July
availability, increased such as LG and finance provides impetus  Indian companies such as 2017, with most
media penetration and Samsung. to growth. Videocon gaining global electronics goods taxed at
advertising.  Shift in focus from  Low penetration of high- identity. 18%.
promotion to product end products such as air  Increasing penetration of  In 2019, National Policy of
innovation. conditioners (<1%). high-end products such as Electronics 2019 (NPE
air conditioners (>3%). 2019) introduced.
 Introduction of new
aspirational products such
as High Definition TVs
(HDTVs).
 Companies targeting high
growth in rural market.
Note: SAFTA - South Asian Free Trade Area, ASEAN - Association of Southeast Asian Nations
Source: TechSci Research

8
Growth in consumer durables…(1/2)

Indian Appliance and Consumer Electronics Industry

Production of Major White Goods (lakh units)
(US$ billion)
CAGR 9% 300
60
Refrigerators

275
48.37 250
50

Other 200
40
31.48 21.50 Appliances Air Conditioners
30 150

165
145
13.82 26.87

126
20 Smartphones 100
Washing &
17.66 Laundry Machines
10

70
50

65
0 0
2017 2022F FY19 FY25E

 Appliance and consumer electronics (ACE) industry is expected to grow at 9% CAGR during 2017-22 to reach Rs. 3.15 trillion (US$ 48.37 billion)
in 2022 from Rs. 2.05 trillion (US$ 31.48 billion) in 2017.

 The smartphone shipment witnessed a y-o-y growth of 8% in 2019 with 152.5 million units shipped. India is expected to have 829 million
smartphone users by 2022. In 2019, India manufactured around 302 million handsets.

 Appliances and consumer electronics industry is expected to double to Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025.

 Shipment of TVs in India increased 15% annually to reach the highest-ever level of 15 million units in 2019.

 According to Foxconn International Holding, Inc.’s Country Head Josh Fougler, India aspires to be a US$ 400 billion electronic manufacturing
industry by 2025.
Note: (F) Forecast, E – estimated, CY – Calendar Year, FY – Financial Year, F-forecast
Source: Electronic Industries Association of India, PwC - Championing change in the Indian appliance and consumer electronics industry, Cisco, India cellular and Electronics Association
(ICEA), News sources

9
Growth in consumer durables…(2/2)

White Goods Market in India in FY20 (US$ billion) Y-o-Y Growth in Consumer Durables Production as per IIP

3 8.0%
5.5%
6.0%
3.4% 2.9%
2.56 4.0%
2.0% 0.8%
2
0.0%
1.80
-2.0%
1 -4.0%
-6.0%
0.86
-8.0% -8.4%
-10.0%
0
FY16 FY17 FY18 FY19 FY20
Electronics Domestic appliances Air Conditioners

 As of FY20, electronics, domestic appliances and air conditioner market in India were estimated around Rs. 5,976 crore (US$ 0.86 billion), Rs.
17,873 crore (US$ 1.80 billion) and Rs. 12,568 crore (US$ 2.56 billion), respectively.

 Import contributed to 20% of domestic market for washing machines and refrigerators and around 30% for air conditioners in FY20.

 The market size of air conditioners is expected to grow to 165 lakh units by 2025 from 65 lakh units in 2019, while refrigerator’s market size is
expected to grow to 275 lakh units by 2025 from 145 lakh units in 2019.

Note: IIP – Index of Industrial Production

Source: Edelweiss Investment Research – Impact Analysis of Custom Duty Hike on Consumer Goods, MOSPI, News sources

10
Consumer electronics – Key products

1. Colour TVs 7. Electric fans

• Production of fans increased 4.4% y-o-y
• Television industry in India to reach 23.42 million units in FY20.
reached Rs. 787 billion (US$ 11.26
7
• In February 2021, Orient Electric
billion) in 2019 and is projected to
reach Rs. 955 billion (US$ 13.66 1 introduced ‘i-series’ fans, an internet of
things (IoT)-enabled inverter fan, in the
billion) by the end of 2021. premium segment that claims to save
• In the year 2020, India imposed 50% energy.

6
restrictions on imports of colour TV
sets, intending to encourage local
manufacturing and check imports 6. Washing
2
from China.
appliances
• Production of washing appliances in India is
2. Flat panel expected to reach 12.6 million units in FY25

display 5 •
from 5.63 million units in FY20.
In January 2021, LG introduced ThinQ front

3
• LED/LCD/Plasma television sets load washing machine with an Artificial
present a huge opportunity in India Intelligent Direct Drive (AI DD) motor and

4
with a penetration of only 14% Wi-Fi.
households in 2019.
• Production of LCD/LED TVs grew 5. Air Conditioners
at a fast pace in India from 8.7 • Installed stock of room ACs in India increased
million units in FY15 to 16 million from two million units in 2006 to 30 million units in
units in FY18. 2017 and is expected to be between 55-124
4. Refrigerators •
million by 2030.
Production of AC increased to 2.92 million units in
3. Direct-to-Home • This segment made up 27% of the consumer
appliances market in 2019.
FY20.
• In January 2021, Samsung launched its 2021
 The DTH industry is expected to • In February 2021, Blue Star launched a range of range of air conditioners, including wind-free ACs
witness growth up to 6% from commercial refrigerators, with offerings with smart controls and PM 1.0 filters, convertible
FY20 to Rs. 22,000 crore (US$ comprising temperature-controlled designs for 5-in-1 inverter ACs with tri-care filters and hot &
refrigeration and storage of vaccines. cold inverter ACs.
2.9 billion) in FY21.

Source: CEAMA, Electronic Industries Association of India, Economic Times, *EY – Re-imagining India’s M&E sector, National Policy on Electronics 2019, News Articles

11
Key players in the consumer durables sector … (1/3)

 White goods industry in India is highly concentrated. In washing machines and refrigerators, top five players have more than 75% market share,
while in air conditioners and fans it is around 55-60%. On the other hand, kitchen appliances segment is fragmented with top five players having
30-35% market share.

1 AC, refrigerators, specialty cooling products including mortuary chambers and

cold storage.

2 AC and cooling equipment.

3 Refrigerators, AC, washing machines, microwave ovens, DVD players, digital-

imaging products and audio-visual products.

4 AC and refrigerators.

Note: This list s indicative

Source: Company Website

12
Key players in the consumer durables sector … (2/3)

5 TV, audio-visual solutions, computers, mobile phones, refrigerators, washing machines,

microwave ovens, vacuum cleaners and AC.

LCD, washing machines, DVD players, AC, microwave ovens, mobile phones,
6 projectors and display products.

TVs, home theatre systems, DVD players, audio products, personal care products,
7 household products, computers and phones.

TVs, home theatre systems, DVD players, mobile phones, digital cameras, camcorders,
8 refrigerators, AC, washing machines, microwave ovens and computers.

9 TVs, projectors, DVD players, audio systems, home theatre systems, digital cameras,
camcorders, computers, video-gaming products and recording media.

Note: This list s indicative

Source: Company Website

13
Key players in the consumer durables sector … (3/3)

TVs, DVD players, microwave ovens, refrigerators, washing machines, AC and power
10 backup solutions.

Refrigerators, washing machines, microwave ovens, water purifiers and power backup
11 solutions.

Note: This list s indicative

Source: Company Website

14
 Recent Trends and Strategies

RECENT TRENDS AND STRATEGIES

15
Notable trends in the consumer durables sector

1. Shared economy 5. Expansion into new

• Rentals of home appliances are growing in segments
urban areas due to free add-on services
like relocation and periodic maintenance, • In January 2021, the Indian smartphone
which are not available in the ownership firm, Lava Mobiles released the world's
model. first customisable smartphone that

5
• Start-ups like Rentomojo, Furlenco and enables users to select components,
such as camera, memory, storage space
1
Rentickle have come up in this space and
offer rentals on furniture, appliances and and colour, from the company's website
other products. on their own.
• In November 2020, Dixon Technologies
will start manufacturing mobiles from
mid-January 2021 under PLI Scheme.
• In December 2020, Flipkart announced
2. Homegrown products to the launch of ‘Made-in-India’ Nokia air
gain traction 2 4 conditioners. These new air conditioners
will be priced starting from Rs. 30,999
• The Government of India has been (US$ 423.33).
encouraging consumer durable brands in
the country to ‘Make in India’ products; 4. Shifting manufacturing
thereby, become self-reliant for the future.
Moreover, consumers are showing an 3 bases
affinity towards home-grown products. In November 2020, the Japanese
government announced plans to
provide financial assistance to
Toyota-Tsusho and Sumida to set up
3. Increased affordability of products manufacturing bases in India.
• Consumer durable loans in India increased 43% y-o-y to Rs. 6,495 crore (US$ 921.4 Sumida produces parts for auto,
million) in FY20. consumer electronics and industrial
• With the initiative of “Make in India” campaign, many domestic and Chinese manufactures sectors.
are investing in India to set up their manufacturing plants which would produce more
affordable products.
Source: CEAMA, India Retail Report, Business Line, IMAP India, News Sources

16
Strategies adopted (1/2)

1 2 3

STRATEGIC PARTNERSHIPS OVERHAULING OF DISTRIBUTION OCCASION BASED MARKETING

FRAMEWORK
 Smartphones companies plans to  India is the land of occasions and
Companies are leveraging strategic  More brands are having a uniform festivals; therefore, customers are
partnerships to cater to the pricing strategy in order to expand offered great deals.
consumer durables market in India. retail sales.  For instance, the prices of products
 In November 2020, Flipkart  Focus on tier II and tier III towns during Diwali, New Year, etc. go
partnered with Panasonic to offer have increased to have a wider down and customers are offered
washing machines, air conditioners distribution network. with great deals. Such strategies
and refrigerators in India. are adopted to increase revenue
 In December 2020, DTH services  Companies like Bajaj Electricals and enhance goodwill among
provider Dish TV India Limited has and Crompton Consumer are buyers.
partnered with video-on-demand working on real time demand
platform Hungama Play to expand feedback to reduce turn around
its content portfolio. time (TAT).
 In January 2021, Flipkart signed an
MoU with the Logistics Skill Sector
Council (LSC) and Karnataka Skill
Development Centre (KSDC) to
establish a centre of excellence
(CoE) to upskill and train workforce
for the fast-growing e-commerce
industry in India.
Notes: ISEER - Indian Seasonal Energy Efficiency Ratio
Source: News Articles

17
Strategies adopted (2/2)

4 SALES STRATEGIES
 E-commerce companies reported sales worth US$ 4.1 billion across platforms in the festive week
of October 2020 (October 15-21), driven by increased demand for smartphones. Of the total sales,
55% were generated from Tier-II cities such as Asansol, Ludhiana, Dhanbad and Rajkot.

FOCUS ON ENERGY EFFICIENCY

 Companies also plan to increase the use of environment-friendly components and reduce E-waste
5 by promoting product recycling.
 India has made it mandatory for manufacturing companies to control emissions from climate-
damaging refrigerants.
 In January 2020, the Bureau of Energy Efficiency (BEE) made it mandatory for all room air
conditioners to have a default temperature of 24 degrees Celsius.

Notes: ISEER - Indian Seasonal Energy Efficiency Ratio

Source: News Articles

18
 Growth Drivers

GROWTH DRIVERS

19
Strong demand and policy support driving investments

Growing demand Policy support Increasing investment

Setting up of Electronic Expanding production

Higher real disposable
Hardware Technology and distribution
incomes
Park (EHTP) facilities in India

Resulting in
Increasing
Inviting
liberalisation,
Easy consumer credit Increased R&D activity
favorable FDI climate

Policies such as the National Providing support to

Growing working Policy on Electronics 2019 global projects from
population and digitisation of TV services India

Reforms like
simplified labor laws
and Technology
Upgradation Fund
Scheme

Notes: EHTP - Electronic Hardware Technology Park, R&D - Research and Development
Source: TechSci Research

20
Income growth will drive demand for consumer durables

 Demand for consumer durables in India has been growing on the Visakhapatnam
GDP Per Capita
port
at Current
traffic (million
Prices tonnes)
(US$)
back of rising incomes. This trend is set to continue even as other
factors like rising rural incomes, increasing urbanisation, a growing
3,500
middle class and changing lifestyles aid demand growth in the
sector.

3,274
3,000
 Significant increase in discretionary income and easy financing

3,007
schemes have led to shortened product replacement cycles and

2,762
evolving lifestyles where consumer durables like AC and LCD TVs, 2,500

2,539
are perceived as utility items rather than luxury possessions.

2,334
 Growth in demand from rural and semi-urban markets is likely to

2,135
2,000
outpace demand from urban markets.

1,983
 In October 2020, Samsung’s consumer electronics business in India
1,500
increased by >30%, due to increased demand from smaller cities,
which are racing ahead of metros.
1,000
 Growth in online retailing is a key factor to reach out as a newer
channel for buyers, with increase in demand.
500
 Per capita GDP of India is expected to reach US$ 3,274 in 2023 from
US$ 2,539 in 2020.

 Non-metro markets, namely Vishakhapatnam, Bhopal, Vadodara, 0

2017

2018

2019

2020

2021

2022

2023
Chandigarh, etc., have grown rapidly on consumption, becoming the
main target markets and posing a huge potential to turn into new
business centres as compared to metro cities.

Source: World Bank, RedSeer Consulting, International Monetary Fund, World Economic Outlook Database, April 2018

21
Policy support aiding growth in the sector

1
Production-Linked Incentive (PLI) Scheme
 On November 11, 2020, Union Cabinet approved the Production-Linked Incentive (PLI) scheme in 10 key sectors (including
electronics and white goods) to boost India’s manufacturing capabilities, exports and promote the ‘Atmanirbhar Bharat’ initiative.
 India is on a path to become a US$ 1 trillion digital economy by 2025. In addition, projects such as ‘Smart Cities’ and ‘Digital India’,
coupled with factors such as the government's push for data localisation, Internet of Things (IoT) market in India, are expected to
increase the demand for electronic products. The PLI scheme aims to boost the production of electronic products in India.
 A PLI scheme for white goods (air conditioners and LEDs) will lead to more domestic manufacturing, employment opportunities and
increased exports.

Approved financial outlay over a five-year

Sectors Ministry/Department
period

Electronic/Technology Products Ministry of Electronics and Information

Rs. 5,000 crore (US$ 674.92 million)
Technology

White Goods (AC & LEDs) Department for Promotion of Industry and
Rs. 6,238 crore (US$ 842.03 million)
Internal Trade

2
Estimated Increase in Exports
 The National Policy on Electronics 2019 is targeting production of one billion mobile handsets valued at US$ 190 billion by 2025, out
of which 600 million handsets valued at US$ 100 billion are likely to be exported.
 The PLI scheme, which has been approved for 16 electronics firms, including 10 manufacturers of mobile handsets, would further
improve India's role in the global mobile market and complement the goal of making the country a global mobile production hub for
manufacturers.

Source: Press Information Bureau

22
Recent investment by key players

Micromax plans to invest US$

89.25 million for transforming itself into
a consumer electronics company.

Thomson, plans to invest US$

141.6 million to strengthen its position Vivo will invest US$ 1.07
in Indian consumer electronic market. billion to expand its
production capacity in India.

Investment
in
India
Foxconn plans to invest up to
US$ 1 billion to expand a factory
Dyson, will invest around US$ 200 in southern India where it
million in the Indian consumer durables assembles iPhones.
sector by 2023.

VOLTAS is expecting a double-digit growth in sales

of air-conditioners in 2021 on account of the country’s
buoyant summer and hybrid working model adopted by
companies amid the COVID-19 pandemic.

Notes: R&D - Research and Development, MSIPS - Modified Special Incentive Package Scheme, Ministry of External Affairs
Source: Company websites, News sources

23
 Opportunities

OPPORTUNITIES

24
Growing television market

 In FY20, TV penetration in India stood at 69%, driven by the DTH Visakhapatnam port traffic (million tonnes)
Active DTH subscribers (million units)
market.

 DTH players are expected to get largest share in phase IV of the

70.70
digitisation market.
70.60
 Digitisation may lead to complete switchover from analogue cable to
70.58
Digital Addressable Systems in a phased manner. 70.50

 As of June 2020, active DTH subscribers stood at 70.58 million in the 70.40
country. 70.30

 In October 2020, television manufacturers such as Samsung, LG 70.20 70.26

and Sony have been granted licences by the government to import 70.10
finished TV sets into India. March'20 June'20

 In January 2021, Kodak added a 42-inch FHD TV to its X7XPRO TV

line-up. This range will be priced from Rs. 19,999 (US$ 273.15).

 In February 2021, TCL Technology announced its plan to launch the

P-series Android 11-based smart TV in India soon.

 In August 2020, the Government of India targeted China with new

restrictions on colour televisions and mobile phones.

Source: TRAI, *BARC India Universe Update July 2018

25
Appendix: benefits to consumer durables and wider retail
sector from FDI policy

Benefits of FDI in Indian Retail

Increase in Infrastructure Removing Benefiting Indian

employment investment middlemen manufacturers

Sector Entry route FDI limit

Wholesale cash
Automatic 100%
and carry trading

Single brand
DPIIT 100%
product retailing

Multi brand, front

DPIIT 51%
end retail

Source: DPIIT

26
Key retail related FDI policies that will impact consumer
durables

1
51% FDI in multi brand retail status: Approved
 Minimum investment cap is US$ 100 million.
 30% procurement of manufactured or processed products must be from SMEs.
 Minimum 50% of the first minimum tranche of US$ 100 million must be invested in back-end infrastructure (logistics, cold storage,
soil testing labs, seed farming and agro-processing units).
 Removes the middlemen and provides a better price to farmers.
 50% of the jobs in the retail outlet could be reserved for rural youth and a certain amount of farm produce could be required to be
procured from poor farmers.
 To ensure the Public Distribution System (PDS) and Food Security System (FSS), Government reserves the right to procure a
certain amount of food grains.
 Consumers will receive higher quality products at lower prices and better service.

2
100% FDI in single brand retail status: Policy passed
 Products to be sold under the same brand internationally.
 In 2015, according to revised FDI regulations single brand retail companies if desire to sell on ecommerce platform would be
allowed only if they have licence for setting up physical outlets.
 Sale of multi brand goods is not allowed, even if produced by the same manufacturer.
 For FDI above 51%, 30% sourcing must be from SMEs.
 Any additional product categories to be sold under single brand retail must first receive additional Government approval.
 “Make in India” initiative to further strengthen the investments coming to India.

Source: DPIIT

27
Key Industry Contacts

28
Key Industry Contacts

Agency Contact Information

Block 'J' Mahapalika Marg, Mumbai-400 001

Tele fax: 91-22 22621612/2265 9715
Consumer Guidance Society of India
E-mail: cgsibom@gmail.com
Website: www.cgsiindia.org

111/112, Ascot Centre, Next to Hotel Le Royal Meridien,

Sahar Road, Sahar, Andheri (E), Mumbai-400099.
Retailers Association of India Tel: 91-22-28269527—28
Fax: 91-22-28269536
E-mail: info@rai.net.in
Website: www.rai.net.in
3/242, Rajendra Gardens, Vettuvankeni, Chennai,
Tamil Nadu-600 041
Consumers Association of India Tel: 91-44-2449 4576/4578
Fax: 91-44-2449 4577
E-mail: caiindia1@gmail.com
Website: http://caiindia.org/
5th Floor, PHD House, 4/2, Siri Institutional Area, August Kranti
Marg
Consumer Electronics and Appliances
New Delhi-10 016
Manufacturers Association
Telefax: 91- 120 4265697
E-mail: info@ceama.in
Website: www.ceama.in
ELCINA House, 422 Okhla Industrial Estate, Phase III, New
Delhi -110020
Electronic Industries Association of India Tel: 91- 11- 26924597, 26928053
(ELCINA ) Fax: 91- 11- 26923440
E-mail: info@elcina.com
Website: www.elcina.com

29
Key Industry Contacts

Agency Contact Information

7th Floor, Le-Meridian Commercial Tower, Windsor Place, New

Delhi-110001
India Cellular and Electronics Association Tel: 91-11-49349900/11-66303663
(ICEA) Fax: 91-11-66303664
E-mail: icea@icea.org.in
Website: https://icea.org.in/

Directorate General of Foreign Trade (DGFT) Udyog Bhawan,

The Directorate General of Foreign Trade H-wing, Gate No-02, Maulana Azad Road, New Delhi -110011
(DGFT) Tel: 1800-572-1550
Website: https://www.dgft.gov.in/CP/

30
Appendix

31
Glossary

 CAGR: Compound Annual Growth Rate

 Capex: Capital Expenditure

 CENVAT: Central Value Added Tax

 EHTP: Electronic Hardware Technology Park

 EPCG: Export Promotion Capital Goods Scheme

 FDI: Foreign Direct Investment

 FY: Indian Financial Year (April to March); So, FY10 implies April 2009 to March 2010

 LCD: Liquid Crystal Display

 R&D: Research and Development

 US$ : US Dollar

 Wherever applicable, numbers have been rounded off to the nearest whole number

32
Exchange rates

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs. Equivalent of one US$ Year Rs. Equivalent of one US$
2004-05 44.95 2005 44.11

2005-06 44.28 2006 45.33

2006-07 45.29 2007 41.29
2007-08 40.24 2008 43.42
2008-09 45.91 2009 48.35
2009-10 47.42 2010 45.74
2010-11 45.58 2011 46.67
2011-12 47.95 2012 53.49
2012-13 54.45 2013 58.63
2013-14 60.50 2014 61.03
2014-15 61.15 2015 64.15
2015-16 65.46 2016 67.21
2016-17 67.09 2017 65.12
2017-18 64.45 2018 68.36
2018-19 69.89 2019 69.89
2019-20 70.49 2020 74.18
2020-21 73.51 2021* 73.69

Note: As of February 2021

Source: Reserve Bank of India, Average for the year

33
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34