India set to achieve $300 bn electronics manufacturing target: MoS IT
The government is right on the path to achieve the $300 billion electronics manufacturing target which will be a massive 20-25 times growth in almost a decade, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, said on Tuesday.
India can reach $300 billion worth of electronics manufacturing and exports by 2025-26 if specific product segments with high potential for scale are shortlisted and catered to by way of incentives and policy measures, according to the Vision Document 2.0 prepared by the IT Ministry and the India Cellular and Electronics Association (ICEA).
“Electronics manufacturing in 2014 was about $12 billion and India’s target in just over a decade by 2026 is $300 billion i.e. 20-25x growth in 11 years. Thanks to PM @narendramodi ji’s decisive policies and governance,” Chandrasekhar said in a tweet.
Led by locally-manufactured mobile phones, India’s electronics industry saw a record exports of electronic goods at an estimated Rs 1,85,000 crore in FY22-23 — compared to Rs 1,16,936 crore in FY21-22 — marking a whopping 58 per cent increase.
According to data by ICEA, mobile phone exports made history by crossing the $10 billion threshold for the first time in any fiscal year, reaching an estimated $11.12 billion (over Rs 90,000 crore) in FY23.
