New Delhi, June 21 (IANS) India, on its way to becoming the global electronics manufacturing hub, has doubled down on the local manufacturing of multiple products — mobile phones and their components, televisions, semiconductors and other devices — and the momentum is only going to grow in the next five years riding on the production-linked incentive (PLI) scheme, according to industry experts.
Reports claim that India’s electronic manufacturing is projected to reach $250 billion in the next five years — from $105 billion (around 3 per cent of the GDP) in FY23. The country aims to reach $300 billion in electronics manufacturing by 2030.
In April, electronic goods exports were recorded at $2.65 billion compared to $2.10 billion during April last year, registering a growth of 25.80 per cent, according to the Invest India data.
As per the India Cellular and Electronics Association (ICEA) data, mobile phone production surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, registering an increase of a massive 2,000 per cent, driven by the PLI scheme.
Pankaj Mohindroo, Chairman of ICEA, said that the ‘continuity’ in policymaking is critical to the electronics manufacturing growth.
“We are geared up for the five-year sprint till 2030 on the way to transforming India into a global hub for electronics manufacturing and Viksit Bharat,” he added.
Apple has been a shining story of the country’s local manufacturing dream.
The iPhone maker exported iPhones worth more than Rs 16,500 crore in the first two months of the current financial year — accounting for more than 80 per cent of the country’s total production/assembly of iPhones.
Foxconn, the key Apple supplier, led total exports at about 65 per cent.
For FY 24, Apple saw a total iPhone production of around $14 billion. The company has increased iPhone production and one out of seven iPhones in the world is now being manufactured in the country, according to Prime Minister Narendra Modi.
The global chipmaking industry is also looking to establish operations in India, as the country emerges as a promising alternative to China amid tensions between Beijing and the West.
Meanwhile, the PLI schemes for 14 sectors are projected to see investments worth Rs 3 lakh crore – Rs 4 lakh crore in the next couple of years, likely generating 2,00,000 jobs in sectors like semiconductors, solar modules and pharmaceutical intermediaries.
According to Paritosh Prajapati, CEO of telecom gear maker GX Group, under PM Modi’s leadership, India has witnessed major reforms in the last couple of years and the continuation of the new government will set those reforms into further action.
“Manufacturing has been a major sector where the automobile, electronics, and pharmaceutical sectors have been growing extremely fast,” he noted.
–IANS
na/dpb
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
