The report outlines the growth potential of Indian-owned consumer technology brands and sets an ambitious target of developing 50 Indian brands, each generating more than Rs. 1 lakh crore in annual revenue by 2047. The awards recognise industry leaders, emerging talent, established brands, technology enablers and indigenous hardware innovation.
The report was released by Pankaj Mohindroo, Chairman, ICEA, alongside Sunil Raina, Managing Director, Lava International; Anku Jain, Managing Director, MediaTek India; Himanshu Tandon, CBO, Mivi; Nikhil Rajpal, CEO and Founder, Qubo; and other industry dignitaries.
Prepared by Techarc as the knowledge partner, the inaugural VT47 Report introduces an index of 129 Indian-owned consumer technology companies operating across gadgets, devices, appliances and connected cars. Collectively, these brands generate more than Rs. 60,000 crore annually, translating into average revenue of approximately Rs. 465 crore per brand. Only 14 brands generate more than Rs. 500 crore, while only two clearly exceed Rs. 2,000 crore.
The report contrasts these figures with India’s total electronics production of Rs. 13.11 lakh crore in FY2025-26, highlighting the gap between the country’s electronics manufacturing scale and the revenue generated by its homegrown brands. The figures indicate that substantial value remains with global brands and contract manufacturers.
According to the report’s projections, Indian homegrown brands could collectively generate Rs. 1.11 lakh crore by FY2031 and Rs. 2.04 lakh crore by FY2036, assuming annual growth of 13 per cent. If Indian brands increase their share in smart and connected segments at an annual rate of 16 per cent, their collective revenue could rise to Rs. 1.26 lakh crore by FY2031 and Rs. 2.65 lakh crore by FY2036.
The report also introduces Techarc’s TAME model, which stands for Trade, Assemble, Manufacture and Engineer. The model describes how brands progress through distinct stages of development, each associated with indicative revenue ceilings of approximately Rs. 500 crore, Rs. 5,000 crore and Rs. 50,000 crore.
According to the report, revenue at the scale of lakhs of crores becomes possible only at the Engineer stage, when a brand owns its design, software and intellectual property. The report’s 2047 ambition is to establish 50 Indian brands, each generating more than Rs. 1 lakh crore in annual revenue. Achieving this target would require the collective revenue base to expand to roughly 83 times its current level, supported by sustained annual growth of about 25 per cent over two decades.
“A nation that aspires to be Viksit by 2047 must do more than make products for others. It must create, own and scale its own brands, and see them succeed in India and around the world. The ambition this report sets, 50 Indian brands each earning more than Rs. 1 lakh crore by 2047, is bold. It is also the kind of ambition this moment calls for,” said Ramakrishna P., CEO, India Mobile Congress.
VT47 was conceived to address the “software-first” perception of Indian technology by bringing greater attention to the hardware, Internet of Things (IoT) and devices ecosystem underpinning India’s manufacturing ambitions. Its inaugural awards recognise contributions across leadership, brand development, technology enablement and indigenisation.
Sunil Raina, Managing Director, Lava International Limited, received the Viksit Tech Leader of the Year award. Himanshu Tandon, Chief Business Officer, MIVI, was named Viksit Tech Next Generation Leader. Lava International Limited won the Viksit Tech Brand of the Year award, while MediaTek India received the Viksit Tech Enabler of the Year award.
The Dr. M J Zarabi Indigenisation Award, powered by Dixon Technologies, was presented to Entra Innovations LLP, Dharwad, for VAAYU, described as India’s first indigenous automotive Tyre Pressure Monitoring System (TPMS) system-on-chip (SoC), developed out of IIT Dharwad.
“VT47 is our attempt to give India’s hardware builders the spotlight software has long commanded. This year’s winners show that Indian brands can design, manufacture and export on their own terms,” said Faisal Kawoosa, Chief Analyst and Co-founder, Techarc.
The Dr. M J Zarabi Indigenisation Award carries a cash prize of Rs. 10 lakh. It honours the legacy of Dr. M.J. Zarabi, former Chairman and Managing Director of Semiconductor Complex Limited (SCL), Mohali, and one of India’s most distinguished microelectronics pioneers. The award recognises early-stage hardware startups developing innovations that reduce India’s reliance on imported technology.
The Viksit Tech Leader, Next Generation Leader, Brand and Enabler award categories were evaluated by a jury comprising Pankaj Mohindroo, Chairman, ICEA; Mohammad Asim Warsi, Former Corporate Vice President, Samsung India; Rajiv Makhni, TV and Radio Show Host, Author and Social Media Presenter; Ershad Kaleebullah, Business Head and Host, Trakin Tech English and Trakin Tech Tamil; and Nimish Dubey, Consulting Editor, TechPP.
The Dr. M J Zarabi Indigenisation Award was judged by Atul B. Lall, Vice Chairman and Managing Director, Dixon Technologies; Jaswinder Ahuja, Member, Advisory Committee, India Semiconductor Mission; Randeep Raina, Vice President, Ericsson India; PVG Menon, Senior Advisor, Electronics and Semicon; and Tufeel Qurishi, Senior Director, Samsung Research India.
Through its inaugural awards and first report, VT47 has set out a framework for assessing the scale and growth potential of Indian-owned consumer technology brands. Its long-term target of 50 brands generating more than Rs. 1 lakh crore each annually by 2047 places brand ownership, indigenous engineering, software and intellectual property at the centre of its vision for India’s hardware industry.
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