New Budget boost the demand for industrial machinery by 83% in India: JD Mart Consumer Insights
Mumbai, India: The union budget provided a significant uptick in demand for industrial machinery and industrial electrical equipment in India, JD Mart report.
The surge in demand also comes on the back of rapid strides made by India’s manufacturing sector, which has grown the fastest in 10 months in November 2021. This has increased searches across a wide range of categories on JD Mart, India’s latest B2B platform by Just Dial.
JD Mart Consumer Insights suggests that YOY searches for industrial machinery went up by 83% on the platform while that for industrial electrical equipment saw a 25% surge. What was encouraging was that Tier-II towns and cities saw a high demand growth rate for industrial machinery, almost at par with Tier-I.
Commenting on the trends, Mr. Prasun Kumar, CMO, Just Dial, said: “The latest union budget has provided a much-needed fillip for India’s manufacturing sector. Over the last 10-12 months, manufacturing activities have ramped up across the country and hence, we are witnessing a sharp rise in demand for a host of B2B categories for industrial usage on JD Mart. It is interesting to note that the demand growth rate in Tier-II cities is at par with that of Tier-I when it comes to industrial machinery. This augurs well for the MSME sector across the country as we partner them in their growth journey.”
Across Tier-I cities, demand for industrial machinery saw a spike of 68%, industrial electrical equipment by 30%, while that for industrial and engineering spare parts saw a marginal uptick of 3%. Among Tier-II towns and cities, searches for industrial machinery grew by 64%, electrical equipment by 20% but that for engineering spare parts remained stable.
For industrial machinery, maximum demand was generated from Delhi with Mumbai and Pune in the second and third place, respectively. Among Tier-II cities, Coimbatore, Ludhiana, Indore, Nagpur, Patna, and Guwahati were the top-5 Tier-II cities that saw maximum traction.
For electrical equipment, Delhi saw maximum demand among Tier-I cities while Hyderabad and Mumbai made up the top-3. Among Tier-II, Ranchi, Agra, Surat, Jammu, and Guwahati were the top-5 cities that generated maximum demand.
Demand for industrial and engineering spare parts also saw a rise with Hyderabad, Delhi, and Bangalore being the top-3 Tier-I cities with maximum searches. Among Tier-II, Indore, Jaipur, Coimbatore, Rajkot, and Bhopal were the top-5 cities that generated maximum demand for spare parts.
