Recovery in sight, will continue to invest for Make-in-India: Mitsubishi Electric

Recovery of the Indian market is ''in sight'' and a recent IMF report projecting the country to bounce back with an impressive 8.8 per cent growth in 2021 is a motivation to further invest here, according to a top official of Mitsubishi Electric India. Mitsubishi Electric India, which operates in various segments ranging from air conditioners, factory automation, semiconductors and devices to transportation systems, will also ''endeavour to support'' India in becoming a global manufacturing hub.

"After suffering from a decline of 6-7 per cent in sales during the year, the sector is facing some challenges in the area of demand and supply because of the pandemic but fortunately there is recovery in sight due to the festive sales,” Mitsubishi Electric India Chief Strategy Officer Rajeev Sharma told PTI. Like other countries, India has been affected as well and businesses are still coming to terms with the new normal, he added.

However, Sharma said, "As per the IMF, although the country has been severely hit by the pandemic, it is likely to bounce back with an impressive 8.8 per cent growth rate in 2021 which is a motivation for all." The company expects the appliances market to be back in full swing and expect at least three months to return to normal course, he said adding with sales on a halt during its the peak season, the AC industry has also been adversely affected by the COVID-19 induced lockdown. Commenting on the government of India’s effort to make the country self-reliant and a global manufacturing hub, Sharma said Mitsubishi Electric “as corporate citizens feel proud to be a part of the growing Indian market".

"We are closely analysing the demand of our Indian customers for more intelligent products and solutions. With the progress, we are planning for more expansion-based investments in the near future and are open to new investments," he said. Besides, Mitsubishi Electric will endeavour to support India in becoming a global manufacturing hub that attracts investors all around the world, he said.

"We will constantly support the Indian government in bringing positive diversity to the Indian economy by following policies effectively," Sharma added. Mitsubishi Electric Corporation has ranked Mitsubishi Electric India second among its global operations and first among Japanese firms in terms of international patent applications filed in 2019.

“The high rankings reflect Mitsubishi Electric's positioning of intellectual property (IP) as an important business resource and its aggressive linkage of IP activities and business and R&D strategies to support the company's sustainable growth," he added. The COVID-19 pandemic has thrown up various challenges and to combat the virus Mitsubishi Electric India has come up with a measure that can come in handy during these testing times.

"India happens to be a very high priority country for Mitsubishi Electric. In the last six months, the company has worked on products, solutions, technologies that are being constantly developed to cater to the requirements of the country and promote us to become self-reliant and grow at a fast pace,” Sharma said. In the last six months, Mitsubishi Electric has worked hard in terms of business plan and introducing new products in the market which would help manufacturers and consumers too, he said adding the company will be coming up with a new AC product in November.