'Indian valves industry likely to touch USD 5 billion by 2020'

India's economic growth may give big boost to the valves industry, which is likely to grow at 25 per cent per annum to touch USD 5 billion by 2020 from present USD 2 billion, industry officials have said.
"In view of the economic growth of the country and setting up of a large power and petrochemical units, may create huge demand for valves.
"We expect country's valve industry may witness CAGR growth of 20-25 per cent and we have set a target of USD 5 billion by 2020 from the present USD 2 billion," CII Valves & Actuators Division Chairman, and Managing Director, Pentair Valves and Controls, I S Malhotra, told PTI on the sidelines of a CII event here.

He said that at present the Indian valve industry is worth USD 2 billion, while the global market was pegged at USD 60 billion.
"We need to upgrade our infrastructure so that India can produce high end engineered valves," Malhotra said, adding, that China is not a threat since valves being manufactured are high-end.
The Indian manufacturers are today capable of producing high end engineered valves that require a lot of approvals and accreditation due to the critical nature of services, he said.

Addressing the CII Valves National Summit 2014, themed 'Going Global', Additional Director General, Directorate General of Foreign Trade Kavita Gupta, urged to the industry participants to make India into a hub for manufacturing valves.

"We have the demographic dividend with the world's largest population of 15-35 age group. The country also possesses one of the largest pools of technically qualified persons. This is the right combination for making the country a manufacturing hub," she said.
Some speakers also referred to Prime Minister's 'Make in India' call, stating this was the right time for Indian valve manufacturers to start making high quality valves.
Larsen & Toubro Chief Executive Officer & Managing Director K Venkataramanan pointed out that in the 1970s, the thrust was on manufacturing, which gave way to IT and investment banking in the 1990s.

"I believe that a new era of manufacturing is coming up. Engineers will go back to manufacturing and be better paid," he said.
Reliance Industries Ltd Group President B Narayan said that when RIL was setting up its third phase in Jamnagar, they were compelled to import over 40 per cent of its valves, and over 60 per cent of the high-end valves.
Anil Gupta, Executive Director (QA&I), National Thermal Power Corporation (NTPC) Ltd, said his company would be generating 1.28 lakh megawatt power and would thus need different kinds of valves.
"Valves should have zero defects, which would delight customers and help this sector in going global. As India is building super critical power plants, the valves should withstand high temperature and pressure, and exhibit high quality and total reliability," Gupta said.