New Delhi, Aug 15 (IANS): As India enters its 75th year of Independence, consumer durables major Panasonic sees manufacturing of the ACE (Appliances & Consumer Electronics) industrys components in the country as a major growth driver.

Accordingly, manufacturing of these components in India will increase local value addition to 75 per cent from the current 25 per cent, presenting a great opportunity to large electronic and commodity players, MSMEs, and SMEs.

"Not only can component manufacturing drive the 'Make in India' goal, but it can also help optimise final goods production costs over the next four to five years, hence passing on the benefits to consumers," Manish Sharma, President and CEO, Panasonic India and South Asia.

"What the auto industry achieved in terms of localising component manufacturing, the ACE industry can also do with the PLI advantage serving as the benchmark for transforming India into a manufacturing hub globally.

"Therefore, the big idea that I have is towards' making India the hub for manufacturing for the world," he added.