Private security industry to thrive post-Mumbai attacksDecember 3rd, 2008 - 8:39 pm ICT by IANS
New Delhi, Dec 3 (IANS) Many businesses may have been hard hit by the Nov 26 Mumbai terror attacks, but the private security industry is expected to grow to Rs.500 billion from the current Rs.220 billion in the next four years, according to an industry lobby report. “The security industry, which has been growing at 25 percent in the past 5-7 years, will grow over 125 percent by 2012 and touch a size of Rs.500 billion,” an Associated Chambers of Commerce ad Industry (Assocham) report on Wednesday said.
The demand for security equipment will further go up as hospitality and manufacturing hubs, schools, colleges, hospitals, shopping malls and business centres at gun pointbeef up security in the wake of terror attacks in Mumbai.
“Not only the security gadgets would receive voluminous growth but security personnel will be on higher demand and it is expected that over 200,000 security professionals would be required in the next few years,” Assocham secretary general D.S. Rawat said.
Since lots of industrial expansion would be happening during the 11th plan, especially in the infrastructure sector, the security gadgets industry would grow to Rs.200 billion in next two years, he added.
The Assocham added that it would urge the finance ministry to reduce import duties of around 35 per cent on most of the advanced security gadgets to about half that amount.
Tags: chambers of commerce, finance ministry, half that amount, import duties, industrial expansion, infrastructure sector, mumbai terror attack, private security industry, rawat, rs 200, shopping malls