Panasonic expects a “double-digit” growth in the Indian market this fiscal while the company prepares to tap the long-term potential of the country by bringing high-tech products, besides making it an export hub.

India is among three important regions for firm headquartered in Osaka, Japan, and it is in the process of building and bringing many more products and high-tech solutions which did not exist in the past in this country, said Chairman of Panasonic Life Solutions India and South Asia Manish Sharma.

Panasonic Corporation is “heavily committed” to the Indian market as its “long-term potential is very high” because of a lower penetration of products in the country, providing enough space to grow, he said.

The company is working on India-specific innovations for its business verticals such as consumer appliances, electric boxes (wire and wiring devise), supply chain where it provides smart factory solutions, industrial devices and energy business in which it is offering lithium-ion batteries for mobility and stationary storage applications.

Though India is a small market for Panasonic, contributing less than 2 per cent to its global revenue, it is among the top three potential regions, where the corporation in the last 10 years has invested to set up around five factories and two innovation centres, he said.

When asked about the revenue, Sharma told PTI: “We had Rs 10,500 crore last year (FY23) and this year (FY24), again, we are looking at driving a double-digit growth on that base.”