Private security biz to become Rs 50,000 cr industry

he private security business in India is set to grow from the current Rs 22,000 crore level to Rs 50,000 crore in the next 4 years according to The Associated Chambers of Commerce ad Industry (Assocham).

Assocham says  the demand for security equipments  will not only  go up in  the hospitality and manufacturing hubs but also in schools, colleges, hospitals, shopping malls and business centers in the wake of terror attacks in Mumbai.

The estimates of Assocham are based on direct feedback from sectors like power, petroleum, petrochemicals, refining and mining among others.

D S Rawat, secretary general, Assocham said “ not only the security gadgets manufacturing would receive voluminous growth but security personnel will be on higher demand and it is expected that over 2,00,000 security professionals  would be required in the next few years”.

Rawat said, since lots of industrial expansion would be happening during the 11th plan especially in its infrastructure sector, the security gadgets that would need to be installed through imports would amount to an extent of Rs.20,000 cr in next 2 years only.

In the forthcoming pre-budget memorandum to Finance Ministry, Assocham would emphasise the need for reduction of import duties on most of the advanced security gadgets by at least 50 per cent.

Currently, import duties on security gadgets ranges around 35%, Assocham says.