Key Points
Electronics manufacturing hits Rs 10 lakh crore ecosystem
Exports surge sixfold to Rs 2.5 lakh crore
New Rs 22,919 crore scheme for component manufacturing
Sector expected to reach $300 billion by 2026
"In the last 10 years, with the efforts of PM Narendra Modi, India has emerged as a good hub of electronics manufacturing. In 10 years, electronics manufacturing has grown five times. There is now an ecosystem of around Rs 10 Lakh crore of electronics manufacturing in the country," said Vaishnaw.
Vaishnaw also emphasised the remarkable growth in exports, noting that electronics exports have surged six times and currently stand at approximately 2.5 lakh crore.
"Electronics exports have gone up six times, the exports stand at around Rs 2.5 lakh crore. Electronics exports appear in the top thre items. Now, the PM has made the decision for manufacturing of passive components too, this will increase employment," he added.
Ahead of this, the Union Cabinet on Friday approved the electronics component manufacturing scheme with a funding of Rs 22,919 crore to make India "atmanirbhar" in the electronics supply chain.
Ashwini Vaishnaw said that this scheme aims to develop a robust component ecosystem by attracting large global and domestic investments in the electronics component manufacturing ecosystem, increasing Domestic Value Addition (DVA) by developing capacity and capabilities, and integrating Indian companies with global value chains.
The meeting of the Union Cabinet was chaired by Prime Minister Narendra Modi. The scheme envisages attracting investment of Rs 59,350 crore, resulting in the production of Rs 4,56,500 crore and generating additional direct employment of 91,600 persons and many indirect jobs as well during its tenure.
Electronics is one of the highest-traded and fastest-growing industries globally and is expected to play a pivotal role in shaping the global economy and advancing a country's economic and technological development. The domestic production of electronic goods has increased from Rs 1.90 lakh crore in FY 2014-15 to Rs 9.52 lakh crore in FY 2023-24 at a CAGR of more than 17 per cent.
The exports of electronic goods have also increased from Rs. 0.38 lakh crore in FY 2014-15 to Rs.2.41 lakh crore in FY 2023-24 at a CAGR of more than 20 per cent. Projections indicate that India's electronics production will reach USD 300 billion by 2026.
India has made significant progress in mobile and electronics manufacturing and become the world's second largest mobile manufacturing country.
Comments:
Rahul K.
This is amazing progress! I remember when we imported everything electronic. Now seeing Made in India labels everywhere feels so good 🇮🇳
Priya M.
While the growth is impressive, I hope the quality keeps improving too. Some Indian-made electronics still don't match global standards in durability.
Arjun S.
My cousin just got a job at a new component factory in Noida. These manufacturing schemes are creating real opportunities for young engineers!
Neha P.
5x growth in 10 years? That's insane! But we need more focus on semiconductor manufacturing to complete the ecosystem. Hope that's next!
Vikram J.
The export numbers are promising but we're still far behind China. Need more R&D investment to move up the value chain beyond assembly.
