New Delhi, Signify's Indian market is becoming more important by the day and it is evaluating manufacturing capacity in the country under the China Plus-One strategy, a company official said.
"Signify India has started playing an important role not only in the domestic business but also in helping our global business grow from India," said Sumit Joshi, Vice President and Managing Director, Signify Innovations India.
Signify's Indian market, formerly known as Philips Lighting, is playing an important role in the design and R&D of Signify's global lighting business and, as an ecosystem for electronics, as semiconductors are developed here, the opportunities manufacturing will be higher.
"India is a very, very important market and I say that obviously because of the internal potential that we have... but I also think that the role that India could play for Signify in the world is becoming much more important," Joshi said.
When asked if Signify is looking to be a manufacturing base for other global markets, he said: "Over a period of time, I would like to see India also start playing a much bigger role in manufacturing."
"Now, with the thinking of China Plus One, we are also assessing what role India can play for the world in terms of manufacturing," he said.
The ecosystem necessary for electronics in the next 6 or 7 years will be much more developed. Currently, India does not have an ecosystem for crucial components like semiconductors.
"But now, that ecosystem is going to develop and I think there is a very serious attempt by the government and private players to greatly improve the electronic ecosystem," he said, adding, "and once that happens, I think the role of manufacturing becomes much larger.
"(R&D) transformation is happening and I see it in the next five to seven years," Joshi said.
According to Joshi, the Indian government's PLI scheme for LED lighting manufacturing was one of the most successful in recent years.
"Many companies, including us, have used the PLI to invest more capital," he said, adding that the industry is eagerly awaiting the second tranche of the scheme, which could be announced in the next budget.
Signify has two R&D facilities in India (Noida and Pune), an innovation lab in Bengaluru and a manufacturing plant in Vadodara.
Brands like Ecolink, developed in India for the affordable segment, have a presence in more than 15 countries. It means exporting to about 15 markets from India, he said.
Talking about the Indian lighting industry, Joshi, former president of Elcoma, an association of lighting products manufacturers, said he is moving towards connected lighting, which is expected to double in the next three years.
Currently, smart connected lighting accounts for less than 10 percent of the industry, while in the professional segment, it accounts for around 20 percent, Joshi said.
In the Indian lighting industry, the transformation from CFL to LED bulbs is almost complete and consumers are opting for smart connected lighting.
He is also seeing good volume growth on the consumer side of the business as the technology becomes cheaper and LED chips become much more efficient.
"Now, the next stage of lighting that we are going to experience now, whether it is on the professional side like offices, hospitality, healthcare or the home, consumers are now going to move to something much more differentiated, better lighting, connected lighting. , That's what we're seeing," he said.
Signify, a global leader in lighting, aims to be net zero emissions by 2040 globally and is ahead in the Indian market on that goal, he said.
"India has moved very well... our LED transformation in India happened with many government initiatives," Joshi said, adding that this transition is helping India a lot in energy consumption.
"Signify India has started playing an important role not only in the domestic business but also in helping our global business grow from India," said Sumit Joshi, Vice President and Managing Director, Signify Innovations India.
Signify's Indian market, formerly known as Philips Lighting, is playing an important role in the design and R&D of Signify's global lighting business and, as an ecosystem for electronics, as semiconductors are developed here, the opportunities manufacturing will be higher.
"India is a very, very important market and I say that obviously because of the internal potential that we have... but I also think that the role that India could play for Signify in the world is becoming much more important," Joshi said.
When asked if Signify is looking to be a manufacturing base for other global markets, he said: "Over a period of time, I would like to see India also start playing a much bigger role in manufacturing."
"Now, with the thinking of China Plus One, we are also assessing what role India can play for the world in terms of manufacturing," he said.
The ecosystem necessary for electronics in the next 6 or 7 years will be much more developed. Currently, India does not have an ecosystem for crucial components like semiconductors.
"But now, that ecosystem is going to develop and I think there is a very serious attempt by the government and private players to greatly improve the electronic ecosystem," he said, adding, "and once that happens, I think the role of manufacturing becomes much larger.
"(R&D) transformation is happening and I see it in the next five to seven years," Joshi said.
According to Joshi, the Indian government's PLI scheme for LED lighting manufacturing was one of the most successful in recent years.
"Many companies, including us, have used the PLI to invest more capital," he said, adding that the industry is eagerly awaiting the second tranche of the scheme, which could be announced in the next budget.
Signify has two R&D facilities in India (Noida and Pune), an innovation lab in Bengaluru and a manufacturing plant in Vadodara.
Brands like Ecolink, developed in India for the affordable segment, have a presence in more than 15 countries. It means exporting to about 15 markets from India, he said.
Talking about the Indian lighting industry, Joshi, former president of Elcoma, an association of lighting products manufacturers, said he is moving towards connected lighting, which is expected to double in the next three years.
Currently, smart connected lighting accounts for less than 10 percent of the industry, while in the professional segment, it accounts for around 20 percent, Joshi said.
In the Indian lighting industry, the transformation from CFL to LED bulbs is almost complete and consumers are opting for smart connected lighting.
He is also seeing good volume growth on the consumer side of the business as the technology becomes cheaper and LED chips become much more efficient.
"Now, the next stage of lighting that we are going to experience now, whether it is on the professional side like offices, hospitality, healthcare or the home, consumers are now going to move to something much more differentiated, better lighting, connected lighting. , That's what we're seeing," he said.
Signify, a global leader in lighting, aims to be net zero emissions by 2040 globally and is ahead in the Indian market on that goal, he said.
"India has moved very well... our LED transformation in India happened with many government initiatives," Joshi said, adding that this transition is helping India a lot in energy consumption.
