New Delhi [India], June 15 : India's electronic manufacturing is likely to double in the next five years, according to sources in the Ministry of Electronics and Information Technology
The country's electronic manufacturing is likely to reach around USD 250 billion in the next 5 years, said a source in the ministry.
The current electronic exports of the country stand at USD 125-130 billion.
The govt is also aiming to address the issue of unemployment by creating Jobs in the electronic manufacturing sector. Currently, 25 lakh people are employed in electronic manufacturing.
In the next five years the Govt targets to double the jobs in the electronic manufacturing sector from 25 lakhs to around 50 lakh jobs.
"Our focus remains the same on providing services to digital technology, our focus remains on getting large-scale electronics manufacturing. Those focus remain exactly and those target goals will only get accelerated" said Ashwini Vaishnaw Minister for Electronics and Information Technology.
The sources highlight that India in certain segments for example in mobile is already at the stage where it is transitioning from import substitution and becoming Aatmanirbhar and becoming an export-led manufacturer. In the case of laptops, India is in the phase of becoming Aatmanirbhar.
The Indian government, through various incentive schemes, has also provided an outlay of Rs 760 billion for electronic manufacturing in India. India's per capita electronic consumption is one-fourth of global consumption.
In terms of imports, China and Hong Kong account for a significant portion, representing 44 per cent and 16 per cent respectively, of India's total electronic imports.
Conversely, mobile phones and Electronic Control Units (ECUs) dominate India's electronic exports, with the United States and the UAE emerging as the largest export destinations, collectively absorbing a substantial share of India's electronic products.
According to the experts, India's electronic manufacturing sector is going through a transition, and the nation's position as a global electronics manufacturing hub is poised to strengthen, driving economic development, job creation, and technological innovation across the country.
In order to position India as a global hub for electronic manufacturing, the government has announced various schemes including the Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing, Production Linked Incentive Scheme (PLI) for IT Hardware, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) and Modified Electronics Manufacturing Clusters Scheme (EMC 2.0)
Additionally, the government also introduced the Semicon India Program with an incentive outlay of USD 10 Bn with the vision to develop a sustainable semiconductor and display ecosystem in the country. This program will establish India as a global hub for semiconductor and display manufacturing.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor