Indian LED light manufacturers might be benefiting from a new government initiatives, to promote the usage of energy saving bulbs, which the government projects will reach INR 200 billion (US $3.27 billion) by 2020, according to a report by Business Standard. The government incentive could boost the industry growth by five-folds in five years from its current market value of INR 40 billion, according to the Electric Lamp and Component Manufacturers Association (ELCOMA). "This has been driven by government initiatives of phasing out inefficient lighting sources such as incandescent bulb, tubes and halogen lamps," said Havells India President Sunil Sikka told PTI. Sikka, who is also President of ELCOMA, said Havells is moving swiftly towards LED based products. The company has transited 40 percent of its luminaries to LEDs, and expects the transition to speed up in the coming year. The Indian government initiatives are expected to have an enormous impact on providing India with energy efficient lighting sources, said Philips Lighting. "This program will help consumers make the shift to LED lighting and for them to realize the benefits and power of LED lighting,” said Sumit Joshi, Head of Marketing, Philips Lighting, India. “We believe that this initiative for LED based home along with the street lighting, will have a great impact in providing our nation with an energy efficient lighting source."