New Delhi: Private security in India is estimated to become a Rs50,000 crore industry in four years as corporates have increased their spending on safeguards after the Mumbai terror strikes, industry chamber Assocham said.
Corporates are likely to scale up their security budgets by 35-40%. The private security business, presently a Rs22,000 crore industry is expected to touch Rs50,000 crore as security becomes top priority for Indian firms, it said.
* The industry, which has been growing at 25% over the past 5-7 years, would achieve a growth rate of 125% by 2012
* Since substantial industrial expansion is expected in the infrastructure sector, cost of security gadgets that need to be imported will work out to Rs20,000 crore in the next two years
* Demand for security gadgets has gone up in educational institutions, hospitals, shopping malls and business centres
* There will be a spurt in production of security gadgets as also deployment of security personnel
* Over two lakh security professionals will be required in industrial installations in coming years
* With foreign security companies assessing Indian markets for selling gadgets, the government should cut import duty on security gadgets by about 50%