NEW DELHI: India has embarked on the journey to reach $300 bn electronics production, including $100 bn in exports, in the coming few years which is an achievable target for the government, Union Minister for Electronics, IT and Railways, Ashwini Vaishnaw, said.
Addressing the ‘Global Business Summit’ event in the national Capital, the minister said that the overall manufacturing ecosystem, developing at a very fast pace, has given them confidence to meet those targets in a few years’ time.
“Component manufacturers have started shifting to our country. A lot of electronics and semiconductor design work has kicked-off. All this will ensure that India becomes a trusted partner in the global value chain (GVC) in a short span of time,” Vaishnaw told the gathering.
The government reduced the import duty on components used in smartphones to help domestic manufacturers compete with rivals in China and Vietnam and this is likely to increase the growth momentum of exports.
After the success of the PLI scheme for mobile phones, the government is expecting that PLI for IT hardware and server will also lead to more investments in the component ecosystem in the country to develop the supply chain. India has become the second-largest manufacturer of mobile phones in the world (volumes).
The export of mobile phones has also increased from an estimated Rs 1,566 crore in 2014-15 to an estimated Rs 90,000 crore in 2022-23, making an impressive increase in exports by more than 5,600 per cent.