Sri City Industrial Park in Chittoor District of Andhra Pradesh will soon receive a new wiring device factory, this is a result of the Panasonic Corporation’s plans to expand its manufacturing base. 

As the GDP forecast suggests, the Indian economy will expand, along with the growth of not only big cities but also medium cities. It is estimated that the GDP will experience a growth of 6% per year by 2030. 

In this view, the proposed factory at Sri City will produce wiring devices, electrical wire and switch gear with an investment of Rs 2,946 million. The factory, to come up is of 1,33,546 square meters (35,000 square meters total floor area) in the Industrial Park. It will be Panasonic’s fourth electrical equipment production base in the country and is expected to get started with its production in October 2021.

In addition, as India stands second in the world in its population count, followed by China being the first, it is projected to see a substantial population increase, particularly of the middle class. Under these circumstances, demand for electrical equipment materials such as switches, sockets and switch gears is increasing and will rise more. To cater to this need, investments such as these will prove beneficial to the economy. 

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