Indian homegrown tech brands projected to earn Rs 1.11 lakh crore by 2031

The inaugural Viksit Tech 47 report, released at the India Mobile Congress, projects that homegrown Indian consumer technology brands could earn Rs 1.11 lakh crore by FY2031. Under an accelerated growth scenario involving higher market shares in smart and connected segments, revenues could reach Rs 2.65 lakh crore by FY2036.

Currently, 129 domestic brands generate over Rs 60,000 crore annually across gadgets, appliances, and connected vehicles. However, the report notes a significant disparity in scale: only 14 of these brands have turnovers exceeding Rs 500 crore, and only two exceed Rs 2,000 crore. This indicates that while domestic production is high, much of the value remains with global firms and contract assemblers.

The report emphasizes the necessity for Indian companies to transition from simple assembly to engineering and the ownership of intellectual property, design, and software to build globally competitive brands. The study aims to track the value retained by indigenous companies within the broader consumer technology market.