$300 billion electronics production in few years a realistic, achievable target: IT Minister
New Delhi: India has embarked on the journey to reach $300 billion electronics production, including $100 billion exports, in the coming few years, which is a realistic and achievable target for the government, Union Minister for Electronics & IT and Railways Ashwini Vaishnav said. Said here on Saturday.
Addressing the ‘Global Business Summit’ event in the national capital, the minister said the overall manufacturing ecosystem developing at a very fast pace has given him the confidence to meet those targets in a few years.
“Component manufacturers have started relocating to our country. A lot of electronics and semiconductor design work has started. All this will ensure that India becomes a reliable partner in global value chains (GVCs) in a short time,” Vaishnav told the gathering.
The government has reduced import duties on components used in smartphones to help domestic manufacturers compete with rivals in China and Vietnam and this is likely to accelerate export growth.
After the success of the PLI scheme for mobile phones, the government hopes that the PLI for IT hardware and servers will lead to more investment 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 (in terms of volume).
Exports of mobile phones have also increased from an estimated Rs 1,566 crore in 2014-15 to an estimated Rs 90,000 crore in 2022-23, leading to an impressive growth of over 5,600 per cent in exports.
Highlighting India’s remarkable progress in 5G rollout, Vaishnav said that “We achieved 5G rollout within 16 months using ‘Make in India’ tools, enabling our technology to compete with global standards. “
“Every citizen, regardless of their socio-economic status, should have access to advanced technology,” the minister stressed.
He said that the story of semiconductors in India has been meaningful. “Last year in June, the Micron Semiconductor project was announced during Prime Minister Narendra Modi’s visit to the US. In less than 90 days, the bhoomi pujan ceremony took place in Sanand, Gujarat,” the minister said.
In September last year, US-based Micron Technology began construction of a Rs 22,500 crore facility in Sanand, Gujarat, which will set a benchmark for India’s semiconductor journey.
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