Now, there are multiple destinations for sourcing components, including South Asian countries, as the processes have been developed outside China as well.
"So, progressively it is important for the world to have alternative destinations to rely on," he said.
Signify, a leading player in the lighting segment, has started localisation of components to a "great extent" and presently around 98 per cent of the products, which Signify sells here is locally manufactured.
"For Signify over the last two years, even for components, we have started localising it to a great extent, not 100 per cent yet though. We are also seeking for alternate sourcing points like South-East Asia, Taiwan and some of it comes from Europe," Joshi said.
Components used in automotive, mobiles or electronic are generally being imported.
"Some of those components do come from China, therefore you see in last few days, as there is a problem faced at customs level... That's true for lighting and that's true for many other industries," he added.
The company said its portfolio in India is all local and is made in India and it will continue this journey.
"Our components also, we have localised quite a bit of that, I think, our journey in the last two-three years is phenomenal...there is some portion which still comes from other the parts of the world, but dependence over this in a period has to go down," Joshi said.
Signify Innovations had last week introduced UV-C radiation technology-based portable disinfection system for homes, which disinfects frequently touched objects and personal items. The company is manufacturing it in India and has plans to export to other markets.
"We don't take any of our finished goods from China. All of them and especially these kinds of ranges that are launching in the market, are made in India and some of the components could come from Europe as there are very few facilities which make such high-quality lamps or lighting sources," he noted.
Philips is a far more local company because it has own factories, co-makers and R&D centers, which are multiple numbers in India. It is the most localised player undoubtedly, Joshi said.
"So, more and more products are getting developed in India. And when you start changing that when the product starts getting developed for the world from India, the ecosystem around it starts getting this right. And I think that it started happening and we are leading that way," he said.